I’ve been trying to figure out this market. In future posts, I’ll look at pocket listings, landlord purchases, and the foreclosure moratorium.
I still couldn’t figure out why new listings were so low, especially in January when new listings were down 22% (from the 2018 – 2019 January average for single-family in Maricopa County). I mentioned the puzzle to a friend at Grand Canyon Title, Fletcher Wilcox, and he suggested the Covid resurgence in January might be a factor.
The timing’s right. That seems to make sense.
We haven’t seen, however, any catch-up in listings since January. New listings are getting back toward normal levels but no catch-up for the missed listings in January. At least not yet.
Last year, new listings were low during April, May, and June but there was a catch-up period during August and September when new listings were higher than normal.
The Story of January 2021
Here’s a summary of the January 2021 Maricopa County single-family real estate market.
- Mortgage rates bottom out after falling for 2 years, and the number of houses sold is 18% above the average for January 2018 & 2019.
- Covid cases peak in Arizona, and the number of houses hitting the market is 22% below the average for January 2018 & 2019.
- House prices continue to skyrocket. Market gets even more manic.