What do the latest numbers say about our Phoenix market? Here’s how the numbers from March compare with those from March 2019.
The number of sales was identical, but inventory dropped 35%. What does this mean if you’re a seller? With just 1.6 months’ worth of homes, there aren’t a lot of properties out there. Even amid the pandemic, buyers are still buying homes.
It’s also interesting to note that 83% of all homes under construction are below the $500,000 mark. This means that that market is very speedy, while the higher-end market is slowing down a bit. There’s still a lot of demand, but some buyers (especially Midwesterners and Californians) are sitting on the sidelines because, obviously, they aren’t able to come down here.
It will be a very exciting time once the pandemic subsides—our market is holding steady.
If you’d like to know your home’s value or what’s happening in your local area, don’t hesitate to reach out to me. I’m here to help.