Peoria Times
14 BUSINESS
January 27, 2022
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Home prices increase as inventory remains low BY LISA R. BAKER
Peoria Times Contributing Writer
The average number of days a listing spent on the market in Maricopa County increased from 31.5 days in November to 33.1 days in December. According to The Cromford Report, 42% of sales closed in Maricopa County in December sold for over the listing price, down from 46% of November sales. The closing price per square foot continues to increase, from $274.62 in November to $281.02 in December. In December, 364 MLS listing sales closed in Glendale and 347 in Peoria. There are 182 active and available listings — not counting properties already
under contract or pending close of escrow — in MLS in Glendale and 168 active listings in Peoria. That is 50% of one month’s inventory in Glendale, up from 49.2% last month, and 48.4% of one month’s inventory in Peoria, down from 60%. Maricopa County inventory today is 51.4% of December’s closed sales, down from 64.9% of November’s closed sales. According to ShowingTime, the platform Realtors use to schedule most of the MLS showings, Peoria listings in the $200,000 to $399,999 range had an average of 13.2 showings per listing, down from 14.7 in November. The average number of showings per
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listing in Glendale in the $200,000 to $399,999 range remained at 12.8. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher. According to Freddie Mac, as of Jan. 13, national mortgage rates reported U.S. weekly averages of 3.45% for a 30-year fixed, 2.62% for a 15-year fixed, and 2.57% for a five-year ARM. According to MLS statistics, 77% of Maricopa County buyers financed their home purchase in December, while the rest paid cash. Buyers using a conventional mortgage to buy a three-bedroom detached house with two bathrooms paid a minimum of $210,000 in Maricopa County — $305,000 in Glendale and $330,000 in Peoria. Conventional financing made up 77% of December’s financed sales. In December, FHA buyers in Maricopa County paid a minimum of $235,000
for a detached home with three bedrooms and two baths. Peoria FHA buyers paid a minimum of $350,000, and Glendale FHA buyers paid $290,000. FHA buyers made up 8% of financed purchases in December. Maricopa County VA buyers making a similar purchase paid a minimum of $229,990 — $435,000 in Peoria and $274,000 in Glendale. Home sales financed with VA loans made up only 6% of December’s financed sales. The remaining financed transactions used other financing methods. For the week ending Dec. 26, 7% of Maricopa County sellers contributed to their buyer’s closing costs — a significant jump from 4% on Nov. 28, and the highest we’ve seen since February 2021. At the other end of the market, the highest-priced home sale in Maricopa County last month sold in Paradise Valley for $10.75 million. Peoria and Glendale saw their highest-priced home sales last month at $1.1 million. If your finances finished the year low, know you are not alone. Homeowners, tenants and landlords should contact the Department of Housing and Urban Development’s housing counseling program at 1-800-569-4287 or visit consumerfinance.gov/housing for assistance. PT Lisa R. Baker is a Realtor and a community volunteer in Glendale. You can reach her at me@LisaRBaker.com
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