Everyone wants to know if the Real Estate Market has been effected by the Covid-19.
The answer is Yes and NO.
In Arizona Phoenix metro area, as all the country paused and stayed home sales dropped but did not stop.
As of July 5th 2020, these are the stats.
Maricopa County inventory is down -42% from last year.
Contract written are up +11.5% over last year.
New Home Construction is up +17.7% over last year.
Supply of single family resale under $300,000. as of July 5th is 1152, down -52.25 from last year.
Affordability 63% due to low interest rates.
The market is good for both Buyers and Sellers. Sellers are selling quickly because of the demand and Buyers can buy more home for the same payment because of the low interest rates.
This information changes daily. This was the report as of July 5th 2020.
Covid-19 Market update.