In May 2020, the median home price in the East Valley increased by 8% year-over-year (YOY). West Valley home prices increased by 9% YOY for the same period. Due to the high demand and low inventory of single-family homes and condominiums, the housing market in these areas remains a STRONG SELLERS MARKET.
Unfortunately for Scottsdale, the vacation Mecca took a small hit in May with a 2% decrease YOY in home prices.
Overall, total unit sales in the Phoenix Metropolitan Area were down by 34% from May 2019. A prime consideration for the drop in sales YOY is public concern about COVID-19.
We will continue to keep you updated on how current health and economic concerns are impacting home sales in Arizona.
Are you interested in selling your home? Do you want to know a little bit more about the selling process in Arizona? Contact us today for a FREE SELLER GUIDEBOOK.