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
