So how's the real estate market in the Greater Phoenix Area a couple of months in in the pandemic? We got the numbers so let's find out now.

Let's start off with what went down: new inventory in May 2020 is at 8,331 from 8,622 in April 2020 and way lower the same time last year with May 2019 at 11,015. Same story with the number of closings at 6,664 for May 2020 against the 6,858 posted in April 2020 and 10,475 in May 2019.

Inventory is going down too with supply in May 2020 expecting to last 1.59 months when back in April 2020, it was at 1.85 months which was even stronger than May 2020's 1.60 months.

There's a twist though with the average sales price with May 2020's figure at $353,964 significantly less than the $370,689 for April 2020 but better than the same month last year with May 2019's $348,0001.

But everything seems to come around when you come across the active listings for May 2020. The past month's 10,579 listings is way low when compared to April 2020 at 12,713 and May 2019 at 16,710.

However, when you take note that the listing success rate for May 2020 is at 80.2% with a sold to list price ratio of 98.4% is higher than the 77.1% listing success rate with a sold to list price ratio of 98.2% for April 2020, it simply appears that homes are being sold faster than what is being put up on the market- and at top dollar at that!

Sure, May 2019's 81.5% listing success rate is higher than the past months but that's with a lesser sold to list price ratio at 97.9%. And when listings spend an average of 48 days on the market these past couple of months versus the 64 days posted in May 2020, you might not have to wait too long to meet your objectives as a seller if you decide to list your home at this time. Be sure to reach out so we can tell you how we can help if you're thinking of selling right now!

(Now don't worry about the lower inventory if you're in the market to buy; you'll be in the best of hands when you have our team of real estate specialists help you find your dream home!)

May 2020 Snapshot Of The Greater Phoenix Area Real Estate