The May numbers are in for the Phoenix metro.

Here are the latest real estate numbers from the Phoenix market for May:

  • New listings were down from 11,181 in May 2019 to 8,928 in May 2020. That’s a 20.2% decrease

  • There were 17,352 active listings in May 2020, which is down 9.4% from the 19,143 we saw last year

  • Home sales were down from 10,527 in May 2019 to just 7,001 in May 2020. That’s a decrease of 33.5%!

  • Our months’ supply of inventory went up 36.2%  from 1.82 to 2.48

    “Homes are still selling quickly.”

We knew that there would be fewer homes on the market because of COVID-19, but we didn’t expect sales to slow down like they have. You might be thinking that this may be a sign of a shifting market, but inventory is still so low and demand is increasing with extremely low interest rates. This means homes are still selling quickly, some with multiple offers.

If you have any questions for me about buying or selling a home in this market, don’t hesitate to reach out via phone at 602-738-9943 or email. I look forward to hearing from you.

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