In these unique, history-altering times it can be challenging to think that we will come out on top of this virus. Will we be viewing and selling homes in a different manner now? What will the so-called norm be? Time will tell and the real estate community is making the necessary pivots to ease the buying and selling process. We may look back on the market as “Before Corona” (BC) or “After Corona” (AC) and maybe even “During Corona” (DC) if this continues much longer.
March’s sales in Arizona are up +18.5% month-over-month. 8,626 sold units for March of 2020, 8,344 sold units for March of 2019. Sales are up +3.4% in regards to year-over-year comparison. Total inventory as of March 31st 2020 was 18,226, when last year the total inventory at this time was 23,164. Along with record sales, the average days on market were down 15 days year-over-year while the month-over-month were down 9 days. This is still a strong representation of a seller’s market even in the beginning of the Covid-19 pandemic.
The first quarter for the Arizona’s real estate market in 2020 had the highest gross dollar volume in sales that ARMLS as seen. The stats for April will give us a better understanding of the real impact. The pause we saw when this all began to shut down our economy will stick out like a sore thumb in the numbers.
Other observations have been the suspension of ibuyers like Offerpad, Opendoor and Zillow offers buying activity. The forbearance from mortgage companies will result in virtually no actual foreclosures. Short-term rentals have seen a complete halt as big economic events like Spring Training have been canceled. The owners of these properties who over-leveraged these investments are now looking to sell and we have seen more fully furnished properties hit the market. Virtual tours have skyrocketed and FaceTime is one of the features we’ve been using at an increasing rate.
With our team’s experience and market knowledge, we’re still negotiating great deals for our clients and selling homes at top dollar with the recommended sanitation practices. A few transactions have had small delays with funding, but the great lenders we work with are still making it happen.
Our Team at Andy Gregg properties will do all we can to make your experience as seamless as possible. We’re all adapting daily and doing what we can to stay positive. If we can be of any assistance, if you need someone to talk to about real estate, or if you think Carole Baskin did it, give us a call!