Afternoon Bite 6/15/2020 (Video)

Every Monday Amber Kovarik and I discuss the latest in real estate news, stats, and happenings.

Today’s Takeaways:

  • Inventory is 50.4% under normal.
  • Inventory has decreased by 5% since mid-April.
  • Inventory is 33% down year over year.
  • Demand is 9% below normal. Demand has increased by 11% since mid-April.
  • Prices are going up.
  • In the first 9 days of June, 23% of closings closed over asking. For the properties closing in the $200,000-$250,000 range, it is 38% of closings are over asking.
  • Affordability: the ideal affordability range for a city is 60-75. For a long time Phoenix hung out at 68. We have recently dropped down to 63. What that means is that based on total household income, a family earning the median income could afford 63% of the homes that sold in the first 6 months of the year.
  • Prices are going up. Buyer on the fence, buy now. Sellers on the fence, sell now, less competition.

Published by Sarah Perkins

Sarah has been with Lawyers Title of Arizona since 2004. As an award-winning sales executive, Sarah's role is to bring transactions to Lawyers Title. To do this, she focuses on supporting her clients and helping them navigate the ever-changing real estate space through thorough research and understanding of current trends impacting today's home buyers and sellers.

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