CLIENT LOG-IN
800.519.5893 Ext. 1
  • Search
    • Arizona Home Search Registration
    • Search AZ Homes
    • Arizona Cities & Towns
    • Featured Luxe Listings
    • Paradise Valley Luxury Rentals
    • Scottsdale Luxury Rentals
    • Phoenix Metro New Home Search
    • Multi-Family Properties
  • Resources
    • Buyers
      • Home Buyer Insight
      • Luxe Buyer Advocacy
      • Relocating to Scottsdale
      • Relocating to Arizona
      • Get a Home Loan
      • Home Purchase Resources
      • Arizona Luxury Home Financing
      • Ways to Take Title in Arizona
      • San Diego Real Estate Broker
    • Sellers
      • Home Seller Insight
      • Arizona Home Valuation
      • Arizona Expired Real Estate Listing Audit
    • Arizona Contractors & Real Estate Vendors
    • Arizona Luxury Home Resources
    • FSBO Rescue Guide
    • Real Estate Agent Resources
      • Luxe Agent Referral Program
  • Luxe Agents
    • Phoenix Metro & Surrounding Cities
    • Prescott, AZ
    • Tucson, AZ
    • Flagstaff, AZ
    • Top Luxe Agent
    • Top Luxe Team
  • Blog
  • CAREERS
  • Contact Us
    • About

Phoenix Market Update April 2020

April 28th, 2020

Home > Arizona Real Estate News > Phoenix Market Update April 2020
Phoenix market update April 2020

Well, we’re one month in to our Arizona shelter-in-place order. Let’s dive in to our Phoenix market update for April 2020 and see what’s happening in the real estate world.

First, the good news.

The real estate market has not collapsed. What we’re seeing is sellers who are pricing their homes at market, but being a bit more willing to lower the price during negotiations (not at all price points). Sellers also seem more willing to either complete repairs or provide healthy credits for repairs.

As of April 28, 2020, there are 14,029 active listings across the Phoenix metro area–this is up from 13,200 one month ago. There are 10,176 pending sales–this number is down about 800 from one month ago and the average days on market for recently sold homes was 51 days–down five days from last month. Active listings have been on market an average of 90 days.

Here is a chart showing the Supply v Demand last month as compared to one year ago. As expected, the price point with the most inventory is $300K to $500k.

The Rental Market

We’ve not talked much about the rental market, but having received no less than three calls in the past week about it, we thought it would be good to discuss a few numbers. As a general comment, the rental market is very strong.

There are just under 4800 actively listed rentals across the county and another 700 or so under contract. Over the past month, there have been 1800 closed rental transactions and the average days on market was just 26.

Home Financing

While jumbo loans are harder to get right now, conventional 30 year home loan rates have notched back down a bit. According to Bankrate.com, there are a few lenders offering rates with no points at 3.375 (rates vary by borrower FICO, assets, income, etc).

Given that many folks are out of work, a few clients have called and asked about mortgage forbearance. One of our preferred lenders made a nice video about it that you can watch here:

https://www.loom.com/share/8256882181314bd28bd8b30825194047

Final Thoughts

We’re still seeing real estate activity though this past month was not as strong as last year. Only time will tell if our recovery is v-shaped (best case scenario) or if we end up in a protracted recession. We’re optimists and are hoping that once restrictions ease around our state, and the rest of the country, that there will be pent up demand and a strong desire to get the economy on a good track.

Thanks for checking out our Phoenix market update for April 2020. Please reach out anytime if you have a real estate question or need.

Filed Under: Arizona Real Estate News, Phoenix Real Estate Market Tagged With: Phoenix Real Estate, Phoenix real estate market, Phoenix real estate market stats, Phoenix real estate news

About Luxe Real Estate Group

The Luxe Real Estate Group is a boutique firm offering residential and commercial clients the highest level of service and expertise in the industry. The agents of Luxe form a dynamic, hard-working and dedicated team who continually strive to exceed client expectations.. If you are thinking of buying or selling an Arizona home and would like to discuss your needs, find a Luxe agent now.

You Might Also Like

Phoenix metro real estate update Feb 2023

Phoenix Metro Real Estate Update | Feb 2023

February 28th, 2023
For the first time in many months, total active inventory has fallen below 15,000 units. As of February 28, there are 14,800 active listings across the...
Read more
Phoenix metro real estate report Jan 2023

Phoenix Metro Real Estate Report | Jan 2023

January 31st, 2023
Despite reports of gloom and doom, the Phoenix market is still doing okay. Here is our Phoenix metro real estate report for January 2023. As of...
Read more

Sign-up to receive free market updates from luxerealestategroup.com

We will never send you spam
Privacy Policy

  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter
· Luxe Real Estate Group, LLC. All Rights Reserved. ·
Luxe Real Estate Group ADRE License# LC586004000
Jay Martinez ADRE License# BR107652000
Privacy Policy | Cookie Policy | Terms of Use | Site Map

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Cookie Policy

Learn more about our Cookie Policy.