Today I have a brief market update with all the latest numbers for Phoenix real estate.
In July, we had 11% fewer sales and a 3% rise in inventory compared to July 2020. This means we have a little less demand and a little more supply. However, demand remains high, and inventory is low from a historical perspective. We only have 1.5 months of inventory right now. Our market has cooled off a little bit, but it’s still hot.
Here are a few examples. We listed a home for $525,000 in Old Town Scottsdale last week and were able to sell it for $580,000 after receiving multiple offers. Another property in North Phoenix received just three offers at $340,000, but we sold it for $350,000.
Every micro market is a little different. If you have any questions about what’s going on in our area, give us a call or send us an email. The market is starting to cool, so the time to sell is now. I look forward to hearing from you soon.