October AZ Housing Market Update

[Ryan Hoover]

Fall is officially here, but there does not appear to be any end in sight to the blazing hot real estate market. In a typical year (which 2020 has been anything but) the peak buying season starts to wind down in October, leading to an increase of available inventory. We are in serious need of some more listings to slow down the rate of the pricing increases. Multiple offers and sold in the first day of going to market are going to be the normal for at least a while longer. Not to say that deals can't be found in the MLS, but definitely harder to find. I primarily focus on properties in the greater Phoenix area and summer/vacation homes in the White Mountains. So I have some interesting market stats for those markets below.

Single Family Homes- Maricopa County:

• Active Listings= 14,088 (+3% Month over Month)
• Days on Market= 40 (-20%)
• Median Sale Price= $362,000 (+3%)

Single Family Homes- Navajo County (White Mountains):

• Active Listings= 122 (-40% Month over Month)
• Days on Market= 63 (-17%)
• Median Sale Price= $345,150 (+11%)