Phoenix Real Estate Market Update: April 2020

by dustimartin-chime-me

The Phoenix real estate market had some surprising outcomes for the month of March, 2020. After weeks at home, home inventory in Phoenix remained low and buyer demand remained high. Watch the video and take a look at the monthly supply and demand break down by by price range. Whether you are looking to sell your home or purchase your first home, these are numbers you need to know when entering the real estate market in the City of Phoenix.

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Transcript (English, Auto-generated):

00:00 Hi everybody, this is Dusti Martin with Platinum

00:02 Living Realty. It is April 6th, 2020. This

00:06 is your Phoenix monthly real estate

00:08 market update

00:15 so let’s just get right into it we’ve

00:19 been locked down for a couple weeks here

00:21 in Phoenix here in the valley and even

00:23 though real estate is is and was

00:26 considered an essential service pretty

00:28 early on we did see a huge slowdown in

00:31 traffic but the funny thing about that

00:36 is is that believe it or not our real

00:41 estate market really hasn’t been

00:42 affected all that much yet in terms of

00:45 price or supply or demand but it really

00:48 is only affecting how we’re doing

00:50 business so far so let’s get right into

00:52 it our active listings are down thirty

00:54 nine point four percent over last year

00:57 but our sole listings are also down but

01:00 only one point nine percent half of that

01:02 is because that there are less homes to

01:07 actually be sold up one of the

01:08 phenomenon phenomenons I’ve seen when

01:11 the stay at home suggestions and

01:15 executive orders came out from the

01:17 governor’s office was everybody was

01:19 rushing to hoard TP and then some people

01:23 that already had their home on the

01:25 market or were about to put their home

01:27 on the market said well wait up I don’t

01:29 want people in my house so they either

01:30 took their home off the market they

01:32 cancelled they expired or they went

01:34 temporarily off market or they didn’t

01:36 list at all and they’re waiting so

01:38 there’s like this shadow inventory

01:40 that’s out there the other thing is too

01:43 is a lot of buyers went straight from

01:45 the housing market and went to go hoard

01:47 some TP so some of my clients did that

01:50 other clients of mine went out went

01:53 house shopping those few days of rain

01:55 that we had while everybody was fighting

01:58 over toilet paper at Costco and they were

02:00 able to lock down a property that was

02:02 previously under contract and then the

02:05 buyer got scared and and backed out for

02:07 no reason no no inspections or anything

02:12 they just said oh the sky is falling and

02:14 ran without any statistical data to back

02:17 it up so in some cases buyers that are

02:20 still out there are still pounding the

02:22 pavement they’re serious they’re well

02:24 qualified their jobs are

02:26 in proof and they’re going to be a good

02:29 situation so that’s one of the things

02:31 I’m seeing so our active listings are

02:34 down almost 40 percent over last year

02:37 thirty nine point four which is

02:39 continuing to suppress that demand but

02:43 then there’s been a little like pause

02:45 with some buyers not all there is a lot

02:48 of genuine demand out there so it’s kind

02:51 of an apposite there but our median

02:52 price per square foot is actually up

02:54 12.1 percent so the median home in

02:57 Phoenix should be about a hundred and

02:59 eighty dollars per square foot or 180

03:01 point eight seven for those of you who

03:03 want to get technical

03:04 then our months of supply is still crazy

03:07 low one point three three months that is

03:09 well inside the seller’s market it’s

03:14 still technically kind of a white-hot

03:17 white-hot seller’s market and buyers are

03:21 still not going to at this point in time

03:24 as of this recording are still not going

03:27 to have their pick of a letter so keep

03:29 that in mind and then here’s the crazy

03:31 thing is our median days on market went

03:34 down thirty-four percent over last year

03:37 that is a crazy number so our median

03:40 days on market is 31 days that is

03:42 literally the length of a transaction or

03:45 the way transactions are going now

03:47 transactions right now are taking about

03:49 45 days because there was a backlog of a

03:52 bunch of refinances for those few days

03:55 that we had historical low interest

03:57 rates so with that in mind if we’re at

04:00 31 days that means people are wheeling

04:03 and dealing and making the most of the

04:07 current situation so keep that in mind

04:10 so let’s break it down by price point

04:12 now if you are in the zero to $100,000

04:16 price range you’re looking at two point

04:18 eight eight months of supply you’re

04:20 still inside the technical seller’s

04:23 market of four months or less and so you

04:25 can still have some gentle upward

04:27 pressure on the prices there in the 100

04:31 to 200 thousand dollar price range

04:33 you’re at one point one six months of

04:35 supply so meaning in about five weeks

04:39 if or less less than five weeks if

04:42 everything stopped coming on the market

04:45 today if no new homes came on the market

04:47 we’d be done in about four or five weeks

04:49 there’d be nothing left to sell then in

04:53 the 200 to 300 thousand dollar price

04:55 range this one is crazy hot it’s not

04:57 even a month it’s a 0.8 one month supply

05:01 so less than a month three weeks we’d be

05:03 done 300 to 500 is 1.2 months of supply

05:08 right now and then our 500 to 700

05:12 thousand dollar range which is

05:13 considered the high end not quite luxury

05:16 that price range is in the 2.18 months

05:20 of supply still well inside a seller’s

05:22 market the 700 to a million which is

05:25 firmly high-end it’s not middle to high

05:27 its high-end borderline luxury we’re at

05:31 where was I

05:33 three point six three months of supply

05:35 so just inside the sellers sellers

05:39 market cutoff point which is four months

05:41 so that has moved a little bit but it’s

05:44 still very good news the 1 1 million to

05:48 3 million dollar price range right now

05:50 is at four point eight eight months so

05:53 the luxury market is almost at a

05:56 seller’s a seller’s market for the first

05:59 time and I can’t remember when so four

06:02 point eight eight months it’s not

06:04 technically a seller’s market but it is

06:06 very very close so it’s technically an

06:09 even stable market but that is an

06:10 unheard of number for the one two three

06:12 million dollar mark and then our three

06:15 million dollar or over properties are at

06:17 eleven point three months of supply

06:20 which is just under a year technically

06:22 it’s a buyers market but that’s also

06:24 historically better than it has been in

06:27 a long time last year this time we

06:30 didn’t even have enough data for Phoenix

06:32 because there simply wasn’t any

06:34 transactions taking place for us to be

06:37 able to calculate it anyway if you guys

06:39 have any questions or if you want to

06:41 know what’s happening in your zip code

06:42 or in your neighborhood let me know my

06:44 numbers 4 8 zero seven one seven nine

06:46 four zero five be sure to hit the like

06:49 button subscribe and share this

06:51 with a friend have a great day guys bye

06:59

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Dusti Martin

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