Thursday, April 23, 2020 / by Vyral Marketing
How the Coronavirus Is Affecting Our Real Estate Market
These are difficult times, but real estate is still moving. Today I’m sharing some promising signs from our Phoenix market.
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Curious as to how COVID-19 has impacted real estate? Over the last month, roughly 8,500 properties have sold in Greater Phoenix. Considering that we’ll sell 7,000 a month on average, it’s clear that there’s still some very strong demand in the market.
Many people ask the question, “When the market’s going to crash?” Truthfully, it will only crash if demand dies down and supply increases. On the supply side, we have 14,000 homes on the market—a slight increase from 11,000 last month, but historically speaking, our norm here is 30,000; we went into this pandemic with extremely low inventory, which now serves as a barrier keeping home prices healthy.
Many people ask the question, “When the market’s going to crash?” Truthfully, it will only crash if demand dies down and supply increases. On the supply side, we have 14,000 homes on the market—a slight increase from 11,000 last month, but historically speaking, our norm here is 30,000; we went into this pandemic with extremely low inventory, which now serves as a barrier keeping home prices healthy.
