Friday, April 17, 2020

Phoenix Real Estate in March: Sales up 3.4% YoY, Active Inventory Down 22% YoY

by Calculated Risk on 4/17/2020 08:44:00 AM

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

1) Overall sales were at 8,626 in March, up from 7,279 in February, and up from 8,344 in March 2019. Sales were up 18.5% from February 2020 (last month), and up 3.4% from March 2019.

2) Active inventory was at 14,257, down from 18,182 in March 2019. That is down 22% year-over-year.

3) Months of supply decreased to 2.11 in March from 2.14 months in February. This remains low.

This was another market with increasing sales and falling inventory.

Sales are reported at the close of escrow, so these sales were mostly signed in January and February. With the COVID-19 crisis, everything will change for the duration of the crisis. My guess is sales will decline significantly, and inventory will probably stay relatively low (no one wants strangers in their homes).