Let's Take A Look At The Greater Phoenix Area Real Estate Market Snapshot For August 2020!

It's that time again when we get to look at how the Greater Phoenix Area Real Estate Market fared in the past month. Right off the gates let us tell you that we're still locked in a period of low inventory; even with 10,128 new listings hitting the market last month, August 2020 chalked up only 7,167 active listings, the lowest when you account for the number of homes for sale back in July 2020 wiith 7,435 and August 2019 at 13,319.

Now July 2020 and August 2019 may have stronger numbers when it come to closings at 9,917 and 8,909 respectively. However August 2020 is no pushover with its 8,668 homes sold at an average of 47 days on the market; July 2020 hit its number with a 52 days average while August 2019 sold homes at 61 days on average.

And have we mentioned that August 2020 sold homes at an average of $401,353 with a 98.9% sold to list price ratio? It was a bit of a jump from the prior month's $395,542 average sales price with a 98.6% sold to price ratio but definitely superior showing compared to the same time last year where homes changed hands at $339,593 on average at 98.2% sold to price ratio. Another thing to consider is that August 2020 moved homes at the same success rate as July's at 88%, overshadowing August 2019 at just 82.7%.

Remember that July had 0.73 months supply of inventory? Well, inventory isn't expected to last longer than that at 0.83 months for August 2020 as you'll need to go back to August 2019 if you want your supply of listings to stick around about twice longer at 1.50 months. But as a homeseller, wouldn't you rather be in a position where you have the best chances to get your home sold fast and for top dollar? Now happens to be the best time so why not get in touch with my team of real estate experts at 480-415-7616? Let's formulate a gameplan for you so the next time we go over another real estate snapshot, we're looking at a new number of sold properties that include your home!

Let's Take A Look At The Greater Phoenix Area Real Estate Market Snapshot For August 2020!