There has been much of talk in the news about how the economy has hit the skids and how we are on the cusp of a recession all due to the coronavirus pandemic. While all of this is probably true, it has not seemed to affect our local real estate market. It has been an incredible summer for the real estate industry in northern Arizona.
It seems that as soon as a home hits the market it has several offers to purchase and often above asking price. I have not seen anything quite like it in my many years of real estate sales.
Many people have asked me what is going on and I wish I had a good answer to that question. It seems that there is no definitive answer as some buyers are moving up, some are downsizing and many are coming from out of town. The lure of a small town and rural living is drawing prospective buyers who want to get out of the large cities and the problems they encounter in a large urban environment.
A lack of inventory has some play into the home sale picture. At the end of September 2019 there were slightly over 900 residential listings in the Northern Arizona Multiple Listing Service (MLS), and at the end of August 2020 there were slightly more than 600 available for a difference of 300 properties available in one year. This low inventory is influencing home sales and is partly responsible for pushing up prices.
If you are contemplating selling your home, there is no better time than the present. This market is active and if your home is in decent shape and you price it competitively, you will probably receive an offer in short order.
No one knows how home sales will fare this fall and winter, but if this past summer is any indication, we will continue with a strong real estate market. Next year is a wild card, and we will have to wait and see what happens. As a wise person once said: it is better to sell a year early than a day late.
The business news you need
With a weekly newsletter looking back at local history.