How COVID-19 Has Impacted the Phoenix Metro Area Market – April 2020
As we all know, 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) That being said, demand has not gone away. 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.
As always, work with a knowledgeable REALTOR® that you trust. If you have any questions at all about current market trends, please feel free to give us a call! To view the Phoenix Metro Area Market Update for last month, click HERE.
We are full-time, experienced Realtors working in Queen Creek and the surrounding areas. With decades of East Valley real estate experience under our belts, we are here to answer any questions you may have. Please do not hesitate to reach out to April Anderson at 480.272.1977.
We’re looking forward to hearing from you soon!
United Brokers Group
21321 E Ocotillo Rd E-111
Queen Creek, AZ 85142