The Arizona Regional Multiple Listing Service (ARMLS) reports (“Stats Report”):
1) Overall sales were at 6,925 in April, down from 8,626 in March, and down from 9,493 in April 2019. Sales were down 19.7% from March 2020 (last month), and down 27.1% from April 2019.
2) Active inventory was at 13,889, down from 17,804 in April 2019. That is down 22% year-over-year.
3) Months of supply increased to 2.59 in April from 2.11 in March. This remains low.
Sales are reported at the close of escrow, so these sales were mostly signed in February and March. Sales for May will be negatively impacted by COVID since few contracts were likely signed in April.