Listings under contract continue to accumulate as buyers write up contracts for the diminishing supply of homes for sale. Note how 2020 followed a very similar track to 2018 until mid-March. Contract activity fell sharply but stabilized during April and then recovered all the lost ground and more over May and June. It is very unusual for us to see almost 14,000 listings under contract at this point in the year. It did happened between 2009 and 2013 but that was caused by the large number of short sales that stayed under contract for many months awaiting lender approval. Like last week, all 17 cities have moved in favor of sellers over the prior month, but this time they are moving at the fas
For Buyers: Greater Phoenix is officially back to a frenzy market with more properties under contract than available for sale. Over the past 4 weeks the number of contracts accepted weekly has jumped another 20% since last month’s report, bringing the total recovery since April 5th to 68% and 2.5% higher than it was in late February; before the stock market crashed and the stay home orders were imposed due to COVID-19. The most frenzied areas are those with average sale prices between $200K-$400K. That includes just about all of Southeast Valley and West Valley, North and South Phoenix. At last count, there were 2,061 properties for sale between $200K-$300K and 4,333 under contract alread
The housing market in Greater Phoenix is swinging strongly in favor of sellers again as illustrated in the six month Cromford® Market Index chart below (Cromford Market Index™ is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer's market, while values above 100 indicate a seller's market. A value of 100 indicates a balanced market.): Not only have listings being going under contract more quickly, the supply of new listings is much weaker than normal and many segments of the market are looking extremely short
