We often get the question, is now a good time to buy or sell a home? Has the pandemic changed the market? Here’s your monthly update on what’s happening.
According to the data from the ARMLS® from May 1, 2020 to May 31, 2020, real estate experienced a 33.7% decrease over May 2019. We are beginning to see a rebound in real estate closings in the Greater Phoenix area. Comparing data from the Arizona Multiple Listing Service from June 2019 to June 2020, Greater Phoenix has already exceeded last year’s total closings for the month of June with a 1.18% increase.
Average new list prices are up +5.4% year-over-year. The year-over-year median is up +7.2%. Note: figures in thousands.
Home values are staying strong. The Average Sales Price in May 20 2019-20 was $352.4, versus $347.5 in May 2018-19, 1.4% increase year-over-year. The Median Sales Price in May 2019-20 was $295.0, versus $278.0 in May 2018-19, a 6.1% increase year-over-year. Note: figures in thousands.
Days on Market (DOM)
We saw the Average Cumulative Days on Market decrease in May 2020-19, averaging 50 days on market versus 65 Average Cumulative Days on Market in 2018-19.
At Homie, we continue to see sellers getting multiple offers on their homes. Homie listings are seeing 60% of sellers getting multiple offers in the last 60 days.
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