2020 was a year to remember for Arizona real estate. You might be wondering how the market finished the year in December. Weâve got your update!
According to data from the ARMLS Â® from December 1, 2020 to December 31, 2020, monthly sales in the Phoenix metro area rose by +27.4% year-over-year, landing at 9,666. Thatâs an +8.8% increase from the previous month.
At $442.2K, December saw a +10.8% year-over-year increase in average list price. With a +11.8% increase from December 2019 median prices also rose. The median list price for the Phoenix area in December was $329.9K.
Sale prices in December rose by an even greater margin than list prices, showing that buyers are offering higher amounts than ever before. With an increase of +20.0% between December 2019 and December 2020, the average list price this month was $431.5K. Median sale prices also rose with +14.9% year-over-year increase. The December median sale price was $333.0K. These numbers are right on track with the previous monthâs predictions.
Days on Market (DOM)
The Average Cumulative Days on Market in December was 43. While this is a 2-day increase from the previous month, itâs an 18-day decrease from December 2019, showing that the market is still experiencing a trend of homes selling faster and faster.
Want to Know Your Homeâs Value?
While keeping track of market trends is nice, itâs useful to know how these trends apply to your home. We can help you out with that! We offer a free home value report prepared by a Homie pro. Click here to request your free report.
A Message From Wayne Graham, Head of Real Estate
â2020 has exceeded all forecasts and expectations for the Phoenix market. All indications point to a continued strong market here locally, and we are excited for 2021!â
Turn to a Homie
If youâre looking to buy or sell in the Phoenix area this year, our team of dedicated and experienced professionals can help you get the best deal possible. Click to start selling or buying with your Homie agent.
Learn more about the Arizona Market!
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The post Homieâs Greater Phoenix, AZ Housing Market Update December 2020 appeared first on Homie Blog.