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Market report for August 2020 for Phoenix Metro

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August Phoenix Metro Market Report:

2020-AUGUST-STAT
Remarkable. This is the word most used to describe the current state of our housing market. Even after our unemployment numbers rose above 12% in April and the U.S. economy contracted nearly 33% in the second quarter, in June buyers returned to our market. We are living in a time like nothing we have ever seen before. While many economists predicted a shutdown in our housing market, the exact opposite has happened. In June, July, and now August, we have seen strong gains in both year-over-year prices and sales volume. I expect sales volume to continue this trend over the next two months. Prices appear to be moderating in the short term, which is in line with seasonal patterns. The housing market is being fueled by astronomically low-interest rates. Freddie Mac just reported another all-time low with the 30-year fixed-rate having dropped to 2.86%. Market performance has been nothing short of amazing considering rising unemployment typically means a fall in housing activity.

Here are some of the major points: Click here for full report 2020-AUGUST-STAT

  1. Total inventory down 22.8% year over year

  2. Months of inventory is -22.8% 😱

  3. Active listings Way down

  4. Months of Supply 1.52 months, meaning it would take 45 days to sell all current supply with no new listings.   This number is abnormally low, it should be at least 4

  5. The average sales price is up +17.7% year-over-year

  6. Year over year foreclosures down 42% WOW

  7. Average days on market = 51 for your house from the list to close.

  8. No foreseeable slump happening anytime soon.

  9. Cromford report numbers are at a record low for supply index

  10. Cromford market index is at a record high at 344.  This basically shows how much of a seller’s market we are in.  The index would have to go below 100 to be a buyers market.  That would take 1+ years to come and we would see it coming.

Also to note the news will focus on the negative for clickbait but Arizona is a very special market.  We have CA residents pushing our city to the limit, putting our real estate market in an array. Get nerdy and read the attached report.  If you have any questions about your home price, reply to this email and I can help!

2020-AUGust stat

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Let me know if you have any questions!

2020-AUGUST-STAT

Jay Bru
📞 480-466-4917
jay@jaybrugroup.com

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Click here for full report:

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