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