By Mike Bodeen · 11 November 2020
We apologize for the delay in the snapshot this week. Regularly scheduled programming will now resume!
The MLS numbers for November 1, 2020 compared with November 1, 2019 for all areas & types:
Active Listings: 8,682 versus 14,525 last year – down 40.2% – but up 7.4% from 8,101 last month
Under Contract Listings: 13,081 versus 9,716 last year – up 34.6% – but down 0.9% from 13,203 last month
Monthly Sales: 9,992 versus 8,037 last year – up 20.5% – and up 3.6% from 9,641 last month
Monthly Average Sales Price per Sq. Ft.: $207.37 versus $174.14 last year – up 19.1% – and up 4.3% from $198.84 last month
Monthly Median Sales Price: $332,000 versus $285,000 last year – up 16.5% – and up 1.6% from $326,800 last month
Observations:
A dearth of listings remain. Meager amounts of listings are on the market, down an incredible 40% from last year, which is not much good news still for buyers, except there was a 7.4% increase in listings compared with last month listings, but most of those are higher end properties. Not much help for the first time and low to moderate end buyers.
Properties that are under contract are ahead of last year by 35%. Amazing considering the lack of supply.
“Well folks, continue to hang on. This wild ride has no appearance of slowing down. On the other hand, having been in this industry for over 4 decades, I can tell you with 100% certainty, that when things change, they can do so in a heartbeat.”
Demonstrating the fact that most of the homes listed are high end, here is a staggering stat: The average listed price in the Arizona Regional Multiple Listing Service is currently $734,416!
Total Sales (MLS and Non-MLS Combined) in Maricopa County
Closed sales totaled 11,303, up 17% from October 2019
New home closings came in at 1,740, up 20% from October 2019
Re-sales totaled 9,563, up 16% from October 2019
The overall median sales price in September was $342,000, up 16% from $295,000 in October 2019
The new home median sales price was $379,132, up 3%
The re-sale median sales price was $335,000, up 20% from $280,000
Other Observations:
Sales Per year have now exceeded 101,000, unthinkable at the beginning of this year
Months of inventory supply as of November 1st is 1.4, up from 2.4 one year ago and 3.1 two years ago
New Home sales way up from last year, but have only increased 3% (median) from last year
The high-end market is taking off. October had 37 sales over $3,000,000. The highest monthly number in our history
Well folks, continue to hang on. This wild ride has no appearance of slowing down. On the other hand, having been in this industry for over 4 decades, I can tell you with 100% certainty, that when things change, they can do so in a heartbeat.