UP 35% from 2019 – Number of Smaller Houses (1000-2000 SF) for Sale
DOWN 17% from 2019 – Number of Larger Houses (3000-4000 SF) for Sale
I’m not exactly sure what’s going on but that’s a huge difference compared to pre-Covid 2019.
Something similar happened last year but last year I thought a lot of it was caused by iBuyers selling a lot more houses than they bought.
This year, who’s selling their “smaller” houses? Some Airbnb landlords?
Or is it just that smaller house buyers are buying fewer houses because house prices are so high and they need mortgages and mortgage rates are so high?
While larger house buyers pay cash more often and are more often selling a house at the same time they’re buying. The high house prices today are less of a deterrent to them because they’re making a lot of money on the houses they’re selling.
Is it a Change in the Market?
It’s unlikely that the number of Active Listings for smaller houses will continue to increase this year but if they did it would signal a huge change in the market since they’re supposed to fall this time of year.
Sales Down More Than New Listings
Eyeballing the recently updated monthly data it looks like New Listings (all home types) are low but flattish while Sales (single-family detached) are low and trending down as they usually do this time of year.
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.