Phoenix Housing Market Update, April 2020

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5nbb

The Phoenix Housing Market Update for April, 2020 charts are provided courtesy of subscription to the Cromford Report.   All sales from the Arizona Regional MLS in Maricopa and parts of Pinal County are scrubed for accuracy and reports are provided that would not otherwise be available by the MLS alone.  May Observations from the Cromford Report: 

 

" May 1 - Among single-family listings there has been a 7% decline in listings under contract between April 1 and May 1. This is the opposite of last year when we saw a 7% increase. Obviously the difference between this year and last year was primarily caused by the COVID-19 pandemic. However we can see that it did not affect all price ranges equally:

Price Range 2019 2020
Up to $225K down 6% down 8%
$225K - $350K up 8% down 1%
$350K - $600K up 14% down 10%
Over $600K up 9% down 20%

The price range under $225K was little affected, being constrained by the lack of supply anyway. The lower mid-range from $225K to $350K did relatively well with almost no decline in 2020. After $350K things get a lot worse. The upper mid-range from $350K to $600K was booming last year with listings under contract gaining a massive 14% during April. This year it dropped 10%. The top end over $600K took a bigger hit, with a drop of 20% in 2020 in contrast to a very heathy gain of 9% in 2019."

PLEASE DO NOT PLAGIARIZE

 

Although active listings have risen 32% from March 14 to May 2nd; active listings are down significantly year over year by 18%!   Notice the dip in inventory from mid April to May3; that's an 8% drop in inventory.  Showings are down, however, contracts are being written.  

 

Active Listings April 2020

 

How long does it take to sell a home in the Phoenix Metro Area?  This chart reflects a significant drop in days on market to 48 days!  For April 2019, it took 67 days to sell a home in the Phoenix Metro Area.  These statistics are for all prices and cities within Maricopa County. 

Average Cumulative Days on Market Sales April 2020

 

So how is the current pandemic effecting prices?  According to this chart, prices continue to rise.  Median prices rose from $300,000  to $305,000 from March to April, 2020, and have outpaced the median sales price for the top of our housing market for June, 2006,  when that number peaked at $265,000.

 

Monthly Median Sales Price April 2020

 

This new chart illustrates contract activity, a good indicator of the change in activity specifically tied to COVID-19.  Accepted contracs are below normal, but the number of contracts are rising.  Our annual sales volume peaks in June and dips during Thanksgiving and Christmas.  As you can see by the blue line, listings that were under contract and came "back on the market" are near normal numbers, prior to COVID.

 

Accepted Contracts vs. Back on the Market April 2020

Sales for April were 6872, down from 9332 a year ago - a 36% decline in sales from the previous month.  This is to be expected since showings are down as well.  As you can see the highest months for sales in the Phoenix Metro area typically occur during May  through July, the summer months. 

 Monthly Sales April 2020

 

To get a full analysis of the loss in sales for 2020, this next chart is year over year total sales.  Notice the drop in total sales from March to April (97,666 to 95,135) is a 3% drop in total overall yearly total sales.  In the grand scheme of sales, this drop isn't as large as it appears from the previous chart as we're calculating all sales for the year.  

Annual Sales April 20202

 

Time will tell and next months' charts will be interesting to see if home buyers start viewing homes again, creating more pending sales.  

If you Or someone you know is interested in more information about our Phoenix Area housing market, please reach out to me! 

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Rainmaker
3,620,060
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Jan - your mention of The Cromford Report sent me down a rabbit hole(of sorts) and then I made a return trip to your post with its concise analysis which is quite user-friendly.  

May 04, 2020 03:13 PM #1
Rainmaker
1,009,101
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Very cool!  The Cromford Report has been my go to source for data Michael Jacobs .  Since they take all data, scrub the data, and then produce more reports than I could ever research, they are my go to for reports.  I hope you are doing well. Thank you for stopping by!

May 04, 2020 03:17 PM #2
Rainmaker
3,404,758
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Jan and Thank you for sharing this great information for buyers and sellers with us.

May 04, 2020 04:44 PM #3
Rainmaker
1,009,101
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Will Hamm for stopping by.  Hope all is well with you! Have a great Cinco De Mayo!

May 05, 2020 09:45 AM #4
Rainmaker
2,724,920
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Phoenix home buyers and sellers are sure to value your real estate market report, Jan.

May 05, 2020 02:09 PM #5
Rainmaker
1,009,101
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Myrl Jeffcoat !  Sorry to see your eye injury from your back accident!

May 05, 2020 02:33 PM #6
Ambassador
3,677,261
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Jan! Another wonderfully detailed Phoenix real estate market report. I think down 7% in homes under Contract is really not too bad considering the level of fear in the market initially. I'm happy that things seem to be headed in the right direction now - including the stock market!

May 06, 2020 08:10 PM #7
Rainmaker
1,009,101
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Debe Maxwell, CRS !  The exuberance that will come out of this may feel like 1945!  Pent up demand will surely correct this by the 4th quarter depending on jobs.  It's terrible what's happening to so many without an income!

May 07, 2020 09:54 AM #8
Rainmaker
1,823,622
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thanks for sharing this market update - it is so important to keep track of what is going on in different parts of the country

May 07, 2020 05:34 PM #9
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Rainmaker
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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