This week in Phoenix real estate…maybe you didn’t get the message sellers…we need more inventory!! OK, I get it…once you sell your house, where will you live? With now 3 out of every 4 buyers asking that same question, it makes sense that sellers are reluctant to sell for fear they will then be couch-surfing with all the other schmucks who are trying to buy a house. WE GET IT! (…but pretty please??)
So far this year, we have seen only 5353 new listings hit the market. Last year at this time, we had 6617, a drop of 24%. Ouch. But that’s a minor dip compared to what we had in 2019, before the market really started to go crazy. In 2019, week 4, we saw 8283 new listings – a decline of 35%.
It’s even worse looking at the price range under $500K where we have seen a 54% decline in new listings. For the price range between $500K – $1M, new listings have been on the rise – 1601 so far this year, compared to 1293 last year – a 24% increase – and 1193 in 2019 – up 34%.
In the meantime, demand has been holding pretty steady at about 22% above normal. So, to recap, fewer homes coming on the market and just as many homes being sold.
So, guess what…no crash…fewer listings on the horizon…prices going up. Those shopping in the higher price ranges might see a little better selection than they did this time last year, but for those shopping under $500K, where most buyers are looking, there’s not much relief in sight. #SpoilerAlert #SameOldStory
