Lack of Valley inventory big catalyst for new home sales in 2020, Belfiore says

Jim Belfiore, founder of Belfiore Real Estate Consulting, presents a market update for homebuilders on Jan. 9. / Angela Gonzales / Phoenix Business Journal

By Angela Gonzales | Phoenix Business Journal

Jim Belfiore suggests that homebuilders should cancel their vacation plans.

In his 2020 market update, the founder of Phoenix-based Belfiore Real Estate Consulting said he expects a busy season for new home sales, especially because existing home market inventory is so low.

Metro Phoenix has 15,301 total listings, which equates to a 2.1 month supply. That’s down from 3.3 months supply a year ago and 2.9 months supply two years ago, he said, citing the Cromford Report.

“Sales are going to skyrocket, as long as mortgage rates don’t go up,” he told homebuilders at his presentation on Jan. 9. “It’s going to be a busy spring. Don’t go on vacation.”

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