AZ Remains a Seller's Market
After 2 complete weeks have elapsed we can take a fair reading of how June is doing. It is good news for sellers once again. Closed listings are very strong as can be seen in the graph below. Up from 3,540 last year to 4,019 across Greater Phoenix, which is an increase of 13.5%. This is also a long-term record high for the first 2 weeks of June in terms of both unit sales and dollar volume through ARMLS.
Additional good news for sellers appears when we examine the new listing counts. At the time of writing, we have seen only 4,229 so far in June, down from 4,750 last year. These numbers will change over the coming days as delayed listings are activated, but the difference between June 2018 and June 2019 is substantial.
The slow arrival of new listings and large number of closings will cause the Cromford Market Index to keep climbing over the next few weeks. It is normal for the number of listings under contract to decline during June so things should be a little quieter in July and August.
If you are interested in finding out what your home is worth...give us a call...602.362.5484.