Much like the recent record-setting 130°F temperatures in Death Valley, the Arizona real estate market is on fire right now! As we battle our own record temperatures, people are still buying homes quicker than ever. July was a record month in Gross Dollar Volume, at just over $4 billion dollars. That record number is accompanied by record-setting home prices. The average price per square foot for July was $190.87, surpassing the previous record that has been held since May of 2006. Other major factors that are a framework to this record-setting month are average sale price, now $391,600, and median price, at $315,000. Adding fuel to this fire is the interest rates that hit a record low of 2.88% the first week of August, with 15-year fixed dropped to 2.44%.
Where we stand today, 2020 is on pace to have the highest Gross Dollar Volume of the last 20 years. At the end of July, we were at $20,788,132,599 in Gross Dollar Volume. What does Gross Dollar Volume mean? Simply, it means the total sum of all homes bought and sold in the residential real estate market.
This means for you, as a homeowner, that there is an extremely favorable seller’s market, and now is a great time to get top dollar. Regardless of if the property is your primary residence, or an investment property, we would love to be of assistance!