The market is changing at a faster pace than we have seen since 2000. It came charging back in the second half of May.
MLS numbers for June 1, 2020 vs. June 1, 2019:
- Active Listings: 11,917 vs. 16,869 last year – down 29.4%
- Under Contract Listings: 12,478 vs. 11,945 last year – up 4.5%
It is getting much harder for buyers to find the home they want and when they find it, they are likely to find many other buyers trying to buy the same house. Multiple offers are piling up.
The Greater Phoenix housing market proved its resilience over the last 3 months and short-term trends strongly favor sellers.
However, we do need to keep our eye on possible increase in Notices of Trustee Sale (foreclosures) over the next 12 months. The current foreclosure and eviction activity are currently down to a trickle and the numbers are distorted by temporary government action. Forecasts though currently don’t see the last housing crisis repeating itself. The added homes to the market might help our lack of inventory.