By Mike Bodeen · 7 April 2025
This past Thursday and Friday saw the largest two-day drop-in stock market history. The last time our markets went through such an upheaval was 5 years ago during the Pandemic. In a week of such financial turmoil including the personal loss of value in people’s 401k’s, it’s sort of a struggle for me to write about real estate. But since I’m not an expert on stocks, I’ll stick to what I know (or think I know). The show must go on, eh?
So on Saturday afternoon as I was pondering my topic, I wondered, “What was the Phoenix Metro residential real estate market like exactly 5 years ago, during the beginning stages of the Corona Virus Pandemic when we had the last huge stock market drop?
The following is Mike’s Market Snapshot – exactly 5 years ago (04.06.2020) and soon after the beginning of the Pandemic.
From 5 years ago: Supply Up. Demand Down. Prices Up. Sales Remain Strong.
In light of the global pandemic, it’s tempting to prognosticate about the normal return of our Phoenix Metro residential real estate market, however, wisdom would say, “Mike, let your words be few!” So, for now, we’ll just report on the actual sales and let those numbers do the speaking.
Here is the ARMLS (Arizona Regional Multiple Listing Service) numbers for April 1, 2020 compared with April 1, 2019 for all areas & types as provided by the Cromford Report:
Active Listings: 13,211 vs 18,650 last year – down 29.2% – but up 20.1% from 11,003 last month
Under Contract Listings: 10,152 vs 11,707 last year – down 13.3% – and down 15.3% from 11,988 last month
Monthly Sales: 8,840 versus 8,489 last year – up 4.1% – and up 18.2% from 7,476 last month
Monthly Average Sales Price per Sq. Ft: $186 vs $172 last year – up 8.4% – and up 0.8% from $184.94 last month
Monthly Median Sales Price: $301,000 vs $266,000 last year – up 13.2% – and up 2.0% from $295,000 last month
Rents Averaged $1.01 PSF in 2020.
Mortgage Rates for a 30 year fixed: 3.35% (Bankrate.com)
The following is my current report as of April 7th, 2025, within days of the 2025 U.S. Stock plunge.
Today: Supply Up. Demand Up. Prices Up. Sales Rise.
In light of the global stock market turmoil, it’s tempting to prognosticate about the normal return of our Phoenix Metro residential real estate market, however, finding normal is a problem. We’re not sure what that is anymore. So, for now, we’ll just report on the actual sales and let those numbers do the speaking.
Here is the ARMLS (Arizona Regional Multiple Listing Service) numbers for April 1, 2025 compared with April 1, 2024 for all areas & types as provided by the Cromford Report:
Active Listings: 24,990 vs 17,025 last year – up 47% – and up 4.4% from 23,934 vs last month
Under Contract Listings: 9,113 v s 8,601 last year – up 6.0% – and up 7.6% from 8,471 last month
Monthly Sales: 6,939 versus 6,765 last year – up 2.6% – but up 19% from 5,816 last month
Monthly Average Sales Price per Sq. Ft.: $311.19 versus $294.09 last year – up 5.8% – but down 0.2% from $311.80 last month
Monthly Median Sales Price: $459,500 versus $445,000 last year – up 3.3% – and up 0.1% from $459,000 last month
· Rents Averaging $1.37 in 2025 – Up 36% from 2020. Cromford Report
Mortgage rates for a 30 year fixed: 6.6% to 7%. (Bankrate.com)
Next week, I’ll be looking at the huge sales season our high-end homes have been enjoying, and why that may slow – due to the stock market implosion.
Market data referenced in this article comes from The Cromford Report.