- The number of single-family houses sold was down
- But the number of houses hitting the market was down even more.
- So overall, the number houses for-sale hasn’t skyrocketed despite the slow sales,
- And, in fact, the number of houses for-sale is still far below last year at this time because the number of houses for-sale was so low before the pandemic hit.
- The number of houses sold will very likely continue to fade through May .
- The number of houses for-sale will likely continue to increase through May.
- But as long as the supply is still relatively low, we won’t see big price falls.
My biggest question this morning is what happens when the high season ends? Right now, the high season’s increase in demand is fighting against the Coronavirus’s decrease in demand. What happens when the high season demand fades in a month or two? Does the impact of the Coronavirus become stronger or will we be through the worst of the Corona market by then?
And if we get past the worst part of the Corona market by this summer, will that release some pent up demand or will those previously lost sales be lost forever?
Long-Term Graphs Also Updated
The Phoenix MLS released their official numbers for March yesterday and I updated my long-term graphs.
You can easily see how crazy hot the Phoenix real estate market was in January and February. It had the lowest supply of any Phoenix market since 2004 and 2005!
Mouse-over the green line to get more stats.