“The Phoenix residential real estate market is hot despite COVID-19 because a surprisingly low number of people are putting their houses up for sale, and crazy low mortgage rates are increasing demand.”
The May data came in. The median sold price fell 2% in May compared to April in metro Phoenix. In addition, a higher percentage of houses sold with the seller paying some of the buyers’ closing costs.
Looking at the prices of houses currently under contract to buyers, however, I expect sold prices will be higher in June than in May.
The median sold price in May was still 6% above May a year ago.
The number of single-family houses hitting the market has been trending lower the last couple of weeks! Fewer houses are hitting the market now than when the COVID-19 impact was at maximum in mid-April.
I can’t figure out why so few people are putting their houses up for sale. Do you know why?
We have 37% fewer houses for sale than a year ago at this time.
We now have MORE houses under contract to buyers than a year ago!
Solds are up 22% from 4 weeks ago and they will continue to trend up.
The Phoenix residential real estate market is hot despite COVID-19 because a surprisingly low number of people are putting their houses up for sale, and crazy low mortgage rates are increasing demand.
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.
To see what’s happening beyond Phoenix, be sure and also subscribe to my other website, RealEstateDecoded.com.
Note. This post was written on June 7, 2020 but the graphs will be continually updated.
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2 Responses to A Perfect Counter-Storm – Phoenix Real Estate Market COVID-19 Weekly Update
just a thought , it seems to me homeowners are reluctant to sell , is housing prices are up and to replace or move to a new home is they dont gain in wealth. they may as well stay put . god bless
Yeah, I should probably make a list of all the reasons people sell and see how each motivation has evolved in recent years. The bug one I can think of is Boomers hitting retirement. Older people move a lot less than younger people and now more people are older. Maybe that effect is bigger than I imagined. I need to quantify it somehow. Thanks for the comment!
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