The Number of Phoenix Listings Under Contract Shows Real Estate Market Demand

Hey, everybody, welcome to another market update that makes three for this week. Today we are going to talk about the Phoenix, the city of Phoenix. so different than the Phoenix metro area, the city of Phoenix. And we're going to showcase a chart called listings under contract. So we've talked a lot in the last couple weeks about how supply is down. Demand is up a little bit. But sometimes it's hard to visualize what that looks like. So if you're looking to buy a home in Phoenix, or sell your home in Phoenix, you know, how does that demand? What does that actually look like? Right, this chart listings under contract helps visualize that. So again, just a reminder, if you're listening to the podcast, you can go into the show notes and click the link and see this chart or watch the video. But today, if we look at listings under contract, we're looking at about 2700 listings under contract right now, right so we're looking at pending listing so as it About 2700, if we compare that, to this time last year, last year had just under 2500. And this time in the year before that, and 2018 had just over 2000. So not only do we have a reduced inventory in Phoenix, but again, that the number of listings actually going under contract is up compared to the last two previous years. Now, we did see a dip earlier this year with COVID. Right. So we saw that listing under contract number dipped almost 2000, right from above 2500 to just about 2000. But we've seen it steadily increase at about May, June. And again, we've seen that kind of increased demand. So listings under contract if you're looking to buy a home in Phoenix, this is part of the reason why the market is so crazy. If you're looking to sell this is probably why we can get you top dollar for your home. So if you have any questions about this Or any other real estate related questions in the Phoenix metro area, please don't hesitate to reach out and as always, please like and subscribe, the podcast or if you're watching the video and if you are listening the podcast don't hesitate to go to the show notes there and click the link so you can see the chart and also search for homes on https://azdigest.com. Thanks as always guys, talk to you later.