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2019 Year End Market Update for Selected Cities

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I’ve just compiled the sales data of the 5 cities – Scottsdale, Tempe, Chandler, Gilbert, and Mesa (east side of town, i.e., Phoenix Metropolitan Statistical Area, or Phoenix MSA) for the month of December 2019. The Monthly Number of Sales starts picking up, signaling the beginning of cycle of purchasing.

The Monthly Sales Price/SF does not show much change compared to number from the month of November, except trending up. It’s understandable that one wouldn’t expect to see much change for this parameter over a 12-month period.  The Monthly Days on Market has been hovering around 40-50 days and stable. While the monthly numbers have nothing much to show, the yearly numbers paint a very clear picture of the robustness of Phoenix MSA real estate, or at least five east side cities.

The Yearly Number of Sales has been steadily increasing since 2007-2008 period, coinciding with the current expansion period of U.S. economy, the longest expansion in our history. This yearly sales number results mostly from the influx of people moving from other states to Arizona to enjoy its almost-natural-disaster-free environment, relatively low cost of living, and business friendly growth. Similarly the Yearly Sales Price/SF has shown impressive and steady appreciation since 2010 and it has not shown any sign to slow down soon. Overall, 2019 was a banner year for real estate in Arizona. With recent U.S. economy keeping expanding and adding jobs, the year 2020 would be another great year for real estate.

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