LUXRLT THE MARKET 1Q 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 1ST QUARTER 2022
The Phoenix Metropolitan Area continues to lead the nation in year-over-year home price increases according to national and local housing market economists. The Case-Shiller 20-City Home Price Index for February 2022 showed Phoenix led the nation with a 32.9 percent yearover-year increase in home prices leading all cities in 33 months in a row. This level of price growth indicates broad strength in the housing market although inflation and increasing mortgage rates may start to impact home price appreciation. The Cromford Report, which follows housing trends in Maricopa county indicated home prices continue to rise. The average price per square foot rose 8.9% in the 1st Quarter of 2022. Home prices are projected to continue to rise at least through June 2022. The increase is driven by investors and less by "owner-occupier" home buyers. The combination of higher home prices, competition from investors and rising interest rates reduce the purchasing power of valley residents. The Market Update provides a closer look at the 1st Quarter key statistics for Phoenix and neighboring cities in the Valley of the Sun.
2 0 2 2
$1,377,401
T H E
M A R K E T
1 S T
Numer of Homes Sold 2021: 1,695
Q T R
SCOTTSDALE
1,344
Average Sale Price 2021: $1,162,506
$446
Price Per Square Foot 2021: $338
37
Days on Market 2021: 62
2 0 2 2
$4,019,621
T H E
M A R K E T
1 S T
Numer of Homes Sold 2021: 165
Q T R
PARADISE VALLEY
142
Average Sale Price 2021: $2,920,252
$712
Price Per Square Foot 2021: $526
81
Days on Market 2021: 109
2 0 2 2
$1,858,063
T H E
M A R K E T
1 S T
ARCADIA
Numer of Homes Sold 2021: 88
Q T R
81
Average Sale Price 2021: $1,530,336
$591
Price Per Square Foot 2021: $443
42
Days on Market 2021: 60
2 0 2 2
$633,596
T H E
M A R K E T
1 S T
GILBERT
Numer of Homes Sold 2021: 1,001
Q T R
1,077
Average Sale Price 2021: $508,384
$285
Price Per Square Foot 2021: $219
27
Days on Market 2021: 24
2 0 2 2
$572,964
T H E
M A R K E T
1 S T
PHOENIX
Numer of Homes Sold 2021: 4,182
Q T R
3,988
Average Sale Price 2021: $451,435
$332
Price Per Square Foot 2021: $227
31
Days on Market 2021: 33
2 0 2 2
$1,677,784
T H E
M A R K E T
1 S T
CAREFREE
Numer of Homes Sold 2021: 43
Q T R
34
Average Sale Price 2021: $1,121,487
$440
Price Per Square Foot 2021: $330
43
Days on Market 2021: 67
2 0 2 2
$1,012,997
T H E
M A R K E T
1 S T
Numer of Homes Sold 2021: 210
Q T R
CAVE CREEK
171
Average Sale Price 2021: $762,594
$364
Price Per Square Foot 2021: $270
34
Days on Market 2021: 57
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