The latest numbers from our market are unprecedented.

The Greater Phoenix Area real estate numbers from last April are unprecedented:

• New listings dropped 18% from 11,167 to 9,209

• Active listings dropped 14.5% from 20,312 to 17,372

• Sold listings dropped 26% from 9,660 to 7,140

• The average months of inventory increased by 15.7% from 2.1 to 2.43 months

Obviously, we know what’s behind all of this: the COVID-19 pandemic. Fewer sellers were putting their homes on the market, and fewer buyers were entering the market. 

When you think about it, though, we still had over 7,000 home sales. Whenever I check the MLS for the previous three days’ worth of home sales, the number fluctuates from 300 to 500 per day. 

Why is this? In many cases, buyers can purchase a home with a mortgage payment that’s equal to or less than what it costs to rent a home. Interest rates are below 4%, so if buyers want to stop paying rent and start putting away money for themselves, the time to buy is now. 

Plus, there are plenty of retiring baby boomers who are looking to downsize and sell their homes, so don’t be surprised if you see a lot of homes listed during May, June, and July. Eventually, we’ll start working through the backload of inventory that would have been on the market under normal circumstances.

If you’ve been searching for a home and haven’t seen anything you like, you’re about to have a lot more to choose from.  As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help 602-738-9943.