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McCormick Ranch Sales Update: October 2020



Just getting into the meat of it all, McCormick Ranch sales (and essentially all of the Phoenix metro area) are remaining incredibly strong. Single family home prices are up an amazing 15% for the prior twelve months. Condo prices are up around 13.5%. Patio homes are up a smaller 5.0% and townhomes an incredible 18% (although there is a lot of crossover for these last two).


We are still seeing the benefits of very low interest rates, low supply, and unusually high demand for this time of the year.


As expected, price per square foot is up in a similar regard. All have gone up between 12 and 20% over the prior 12 months.


Late summer and early Fall is usually the time of the year that we begin to see the number of sales flatten out. This trend especially continues throughout the December, when the Holidays become front and center. With this year being anything but normal, the number of sales is sticking to the annual highs.


It should come as no surprise that Days on Market is remaining low as well. When houses sell over a weekend DOM cannot stay high.


Looking forward, I fully expect to see more of the same over the next few months. With the economic uncertainty interest rates *should* stay low. Phoenix and Scottsdale are still welcoming a large amount of new residents. Many of these are coming from high cost of living areas and our home expenses seem very low compared to theirs.


We have 49 homes active and available to sell at the start of this month. With 52 homes sold (and 54 now under contract) that shows we have under 1 month on inventory.


As always, please subscribe to receive these updates directly to your inbox.


Yours in real estate,

Randy Arriola






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