Welcome to another Arizona Real Estate Market Update. In recent weeks, we have started to see the market pick back up in a lot fo respects. “Listings Under Contract” showcases this best. Take a look at this chart compared to last year. Things started to dip in March, April, and May because of COVID but have since started to trend upward.
Listings Under Contract is a great way to look at buyer demand in the real estate market. More demand typically brings in higher prices. This week we see over 13,000 listings under contract where as, a few months ago, less than 10,000 listings were going under contract. This is definitely a good sign if you had hopes of selling your home in the near future.
If you have specific questions about what the market is doing in your particular city or zip code (remember this is for the entire phoenix metro area), please don’t hesitate to reach out.