Wednesday, March 18, 2020

Phoenix Real Estate in February: Sales up 13.6% YoY, Active Inventory Down 43.5% YoY

by Calculated Risk on 3/18/2020 11:44:00 AM

The Arizona Regional Multiple Listing Service (ARMLS) reports ("Stats Report"):

1) Overall sales were at 7,279 in February, up from 6,328 in January, and up from 6,409 in February 2019. Sales were up 15.0% from January 2019 (last month), but up 13.6% from February 2019.

2) Active inventory was at 10,590, down from 18,990 in February 2019. That is down 43.5% year-over-year.

3) Months of supply decreased to 2.14 in February from 2.54 months in January. This remains low.

This was another market with increasing sales and falling inventory.

With the COVID-19 crisis, everything will change for the duration of the crisis.   My guess is sales will decline sharply, and inventory will probably stay low (no one wants strangers in their homes).