November market stats

November market stats

Market news for November

We won’t go into the extreme low inventory again, but one interesting note here in the Verdes is there are as many homes for sale over a million dollars as there are single family detached homes in the more popular $400,000-$600,000 range.

Jobs in Maricopa County quick notes:

  • Seasonally adjusted numbers Arizona has recovered 65.8% of jobs lost during the height of the pandemic compared to 54.5% in the US.
  • Arizona gained 43,100 jobs in October.
  • Metro Phoenix is the best performing employment market in the nation.

Real Estate metrics:

  • Building permits have increased 27.3%. Still expect new construction to not fill the inventory gap quickly.
  • Median sale price is up YTD 15.5%
  • Homes for sale are down YTD 14.4%
  • Months of supply in the pipeline is down to 1.5 months YTD, down 13.5%. 6 months is considered “average”.
  • The last four months have seen an increase in price/square foot go up 12.4%, due largely to the higher number of luxury home sales.
  • As home values rise low interest rates have balanced out the monthly payments keeping homes affordable for now.

Stats courtesy of ARMLS and the Cromford Report

RobinW

Verdes Lifestyle Team HomeSmart Lifestyles 12645 N Saguaro Blvd. #5 Fountain Hills, AZ 85268

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