May 2020 Phoenix Market Snapshot
Here is the May 2020 Phoenix Market Snapshot. Some of our Phoenix neighborhoods are performing as very strong sellers markets. A sellers market is typically marked by limited inventory, multiple offers on homes, and offers above the list price.
It is extremely competitive out there. If you are thinking of buying a home, make sure you are fully prepared before beginning your home search.
Compared to last month’s number of just over 14,000 active listings, that number has decreased dramatically. Our MLS is just at over 11,000 active listings. Less inventory and high demand will continue to drive our prices upward.
How much longer will this trend continue?
That is the million dollar question. And I do not have an answer. Past experience along with current data and trends lead me to believe that our market will continue down this path at least until back to school time rolls around. I will keep you all posted on market shifts as we see them.
Our average sale price decreased by about $10,000 from April’s Market Snapshot, which is likely a result of COVID-19. Despite that, our market shows no signs of slowing down this summer. I work in this market day to day and my buyer clients are being outbid, homes in some neighborhoods are selling within 24 hours and the sellers have multiple offers from which to choose.
It is not uncommon for my buyer clients and I to arrive for a showing appointment and have to wait for the current appointment to wrap up their showing. Waiting outside in this heat is brutal. By the time we exit the home, there’s another agent and their client waiting to preview. It is like this all weekend long!
If you have been thinking about selling your home, let me tell you, this may be a pretty good time to get it on the market. If you’re simply curious about how this current buyer demand has impacted your home value, let me know. I will be glad to provide you with the most up to date information.
Frank and I are here to help you and answer any questions you may have regarding real estate. Or if you just want to say hi, we are always glad to hear from you! Have a great week.