This is crazy but the numbers are saying 2021 could be 2005.
The number of single-family detached house sales the last 6 weeks have been 17% to 30% higher than during the same weeks in 2019 and we’re entering the slowest time of the year.
Unless something weird happens – and a lot of weird has happened this year – having such a strong market this time of year suggests the market will be even strong when the high season starts in January.
In the first half of 2005, house prices left Earth’s orbit but by the fall inventory skyrocketed, prices were ~flat for 2 years and then fell like a rock for 2 years. But in 2020 we don’t have all those crazy mortgages like “Pick-a-Pay” neg-am mortgages.
Phoenix house prices could conceivably get jacked up and stay there. I hope we don’t turn into Canada and Australia with hugely expensive homes.
For U.S. real estate market analysis,
go to Real Estate Decoded.
New Listings
Running 10% to 15% higher than in 2019 the last 2 months.
For Sale
The number of houses for sale (relative to 2019) is TIGHTER than last March.
Under Contract
There’s no sign of cooling off.
Solds
Sales the last several weeks are running 17% to 30% higher than in 2019.
Tell me in the “Comments” what you think.
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.
Note. This post was written on November 15, 2020 but the graphs will be continually updated.