Phoenix Real Estate Market - Code Red
Phoenix Real Estate Market - Code Red
It's looking more and more like 2021 will be 2005
If you like or dislike this new email system I’m experimenting with, please let me know in the comments or email me. - John Wake
"Prices are likely to increase massively over the next 6 months in these current circumstances" - The Cromford Report (subcribers only)
The holiday weeks are always funky and it’s hard to compare them one year to the next. Next week the holidays will be long behind us and I’ll take the numbers more seriously. Nevertheless, it’s not looking good.
If we had a Federal Housing Bank (along the lines of the Federal Reserve Bank) they would be calling for an emergency meeting right now.
New Listings
The latest weeks always get revised up but even accounting for that, new listings hitting the market right now look scary low.
For Sale
The number of single-family houses for sale is down 59% from last year at this time. At least it’s stopped getting worse for one week.
Under Contract
Down a bit but still 20% above last year.
Solds
Only 13% higher than a year ago. That’s the lowest since September… that’s how hot the market has been.
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.