The available listing inventory in the Phoenix metro area has been dropping every day since May 12. As of yesterday, our inventory is over 60% below normal. Our total active inventory is down 30% year over year. When we remove under contract accepting backups (UCB) we are down 43% year over year. We desperately need more listings.
Maybe the 10 years of growth were the calm before the storm. Even if it was not, the storm is here now. As we adapt to extreme inventory shortages, get comfortable in our masks, and try to stay healthy we now face a new challenge, surviving economic re-closures. Pending sales are up, buyer demand is up, inventory is down.
Phoenix metro is the fastest growing major employment market in the country year to date. That means we have lost the fewest jobs, as a population percentage, in the country. This could have major implications for real estate. A larger employed population could lead to fewer potential issues down the road.
Every Monday afternoon Amber Kovarik and I talk about what happened this week in our local real estate market. Today’s Takeaways: According to NAR before the pandemic, our housing supply was short by 5-6 million units. Housing starts are still down by 20% year over year. Phoenix is still in the ideal affordable range. WeContinue reading “Afternoon Bite 6/22/2020 (Video)”
In 1789 Benjamin Franklin wrote, “In this world, nothing can be said to be certain, except death and taxes.” I suppose we should add his quote to his list as another certainty. Recently some experts were discussing whether or not real estate is going through a recovery right now or not. They asked, how can somethingContinue reading “Phoenix Area Real Estate Update 6/12/2020”
The other day I was talking with Tina Tamboer with the Cromford Report and she said, “Real estate is going gangbusters, I don’t think that it got the memo about the world-wide pandemic.” There continues to be increased optimism and momentum in real estate. Even the national economists are talking about the positive movement inContinue reading “Phoenix Area Real Estate Update 5/29/2020”