COVID-19 has turned most markets in the country upside down, and this definitely includes real estate. REALTORS® are adapting quickly to continue to serve clients while taking necessary health and safety precautions.
To be sure, the sales and inventory numbers in the greater Phoenix real estate market are still healthy. The median sales price is up 13.2% to $301,000, year over year. Active listings are 13,211, down 29.2% year over year, and interest rates are flat at a low 3.33% for 30-year money with .7 points. (Freddie Mac, 4-9-2020)
The Federal Reserve has committed to keep money available, including its latest infusion of over $2 trillion.
The pandemic has impacted all aspects of selling and buying, and the effect has been greater for homes over $500,000. (Cromford Report, 4-10-2020)
Demand has not gone away, and we are still inventory challenged; however, it is likely that activity will slow while the government gets COVID-19 under control. This may take a few months, as the CDC and others have said.
However, this is not 2006/2007. Inventory is still unusually low, prices are quite reasonable and rates are rock bottom. There has been no real estate frenzy.
As always, if you are buying or selling in the midst of all this, please work with a trusted agent and loan officer. They can help you make the best decision.
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