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The Current State of Our Market

Monday, May 18, 2020   /   by Ross Novotny

The Current State of Our Market


How has the Greater Phoenix area housing market been impacted by COVID-19?

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In the Greater Phoenix area market, we have 13,932 active listings on the market that do not have a contract tied to them. Around a month ago we had over 14,000 homes on the market; this metric had been on an upward trend in April, but began to downtrend more recently. Overall, this is a decrease from where we were a year ago when we had around 17,000 homes on the market. However, our inventory levels are up considerably over where we were one quarter ago, when we had only around 11,500 active listings.


As far as pending sales go, there are 6,250 homes under contract. That’s up over last month’s 5,703 homes, but it’s down from a quarter ago and significantly down over a year ago, when there were over 7,500 pending sales. While activity hasn’t come to a complete halt, it definitely has slowed down because of the pandemic. 


Our MLS has two statuses that are fairly similar: pending listings are homes under contract that haven’t yet sold, and UCB (under contract: backup) are listings that are under contract but which the sellers continue to market in hopes of getting a backup offer. If you include our 4,300 UCB listings with our pending listings, there are over 10,500 people with a contract on a home and only 13,932 other homes without a contract.


Overall, the market did see a decline when national uncertainty around coronavirus peaked, but since then, it appears to be trending back up. In any case, values have continued to climb here in our area, and nothing indicates that will change anytime soon. There’s still a lot of demand, and all things considered, we seem to be pretty healthy.


If you have any questions about the state of our market or buying and selling homes, don’t hesitate to reach out to us. We’d love to help you.