M I C H E L L E S A R O C K A . C O M LUXRLT THE MARKET 3 QTR 2022 Housing Market Update for Phoenix and neighboring communities including Scottsdale, Paradise Valley, Arcadia and Gilbert.
THE MARKET
3RD QTR REPORT 2022
Sales of existing homes declined in the 3rd quarter as the housing market continues to undergo an adjustment due to rising interest rates according to national and local housing market economists. Home sale prices, however, increased from one year ago.
The latest Case Shiller 20 City Home Price Index, a leading measure of home prices, reflected the weakening housing market in the third quarter. Despite the ongoing deceleration, home prices in the Phoenix Metropolitan Area remain well above levels a year ago and ranked 7th in the nation in yearover-year home price growth with a 17.1% annual gain in August.
The Cromford Report, which follows housing trends in Maricopa county indicated prices in the Greater Phoenix Metropolitan area reached a peak this year in May. Once mortgage rates reached 6%, buyer demand decreased dramatically sending home prices downward. However, even with the recent downward trend, homes prices per square foot have appreciated 40.3% with the median sale price $112,000 higher in September 2022 versus 2 years ago indicating most home owners have enough equity to sell in the current market.
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The Market Update provides a closer look at the 3rd Quarter key statistics for Phoenix and neighboring cities.
S C O T T S D A L E 884 Numer of Homes Sold $1,336,600 Average Sale Price 2021: $1,127,456 Days on Market 47 T H E M A R K E T 3 R D Q T R 2 0 2 2 $448 2021: 1481 Price Per Square Foot 2021: $378 2021: 37
P A R A D I S E V A L L E Y 55 Numer of Homes Sold $3,707,080 Average Sale Price 2021: $3,128,486 Days on Market 77 T H E M A R K E T 3 R D Q T R 2 0 2 2 $688 2021: 93 Price Per Square Foot 2021: $580 2021: 89
A R C A D I A 45 Numer of Homes Sold $1,949,056 Average Sale Price 2021: $1,800,447 Days on Market 38 T H E M A R K E T 3 R D Q T R 2 0 2 2 $586 2021: 81 Price Per Square Foot 2021: $527 2021: 51
G I L B E R T 806 Numer of Homes Sold $686,974 Average Sale Price 2021: $586,005 Days on Market 39 T H E M A R K E T 3 R D Q T R 2 0 2 2 $293 2021: 1,301 Price Per Square Foot 2021: $257 2021: 21
P H O E N I X 2,981 Numer of Homes Sold $557,065 Average Sale Price 2021: $506,222 Days on Market 38 T H E M A R K E T 3 R D Q T R 2 0 2 2 $298 2021: 4,500 Price Per Square Foot 2021: $263 2021: 25
C A R E F R E E 17 Numer of Homes Sold $1,675,529 Average Sale Price 2021: $1.339.066 Days on Market 77 T H E M A R K E T 3 R D Q T R 2 0 2 2 $452 2021: 31 Price Per Square Foot 2021: $360 2021: 61
C A V E C R E E K 144 Numer of Homes Sold $962,595 Average Sale Price 2021: $827,237 Days on Market 55 T H E M A R K E T 3 R D Q T R 2 0 2 2 $361 2021: 214 Price Per Square Foot 2021: $308 2021: 39
KIND WORDS
Wow! What an amazing experience! In the craziest, most competitive market in early 2022, Michelle was able to get us into contract in Paradise Valley. She is a tough negotiator, smart, knowledgeable and relentless in her followup. I would recommend her for both buyers and sellers because her talents will do well in either side of any real estate transactions.
- M. Tsai
Michelle went over and beyond any expectations we had from a realtor. She is a top notch realtor, very thorough and meticulous in knowing about the details. She held open houses and was instrumental in selling the house quickly. She is the best realtor you can get in this area. P. Sharma
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