The Ahwatukee market remained strong in April despite the reports of a downward trend in the national real estate market due to the impact of the Corona Virus.
The number of units closed is up and the average price took a surprising leap in April.
Ahwatukee property sales in April stayed strong with 122 closed listings at an average sale price of $417,095, This comes on the heels of the $422,623, recorded in March.
The average sale prices recorded in March and April are outpacing the average property value of $374,840 that we saw in 2019. The sales that closed in April probably went under contract in February and March.
Despite the economic disruption caused by the pandemics, the April sales figures are surprisingly robust. The 122 properties that closed escrow in April are down from the 160 properties that went under contract in March, but the April number more closely mimics our usual monthly average number of sales.
I would call the 122 closed listings recorded in April normal for our market.
There are 86 pending sales as of May 1. There were 94 pending sales when we did our market analysis last month and we predicted that, with reasonable market activity, the 94 pending sales would appear to predict at least 120 to 130 closed sales in Ahwatukee.
Based on the April results, the current 86 pending sales, with reasonable market activity, should result in at least 120 to 130 closed sales in the Ahwatukee market in May.
The average days on market for an Ahwatukee-Foothills closed listing in April was 41 days – down from the average 51 days in March and 67 in February.
The listing inventory had been hovering around 130 units for the past several months. The active listing inventory increased noticeably to 160 units on April 1 and the May 1 inventory has climbed to 181 units. The 181 units currently active is a month-and-a-half supply, which indicates we are still in a very strong seller’s market.
We are a long way from a balanced market, when there is a six-month inventory of active listings.
On April 1, we noted that 22 of the active listings were seven-figure properties, a disproportionately high number for Ahwatukee.
This month the number remains at 22.
Despite the surprising and positive good news about the Ahwatukee market, it is important to note that it is not business as usual.
We are still listing properties and we are experiencing surprising and serious buyer activity and showings as our listings come on the market.
Properties are selling faster than anticipated. Prices are up. However, it is extremely important for agents, sellers and buyers to be vigilant and employ caution in pursuit of their real estate endeavors.
It is critical for buyers, sellers and agents to respect and follow the guidelines for social distancing. The use of a mask is becoming more the norm. The use of hand sanitizers and efforts to sanitize light switches and doorknobs and even lockboxes and keys are increasingly important.
We encourage our buyers to drive in their own vehicles while we drive in our vehicle to protect from any contagion. We are encouraging sellers to leave the property for showings and to turn on all of the lights so buyers and agents don’t have to touch light switches in the property.
We encourage the buyers to enter the property ahead of us and we follow at least six feet behind and are encouraging sellers to sanitize light switches and doorknobs on their return.
It is still a great time to buy or sell a property in the Ahwatukee-Foothills real estate market. More importantly, it is possible to conduct a real estate transaction safely, even in the midst of the pandemic, if everyone involved conducts themselves prudently and follows established guidelines to protect themselves and others.
Ahwatukee resident and Realtor Allen Henderson of Henderson Real Estate can be reached at 480-392-2090 or email@example.com.