State of the Market

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State of the Market

Rich Brock

May 21, 2020

Covid-19 has been an overnight game changer for both luxury living and the global economy. The big question going forward is; how we can balance health and the economy? We are all learning to manage our health concerns through social distancing, hand washing, and good common sense. It may take a while for many of us to go back to our normal routines, but over time it will come naturally. So what is the state of the housing market now? The good news is 2020 started out to be one of the best years in history with high demand, historical low inventories, and a robust economy. As we come out of the health crisis, with a market that has slowed significantly, most of the buyers are still out there. Arizona was the hottest real estate market in the U.S. and now may even become stronger, if that’s possible. We have a lot of open space, which is becoming more desirable. The high end luxury market was largely unaffected and will come roaring back. Prices have remained steady. We anticipate a hot summer, both in temperature and sales activity. AZ is hot the spot. This instant recession is the reset that could give us 5 incredible years from this point for Arizona construction. Our sales activity is excellent right now and we are seeing an increase each day. Keep healthy, safe and active and get ready for a great rebound.