September 2nd Phoenix Real Estate Market Update



Active Real Estate Listings Phoenix


Number of Listings Under Contract In Phoenix For 2020 & 2019


Monthly Median Sales Price In Phoenix

Episode Transcript:

Welcome. This is market updates with Thanks for tuning in today. As always guys, you can check out our market updates on You can also subscribe to the podcast, wherever you get your podcasts. Let’s dive into some of the stats we’re gonna be looking at today for the Phoenix metro area markets. Let me pull those up. So here is the first stat on here that I want to talk about. When everyone talks about kind of what is the market doing today, you know, is it going up? Is it going down? There’s a few things that kind of contribute to that. Active listings is one of it. So here you can see I’ve pulled up a chart that shows active listings and reminder guys, this is just the Phoenix area. So the city of Phoenix we’re gonna be doing other market updates for Scottsdale and Chandler and all of the Phoenix metro area here in the coming days and weeks. But for the city of Phoenix, we can see that active listings is down significantly. So when people talk about, like what type of inventory is out there in the real estate market, they’re really talking about how many active listings are able to be purchased. What happens in the market is, the fewer number of listings there are. Typically the higher prices are, and the reason for that is supply and demand. The lower the demand and if supply stays the same or increases, it kind of drives that price up. So you can look at this chart here and you can see as of the last week in August, August 27, we’re in the first week of September currently. As of August 27, the number active listings in Phoenix was around 1800. There were 1800 active listings. That is including homes that are technically under contract or what they call UCB, or they have a backup contract. And when you compare that to the last two years, in 2019, at the same time, there’s about 2800 active listings. And in 2018, there’s about 3500 listings. So you can see that inventory is significantly reduced, right? And a lot of that might be because of COVID. It might just be kind of the market we’re in currently, but this contributes to what’s going on. So how does this affect you, as a buyer, if you’re looking to buy a house, and if you’ve done any searching right now, you’ve probably realized that the market there’s not a ton out there. And this is why we’re seeing situations for buyers where they find a house that they like, and they ultimately write an offer. And they’re seeing that there’s 5, 6, 7, or 10 other offers on it right? Because inventory is down. If you’re a seller and you’re looking to sell, this is great. All right, there’s a lot of competition and you can usually sell your house for top dollar. Okay, let’s jump into the next one here, listings under contract, right? I like to look at this stat, because it kind of tells us, okay, are things actually selling and how is it how’s the rate of what they’re selling or being put under contract compared to previous months in previous years? Right. And again, reminder, this is for the city of Phoenix. And so, if we take a look at this chart, our listings under contract has gone up significantly since March, April, May, right when the news of kind of COVID hit and we definitely saw kind of a lull, but listings have picked up so right now we’ve have a reduced inventory. And the number of listings under contract isn’t going down, right. It’s not like it’s a reduced demand as well. And again, this is contributes to those higher prices right. Again, if you’re selling your home, this is great. If you’re looking to buy this is what can make this makes us really tough if we compare this chart to the green line here, and just a reminder that if you’re listening to the podcast, if you want to take a look at these images that we’re looking at looking at these charts, you can always go to and we’ll have all the charts posted along with a blog post accompanying this video. So the green line talks about listings under contract, backup your listings under contract in 2019. And so what you can see is we actually have more listings under contract than we did in 2019. But we have fewer, a lower amount of inventory if we jump back to that active listings. Slide, right. So again, reduced inventory, and and similar, if not more, demand there. And so let’s just jump to this last slide. And this is where we get a really high read or a higher median sales price. And so this is median monthly median sales price. So this is what is the median sales price for the last 30 days. Again, there’s a couple different ways you can kind of look at home price and where they’ve been trending, I like this monthly median sales price. And as of the last week in August, you can see here, our monthly median sales price in Phoenix again, this is the city of Phoenix is at about 333,000. And that’s up from 285,000 in 2019, and 265,000, in 2018. So, as we’ve all seen, right prices have they’ve, they’ve wavered a little bit in this year due to COVID. And a few other things, but they’re higher than they were in years past, right. So hopefully, these stats help a little bit show you where the market is at today. Our goal is to do these monthly, or sorry, these market updates on a regular basis every week, so that you can start to get a feel for where is the market trending, right? We don’t know if this, you know, if next week this chart is gonna turn this way or it’s going to turn that way up or down. And so that’s what the goal is to kind of do these market updates. You see, from a statistical standpoint, what is everything? What are the numbers telling us right so we can kind of talk about them together. So I appreciate you tuning in. As always guys, check out if you want to search for homes, we don’t even require you to register, subscribe to the podcast. But we do have these charts and a blog post talking about everything we discussed here if you want to go and actually look at those charts if you are listening to the podcast and again, those are on easy So thanks, everybody. Talk to you soon.