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November 2019 Phoenix Sales Report

Introduction

Sales pricing and volume continue the march upward for November of 2019.  The median sales price was $283,500 with 6,906 closings.  Year over year the closing volume is 7.12% and the median pricing is up 8.2% year over year.  Low-interest rates and positive population growth are the two drivers for sales.  Phoenix truly has a housing shortage and new construction cannot make up the difference.  

Inventory that is active with no offers finished the month at 13,090 which is down year over year by 26.45%.  Buyers are still active even during the holiday season snaping up what inventory is available.  

What this means for buyers and sellers is as follows. 

Sellers

Understanding the market in your area is paramount.  You need to study recent closings and the conditions of the home to help understand where pricing is going and what your home is worth.  Homes need to be in top shape as buyers know they are paying top dollar and they are either unwilling or unable to do repairs or fixes after they close.  If your home has issues, it will linger on the market.

Buyers

You will need to understand where pricing is going as well and what a fair bid is to win the deal.  Being prepared is a must.  Most good homes go in days and you can't wait around trying to get pre-qualified in order to place a bid.  You also will need to get set up on a drip from MLS as the good listings are getting shown day one by buyers with offers coming in within hours.  Prior Proper Planning Prevents Poor Performances.  Consider getting completely underwritten and approved so that only the home is a condition for final approval.  It will help make your offer the winning bid. 

Conclusion 

The projected median sales price for December is thought to be $287,900.00.  So all indications are the spring of 2020 will be another strong year for both sales and pricing.  If selling or buying is in your future now might be the time to talk to start understanding what your options are for 2020.  

Happy Holidays!