Real estate Market Activity in Scottsdale and Phoenix FOR November 2020-
Here are the basics - the ARMLS (Realtor Data and Statistics site) numbers for November 1st, 2020 compared with November 1st, 2019 for all areas & types:
BELOW IS THE CHART FOR RECORD SETTING Per Square Foot Sale Price Numbers.
- Pending Listings: 7,862 versus 5,919 last year - up 32.8% - but down 1.7% from 7,999 last month
- Under Contract Listings (including Pending, CCBS & UCB): 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
The flow of new listings started to fade noticeably over the last week. Since we are already very short of supply, this does not bode well for buyers who are likely to be bidding against each other over a dwindling list of homes for sale during the last 2 months of the year. With demand at a very high level, especially for the normally quiet fourth quarter, the market is even more out of balance than it was last month.
Closed sales were over 20% higher than in 2019 during October. With the average price per square foot up over 12% from last year, the dollar volume is exceptionally high at $4,272 million, up from $2,786 million last year. And last year we thought we had a strong market. Market analyst are running out of superlatives to describe the state of the current market.
Average and median prices are running away skywards, but some of this is fueled by a sales mix which increasingly favors upscale properties. During October we saw 37 closed listings over $3 million. This is not only the highest total for any October in history, it is the highest total for any month in history.
The size of the market below $300,000 is shrinking fast, constrained by lack of supply and by the fact that last year's home at $270,000 is now priced well over $300,000. However any home priced under $300,000 is likely to see many anxious buyers.
Is there any sign of the upward surge in pricing losing pace. Not at this time.
Again please enjoy the graphs and market report and please call me for additional information. Noting again.
Call Michael Chaisson Realtor RL Sotheby's International Realty Specializing in luxury homes in Scottsdale, Paradise Valley and the greater Phoenix area. 480-450-4632
Entire report updated every 35 days.