A June bloom in home closings is signaling good things to come for Phoenix’s housing market.
According to the Cromford Report, the month of June had the highest number of closed listings in the Valley since May 2013.
“This usually is a good sign that we’re going to have a great year when June is a peak month,” Michael Orr, creator of the Cromford Report, said.
The high number of closings in June defies the perception that summer months in Phoenix are typically slow for real estate.
Donna Belgram, managing broker for Berkshire Hathaway Home Services Arizona Properties, believes Phoenix summers, like the rising temperatures in the Valley, present red-hot opportunities for real estate agents and their clients alike.
“Quite frankly, homes sell all year long,” she told KTAR’s That Real Estate Show. “It all depends on buyer and seller motivation.
“From a real estate point of view, I think we have less competition this time of year because so many people take vacations. Now is the time to gain market share and talk to as many people as you can because people still have to move.”
Belgram also noted while Phoenix attracts a lot of visitors in the late fall and spring, those same visitors usually hold off from buying homes during those seasons only to return in the summer hoping to land better deals.
While June is touted as being the most popular month for home sales in the Valley, Orr, who is also the director of the Real Estate Center at Arizona State University, said sales in March, April and May showed strong forecasts for the rest of the year.
“If it isn’t one of those four months, it’s definitely a sign that we’re having a very strange year — a year like 2007,” he said.
That year’s signs preceded the Phoenix housing crash.
Orr said the month of June has an advantage for having 22 working days in the month to achieve strong sales numbers.
Overall, Orr maintains that demand for housing remains normal in the Phoenix area, although overall supply continues to dwindle.
You can hear Michael Orr and Donna Belgram weekly with Realtor and host Diane Brennan on That Real Estate Show. The show airs Sundays at 8 a.m. on KTAR News 92.3 FM.