Housing Market Snapshot - Here is what has happened over the weekend in Phoenix
758 Properties came on the market
1576 Properties went under contract and or are sale pending
We started the weekend on Friday with 6,842 properties available for sale and have 6,412 this afternoon. NOTE: We usually start the week with less on market than what is available on Friday which means demand is still high.
Over the last 90 days we’ve sold 28,961 properties in the Greater Phoenix Metro Area. To put perspective on that number last year at this time we were at 26,147, in 2019 we were at 29,965 and 2018 it was 28,255.
We’ve had high demand for 5 years. As we see building catch up and more people feel comfortable with selling their properties we should see the number of active listings continue to tick up to pandemic levels of 14,000+ active listings.
At our current rate of consumption we’d have to have 50,000+ active listings to be in a Normal Market and in a Normal Market prices still go up.