Take A Look At The Greater PHX Area Real Estate Market Snapshot For November 2020!

If you're still waiting for a sign to push you into selling your home, then better pay attention to the numbers we're looking at from November 2020 for the Greater Phoenix Area Real Estate Market!

New inventory are way down this past month- October 2020 saw 10,739 new homes for sale come in but November 2020 only gained 7,787 new listings. It's still a bit higher than what November 2019 had which was at 7,633 new properties for sale so there's that.

No surprise then that the past month only posted 6,635 active listings versus the 7,642 homes the month prior had. The same time last year buyers could choose from 13,765 homes for sale but then again, that was a really different time to what we're enjoying right now.

And what a time to be alive and part of the real estate market indeed as November 2020 sold 8,759 homes. Yes, it's less than the 9,481 properties that changed hands in October 2020 but still, we'd take that anytime over the 7,117 homes sold in November 2019.

Have we mentioned those homes sold the same month last year spent an average of 57 days on the market? October 2020 moved properties on an average of 40 days but November 2020 fared better at 38 days average. Especially when you consider that the past month's inventory was expected to last 0.85 months while the prior month was at 0.81 months. (November 2019 was at 1.93 months.)

And now we're down to the last three numbers to talk about and this is the part where you need to sit up and pay closer attention especially if you're looking to gain top dollar (or more!) for the sale of your home. November 2020's average sales price is at $422,064, still better than November 2019's $357,825 average but it's less than the $429,271 average successful sellers enjoyed in October 2020. Better strike while the going's still good because the listing success rate last month went up to 88.3% from the 86.1% from the month before while the sold to list price ratio increased to 99.0% from 98.6%. (November 2019 had a 79.9% listing success rate and 97.7% sold to list price ratio.)

Now don't let the holiday season stop you from putting your home up on the market- we have an awesome list of 9 Reasons Why You Should Sell Your Home During The Holidays! Go check it out then call 480-415-7616 so we can get you set up for success while we're still in this opportune times of low inventory and low interest rates!

Take A Look At The Greater PHX Area Real Estate Market Snapshot For November 2020!