June 2020 Phoenix Housing Market Report

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

The Phoenix Housing Market includes extremely low inventory, rising prices and quick sales.  Phoenix has been known for its dynamic, affordable housing market, with  extreme highs and lows.  Currently, the Phoenix Housing Market for June, 2020, is a steadily rising market, but we've recently experienced some solid sales gains in different parts of  "the valley."

 

Check out this chart for Active Listings as of 7/5/2020.  Current inventory for Maricopa County only is down year over year by 42%!  That's almost an unbelievable drop in inventory.  It's clearly down year over year, but also down every year during the last 4 years.  

  

Charts for this report were provided by subscription to the Cromford Report.  Please don't plagiarize! 

 

June 2020 Phoenix Housing Market Active Listings June 2020

During this COVID-19 pandemic, one would expect major defaults on loans.  This report may be early in production, but for the month of May, there were only 75 homes who were more than 3 months late on mortgage payments for an area of 1.2 million homes.  I'm saying early in production because June's numbers aren't posted yet, but also because you'd have to miss three mortgage payments or more to be included in this chart.  Maybe a couple more months will be different? That remains to be seen. 

 

Notice of Trustees Sales June, 2020

 

Listings Under Contract took a dive in March reflect  contracts cancelled creating that green "U" shape.  But check out the come-back!  It's clear contracts declined after the "hot" summer months with cancelled contracts. 

 

Listings Under Contract June 2020

Sales prices aren't dropping during the Pandemic.  The current Median Sales Price is $320,000.  That price is up 12% year over year!

 

Median Sales Price June 2020

 

Since contracts dipped, the number of sales follows suit and is reflected in this sales rate.  The total sales to date are 91,784.  If you look backward at August, 2019, the total sales for that month last year were 91,948.  Comparing year over year and it's clear that had the pandemic not occurred, sales volume would be higher than 2019, and could still exceed last year. 

 

Sales for June 2020

It's very difficult to know how the market will turn after this point in time due to increased COVID cases.  The lower inventory is a sign of fewer listings as some aren't willing to open their homes to the public.  This shortage in inventory is putting pressure on prices in general, especially for homes priced under $500,000.  

For more information about a city, a zip code, or a price range, please reach out to me! 

 

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Ambassador
2,992,630
Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Jan - ever changing hot market here in the Valley of the Sun!  I'm seeing some significant price increases in some areas that inventory is low, low low.  I was just over in Scottsday today and was surprised that I only saw 2 for sale signs in one rather large area. On the other hand, not surprised... 

Great report with lots of thoughts to consider for both sellers and buyers.

Jul 06, 2020 03:59 PM #1
Rainmaker
1,011,729
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Anna Banana Kruchten Arizona's Top Banana! ! I hope you are doing well!  Yes, it's just crazy.  Every listing has had multiple offers.  One in Anthem had 8 offers and we're under contact $12,000 over list and didn't choose the highest offer!  Appreciate you stopping by!

Jul 06, 2020 04:32 PM #2
Rainmaker
3,645,742
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Jan - it appears the real statistics for Phoenix mimic what we see/read in many places across the country.  Your report is especially for those looking to make a move as well as those relocating to your area for a reality check.  

Jul 06, 2020 06:09 PM #3
Rainmaker
3,364,253
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jan I guess I should not look at Market Reports after numerous glasses of wine:)) I need to come back sober and make an intelligent comment:) Hope you had a fantastic Fourth of July, Endre

Jul 06, 2020 10:54 PM #4
Rainmaker
933,438
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Jan the dreaded lackof inventory from the last four years with the extremely low interest rates is leading to lots of frustrated buyers out there who are puashing prices. We just need our appraisers to keep up, and they are concerned as it is really hard to find comps for sales with so little inventory.

Jul 07, 2020 03:10 AM #5
Rainmaker
3,587,944
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Jan. Low inventory, rising prices, and quick sales! Someone think demand trumps potential disruption? Just asking. Enjoy your day!

Jul 07, 2020 04:51 AM #6
Rainmaker
2,161,712
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good evening Jan Green - this information seems to mirror what is also happening in our area.

Jul 07, 2020 09:33 PM #7
Rainmaker
5,816,574
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you are having a very productive month.

Have an outstanding summer.

Jul 18, 2020 04:56 PM #8
Ambassador
2,026,363
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Jan, popping in to say hi and hope you're staying busy. With the connection problems in AR, I haven't been able to comment and visit as often as I'd like.  Hope this one takes. lol.  

Have a great day. D 

Aug 01, 2020 07:34 AM #9
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Rainmaker
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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