REAL ESTATE MARKET UPDATE 85050SEARCH PROPERTIES IN 85050Each month about this time we look back at the previous month, analyze how pricing has behaved, and report on how well our forecasting
COVID 19 On The Phoenix Real Estate Market
The effects of COVID-19 on the Phoenix Real Estate Market may not be what you'd expect. Would you be surprised if I told you we were still in a seller's market? Well, we are? COVID-19 has made its mark on the real estate market for sure, taking us from an insane, insane market to just a hot market.
Today I'm going to show you the Cromford Index. The Cromford Index is a way of measuring the real estate market, whether it's a seller's market or a buyers market. A balanced market is referenced at 100; anything above is a seller's market, and anything below is a buyers market. The greater Phoenix area was at 243 on the Cromford Index as of March 2020, and by looking at the graph below, you can see Phoenix has decreased almost 100 points in 2 months, taking us from an insane, insane market to just a hot market. One positive indication shown by Graph C is the downward momentum is starting to level out.
Drop from 243 to 148 in 2 months! Insane sellers market to a hot sellers market.
Cromford Index Compared to Previous Years
The curve is starting to flatten out
Due to the short supply of housing, Phoenix has been in a seller's market since 2009. Graph C above shows the demand index is in the red and below 100, indicating week demand. This is obviously due to Covid-19 affecting relocation, employment, tightening lending practices, and consumer sentiment.
Moving into the summer months as COVID - 19 restrictions start to lift; hopefully, we'll see the spring buyers who were holding off on purchasing reconsider, causing an insane, insane summer buying frenzy.
Attention Is everything and its the foundation to a great agent -client relationship. Nick knows the importance of listening to and understanding his clients' needs. His outgoing personality and desir....