Mar
25

Phoenix Housing Supply is Growing

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Covid-19 and it’s effect on Metro Phoenix real estate is in its early stages, but is measurable;

  • Active listings (supply) are up: 12,339, when it had been riding less than 11,000 for some weeks.   Closer to 30,000 active listings is considered a balanced market.  Most new listings are in the lower price ranges, which is welcome relief, as that is where most demand lies.
  • UCB/CCBS/Pending listings (under contract for sale) 11,542.  This number is down 8% (per The Cromford Report 3/24/20).
  • Closings within the last month: 8546 (this number is up from lat month, but will likely be lower in April due to under contract listings falling.

The Cromford Report 3/24/20: ‘During the outbreak, there is little reason to suppose that house values will be significantly affected, up or down. However sales volumes will inevitably collapse for a while until the outbreak dies down. It will not even be possible to calculate meaningful home price numbers if there are too few closed sales to measure effectively. These volumes will not be due to housing market issues. They are due to medical issues. People should not be worrying about the housing market, they should be worrying about their health and how to survive a significant period with little to no transaction activity. Once the pandemic recedes, the market will come back and pricing will once again be determined by the balance between supply and demand.”

Categories : Arizona Real Estate

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355 E Germann Rd., Ste 180
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