Laveen Arizona Market Update May 2020

Laveen-Phoenix Real Estate Market Update May 21st 2020

Months supply has gone down from 1.3 to 1.0 since last month which is severely low. If there was a meter from green to red, the indicator would be red suggesting that the supply of homes is extremely low in Laveen. Months supply indicates the number of months it would take for the existing inventory of homes to sell if no new listings came on the market. 5-7 months for months supply indicates a balanced market, thus 1.0 indicates there is massive buyer demand for Laveen properties and a shortage of inventory. New construction is rampant in Laveen to keep up with the growing demand with Phoenix being top 5 in migration especially from California. To Californians and New Yorkers, home prices in Phoenix and Laveen are cheap where as to many Phoenicians, home values are overpriced. The two different perspectives are interesting in the grand scheme of the national real estate market. The new freeway and shopping center in Laveen has also increased the desirability of this town. Laveen has been a great destination for emerging business owners. If you are a Laveen business owner wanting free promotion across various platforms or an interview, email me at TaxesAndRealty@gmail.com.
In comparison, Phoenix Metro has a months supply of 2.7 as of May 24th 2020 which indicates Laveen has more demand than other parts of Phoenix Metro. Glendale has a months supply of 1.8 so still, most of Phoenix Metro is still below the 5-7 month balanced market range where prices would shift down.
The Cromford market index in Laveen went up from 187 to 228 since last month which indicates the same metric of pent up buyer demand in Laveen.
Supply below $300k has extremely high demand while prices above $600k such as in Scottsdale and Paradise Valley remain weak. Listing success rate in Paradise Valley is 30% which means 7 out of 10 homes expire or get cancelled and do not sell. Prices need to come down in these markets if they expect to sell in a reasonable amount of time.
If there is anything in the world you need help with or are looking to buy or sell in the future, save my number as “Realtor Lasker” at 480-779-8579 and my email at TaxesAndRealty@gmail.com. Good luck.