ARIZONA M A R K E T S TA T I S T I C S
“At the very least, the coronavirus could cause some people to put home sales on hold.�
Most housing markets all over the country are a mess. Furthermore, that is the least we can say,
The good news is that the active inventory in the Phoenix housing market in April was a significant improvement for the Valley from March by about 1,500 homes. The inventory stats as of March 1 were down by nearly 33%. However, it is not all rosy, and we should not get comfortable, according to analysts and industry experts polled by Business Journal, who says that it is likely that the Phoenix housing market will slip but not for long though, as it will start to recover later in the year.
According to the most recent data by Zilliow Group Inc, it is very clear that the pandemic is responsible for the reversal of what was shaping up to be a banner year for the real estate sector. As of April 5, daily new listings continued to drop, reaching 27% nationally from where they were around this time last year. It gets worse in some of the nation’s strongest and largest housing markets, such as San Francisco and New York, which have seen drops of 36.4% and 56.6%, respectively.
What is happening all around the country has immediate implications for thousands of real estate professionals all around the country who very much depend on the spring season for their annual compensations. The Business Journal estimates that nationally, there will be a drop in home listings which could equate to as much as $81 million in lost sale commissions per day for the real estate brokers, with some of the major metro areas such as New York ($14 million per day) Los Angeles ($4.8 million) and Chicago($3.8 million) topping the list with the most stake.
thanks to the Corona pandemic. This is the time when real estate activities are usually heightened. Around this time, I would be doing an open house in our beautiful state, but am forced to stay at home. The pandemic has brought the housing market back to the levels of the Great Recession and is wiping billions in potential sales and commissions for the real estate professionals.
While the country is in a mess, Phoenix seems to be rising above the pandemic, only being affected slightly. New listing as of April 5 showed a lesser than 1% drop compared to the same period last year. However, where the Phoenix market seemed comparable with what was happening around the country was in the total active listings, which were down 26.7% compared with a year earlier.
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Nonetheless, the agents in Phoenix are likely to far better than agents in other parts of the country. Their projected loss per day in commission as n industry is $53,572. Some cities are reported to experience delays in home closings, and problems with real estate
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