September Market Notes – Maricopa County AZ

Days on market continue to drop. Listings under contract up 11% or 646 units SFR Maricopa County.

$312,000 for median sales price for September. Price psft up $.10 at $174.50 over Sept 2018.

Starting to see a bit of weakness above $3MM. We are down 3% in anything over $1MM. YTD, we are up 1082 units in luxury category Year to date. 920 units above $500k.

Inventory – still limited…still a seller’s market. We are 19.4% lower in supply YoY. Active listings continue to drop. Listings under $500k are down more than 27%. Over $500k, down 3%.

Supply and Demand – We have the strongest seller’s market this time of year since AZREIA has been tracking it. 43% of everything available on the market sold last month. Seller’s market goes through $600k. NAR says seller’s market is up through $1MM price point – AZREIA is more conservative than NAR.