Last month was really hectic and we missed our May update. Let's jump in to our Phoenix market real estate update for June 2020. There are a few factors driving the real estate frenzy across the valley. We don't like to use the word frenzy, but below $600K, homes are flying off the shelves. So, what's going on? During the first 30 days of the stay-at-home order, real estate activity definitely slowed down--we were in our busiest time of year when covid hit and due to the "lock-down", activity waned somewhat and there was pent-up demand building. Second, home loan rates hit an historic
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
Phoenix Metro Market Update March 2020
Governor Ducey just announced a state-wide shelter-in-place order. Let's take a look at our Phoenix metro market update for March 2020 and see what's in store for Arizona. Real estate sales and the services that facilitate sales, such as title companies, inspectors and lenders, are considered "essential services"; however, this does not mean real estate sales will continue as before. Getting buyers to homes means ignoring, for the most part, rules of social distancing, and the stay-at-home order is going to ring a more serious tone for many. Let's see what's happened over the past
Phoenix Market Update February 2020
With February drawing to a close, our inventory continues to drop. Don't miss our Phoenix Market Update for February 2020. We are seeing shades of the 2005 market frenzy--when buyers, desperate for a home, were lining up to make offers well over the asking price. In my humble opinion, this is not a great place to be. Inventory across the county is dangerously close to 10,000 units. As of February 29, 2020, there are 11,078 active listings in Maricopa County. Think about our population for a minute--there are over 4.7 million people in the Phoenix metro area and there are just 11,000
January 2020 Phoenix Real Estate Update
With nearly one month behind us, it's time for our January 2020 Phoenix real estate update. Let's do this. As of January 30, 2020, there are 11,848 active listings across the greater metro Phoenix area--this number is approximately 2000 less than in December and it's by far the lowest number we've since 2005. It's getting scary around here. The active listings have been on market an average of 106 days--up just two days since December. There are 10,611 properties under contract and since December 30, 2019, there have been 6265 sales. Here's a market summary for the
September 2019 Phoenix Real Estate Update
Let's jump right in to our September 2019 Phoenix real estate update. First we'll look at inventory numbers. Last months' report showed active listings at around 13, 250. As of September 30, we have 14,059 actively listed properties across Maricopa County. In terms of distressed properties, there are 141--this is just 1% of total available inventory. The average days on market for all active listings is 101. While inventory is up 800 units from 30 days ago, we are still experiencing a shortage at some price points. There are just over 10,000 pending units (under contract)--this
August 2019 Phoenix Real Estate Market Report
To learn more about Maricopa County housing trends, read our August 2019 Phoenix real estate market report. Just when we thought inventory couldn't fall anymore, it dropped again and we now face a real housing shortage (at some price points). As of August 28, there are just 13,249 actively listed properties on the market--this includes all housing types. The average days on market (ADOM) for active listings in 105, but if we look at properties priced under $300K, this number drops significantly--see the graph below for more detail. As you can see, for homes priced under $300K, there is less
July 2019 Phoenix Real Estate Market Report
The big news in our market is greatly reduced housing inventory--do not miss our July 2019 Phoenix real estate market report. Let's do this. Back in May we had approximately 16,785 active listings and as of July 27, we have 14,400--this represents a 14% reduction in available homes. Not all price ranges have been affected--for example, there is still excess housing in the $1M plus range. The days on market for active listings across Maricopa County is 105 and the average days on market for sold properties in the past month is 63--very similar to numbers we saw in May. At all price
May 2019 Phoenix Real Estate Market Update
With June around the corner, it's time for our May 2019 Phoenix real estate market update. Let's see what's happening. As of May 30, 2019, there are 16,785 active properties for sale across Maricopa County--inventory has fallen by ten percent in the last 30 days. The average days on market for the active listings is 102--up from 99 last month. Check out how the active listings have changed year over year: There are currently 13,259 properties under contract and over the past 30 days there have been 9957 sales. The average days on market for recently sold properties was 65--down
April 2019 Phoenix Metro Real Estate Update
This year is flying by and since we missed last month (apologies for that), here is our April 2019 Phoenix Metro real estate update--this market report will cover all of Maricopa County for the past 30 days or so. Let's jump in and view the numbers. There are currently 18450 homes available for sale--this number has fluctuated up and down by 500-700 for many months. At the beginning of 2019, it looked as if the inventory could reach 20,000 units, but activity began to pick up and the numbers quickly fell. Of the active listings on market, the average days on market (DOM) is 99--this
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