Welcome to another episode of Market Updates with AZ digest. As always, if you're listening to the podcast, you can click the link in the show notes and get the episode transcript. You can also see slides images of the stats we talked about here. If you're interested, please go check us out on Instagram, @azcorconsultants, we're taking snippets from the show and posting it there as well. So if that at all interests you, check us out easy core consultants on Instagram. Today we're going to talk about the city of Phoenix. Last week we talked about and showcase a stat from the city of Scottsdale. Today, we're going to showcase two statistics that I think helped define where the real estate market is for the city of Phoenix today, compared to this time, last year. So the first step we're going to talk about is volume of monthly sales. Volume of monthly sales is basically a statistic that adds up, how much property in dollars has been sold for the last month. This stat really helps define, in my opinion, kind of how much inventory is being moved in any one, given time, we can take a step back. And we can say, the market is crazy. It's a seller's market. But we don't really know what that means unless we look at some stats to kind of compare it. So volume of monthly sales in dollars, again, does just that. It adds up how many homes have sold and adds up all the volume to give us one particular number. So the volume of monthly sales for the city of Phoenix in October of 2020 is about 706,000,000. $706,000,000 of real estate has been sold in Phoenix for about the past 30 days or so. If you compare that to the same timeframe last year, it is significantly higher. This time last year was about 519 million in volume sold, you know in the past 30 days in the same timeframe. So almost not quite, almost a $200 million jump in sales volume. Pretty big, right? It kind of showcases, again, not only that demand, but how many properties are actually being sold. The next step I want to talk about is price per square foot averaged out over the last month. So the monthly sales price per square foot is about $215 per square foot. If we compare that to this time last year, the number last year was about 181. So we've had almost a $35 jump in price per square foot in the city of Phoenix from this time last year to now. Again, another statistic that helps kind of showcase where have prices gone due to all of this craziness. We know that there's been an increase, but how much and so that dollar per square foot number helps define that. Guys I hope this was helpful. This is again market updates with AZ Digest talking today about the city of Phoenix. Click the link in the show notes to be taken to a blog post. Check out the transcript the images. Also check us out on Instagram, @azcorconsultants and if you need to buy or sell a home, don't hesitate to reach out AZdigest.com Thanks for liking. Thanks for subscribing and we'll catch you next time.
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