The Market: Housing Market Mid Year Update

LUXRLT THE MARKET MID YEAR 2022 Housing Market Update for Phoenix and neighboring communities including Scottsdale, Paradise Valley, Arcadia and Gilbert.

M I C H E L L E S A R O C K A . C O M

THE MARKET MID YEAR 2022

After leading the nation in year over year home price growth for three years, the Phoenix Metropolitan Area fell to third place behind Miami and Tampa according to the Case-Shiller 20-City Home Price Index for June 2022.

The index still shows the Phoenix market continued to remained strong with a 31.3 percent year-over-year increase. This level of price growth indicates broad strength in the housing market although it is worth noting the index is a lagging indicator and inflation combined with increasing mortgage rates have clearly started to impact home sales. The supply of homes on the market dramatically increased in June 2022.

The Cromford Report, which follows housing trends in Maricopa county indicated the average sale price per square foot rose 19.2% over last year in the 2nd Quarter. .

However, in June the supply of homes for sale rose 53% signaling weakening demand as mortgage rates rose and some buyers were priced out.

The Market Update provides a closer look at the 2nd Quarter key statistics for Phoenix and neighboring cities in the Valley of the Sun.

2 0 2 2

$1,475,488

T H E

M A R K E T

2 N D

Numer of Homes Sold 2021: 1,881

Q T R

SCOTTSDALE

1,404

Average Sale Price 2021: $1,227,281

$479

Price Per Square Foot 2021: $375

32

Days on Market 2021: 37

2 0 2 2

$4,466,360

T H E

M A R K E T

2 N D

PARADISE VALLEY

Numer of Homes Sold 2021: 195

Q T R

96

Average Sale Price 2021: $3,385,329

$762

Price Per Square Foot 2021: $571

52

Days on Market 2021: 96

2 0 2 2

$2,044,305

T H E

M A R K E T

2 N D

ARCADIA

Numer of Homes Sold 2021: 95

Q T R

82

Average Sale Price 2021: $1,565,888

$648

Price Per Square Foot 2021: $471

34

Days on Market 2021: 36

2 0 2 2

$713,103

T H E

M A R K E T

2 N D

GILBERT

Numer of Homes Sold 2021: 1,342

Q T R

1,075

Average Sale Price 2021: $568,327

$305

Price Per Square Foot 2021: $242

21

Days on Market 2021: 17

2 0 2 2

$616,082

T H E

M A R K E T

2 N D

PHOENIX

Numer of Homes Sold 2021: 4,631

Q T R

3,990

Average Sale Price 2021: $498,229

$315

Price Per Square Foot 2021: $251

25

Days on Market 2021: 24

2 0 2 2

$1,795,962

T H E

M A R K E T

2 N D

CAREFREE

Numer of Homes Sold 2021: 48

Q T R

26

Average Sale Price 2021: $1,308,005

$454

Price Per Square Foot 2021: $340

75

Days on Market 2021: 62

CAVE CREEK 2 0 2 2

$1,081,587

T H E

M A R K E T

2 N D

Numer of Homes Sold 2021: 263

Q T R

187

Average Sale Price 2021: $853,569

$390

Price Per Square Foot 2021: $300

44

Days on Market 2021: 39

MICHELLE SAROCKA Real Estate Sales and Marketing CLHMS™, Million Dollar GUILD™

602.616.4829

michelle.sarocka@theagencyre.com

7001 N. Scottsdale Road, Suite 1040 Scottsdale, AZ 85253

michellesarocka.com

LUXRLT MICHELLESAROCKA.COM