Homie’s Greater Phoenix, Arizona Housing Market Update June 2020

aerial view of AZ homes

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.

Monthly Sales

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.

2019=-2020 comparison chart on closings throughout June.

List Price

Average new list prices are up +5.4% year-over-year. The year-over-year median is up +7.2%. Note: figures in thousands.

average list prices June 2019-2020 comparison
Data from the ARMLS® from May 1, 2020 to May 31, 2020.

Sale Price

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.

graph comparing average list and sales prices from June 2019 and 2020
Data from the ARMLS® from May 1, 2020 to May 31, 2020.

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.

Chart comparing Days on Market for June 2019 and 2020.
Data from the ARMLS® from May 1, 2020 to May 31, 2020.

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