Real Estate Market Update Phoenix Arizona April 2020
COVID-19 has turned most markets in the country upside down, and this definitely includes real estate. REALTORS® are adapting quickly to continue to serve clients while taking necessary health and safety precautions.
To be sure, the sales and inventory numbers in the greater Phoenix real estate market are still healthy. The median sales price is up 13.2% to $301,000, year over year. Active listings are 13,211, down 29.2% year over year, and interest rates are flat at a low 3.33% for 30-year money with .7 points. (Freddie Mac, 4-9-2020)
The Federal Reserve has committed to keep money available, including its latest infusion of over $2 trillion.
The pandemic has impacted all aspects of selling and buying, and the effect has been greater for homes over $500,000. (Cromford Report, 4-10-2020)
Demand has not gone away, and we are still inventory challenged; however, it is likely that activity will slow while the government gets COVID-19 under control. This may take a few months, as the CDC and others have said.
However, this is not 2006/2007. Inventory is still unusually low, prices are quite reasonable and rates are rock bottom. There has been no real estate frenzy.
If you are thinking about making a move this year, then please don’t hesitate to reach out. I am an experienced, local real estate specialist serving the entire East Valley of Phoenix, Arizona. It would be my honor to assist you on your real estate journey and help you to navigate the process of buying and selling Arizona Real Estate. Working with an experienced team of real estate professionals matters even more now than it ever did. From start to finish, I will be there to guide you and answer your questions with no pressure, only the highest level of care and support! Please don’t hesitate to contact me via email or call/text 480.220.1321 to schedule a no obligation consultation today.
Keely Semon, Realtor®
East Valley Real Estate Specialist
United Brokers Group