Arizona Home values remain strong - Values not affected by Covid19
As soon as we were knee deep in the Pandemic, I started seeing signs along the roadway, "How has COVID19 Affected real estate values" giving off the impression (at least in my eyes) our market was crashing or on the verge of crashing.
Nothing could be further from the truth!
In fact, since Mid March 2020, when the pandemic started in full force and the stay home order was underway, we (Maricopa County) closed over 6,200 single family homes, all with a minimum of 3 bedrooms, 2 bathrooms and a two car garage. Understand, Maricopa County has a total area of 9,224 square miles, with a population (as of 2019) just under 4.5 Million.
Now you may be saying, well, lets compare this year to last year (same time frame, from April 15th to June 3rd- NOTE, I chose April 15th as the first date to look at closings, due to time from open to closing escrow).
So, in 2019, all data the same as listed above, we saw a total of 9,292 closings, which is DOWN from last year, which again, shows we are in a sellers market and inventory remains low.
If our Market was to "Crash" like it did back in 2007 to 2008, the number of listings (houses for sale) would dramatically increase, not drop by 1/3.
Couple thoughts on the drop in closing, obviously some homeowners felt it wasn't the time to sell. Feb to June is typically our hottest span of sales in the valley (in my 21 years experience anyway). In July we all but shut down, due to the heat, and no one wants to move in August. We kick back in September and ride the last quarter quite nicely, with a bit of slow down from Halloween to New Years (due to holiday season).
Currently, June 3, 2020, we have 5,435 properties listed for sale in Marcopa County. Again, criteria is minimum 3 bedroom, 2 bath home with a 2 car garage. If we break those down into a few cities, this is what our inventory looks like:
Phoenix: 990 properties for sale. Glendale: 175. Mesa: 355. Tempe: 67. Peoria: 314. Scottsdale: 1,088. Chandler 255. Gilbert: 288. Queen Creek (Maricopa County side): 184. Goodyear: 215. Buckeye: 179
To summarize, our market is strong, values are not decreasing, we are not going to "Crash" as some of the media and "fire salesmen" are trying to make us believe.
If you are wanting to find accurate value of your home, not the smoke and mirrors value as some of the "iBuyers" want to spin your way, reach out, I have 21 years of experience, helping buyers buy and sellers sell. In the past 12 months, I have closed 40 transactions, 13 of those were working directly with selling the home, the other 27 were directly working with home buyers.
Experience and knowledge is what counts when you are ready to sell your home. I will protect your investment, get you the most money possible and even help you purchase your next home (I call those domino deals, do them around 6-7 times per year). Feel free to Google me, Chris Dunham-The Real Estate Guy™, you're going to see everything I do to market homes and get my sellers top dollar! Remember, when you're ready to SELL or Buy, call the Real Estate Guy™.
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