JULY REPORT _ SHOWS a HINT of SLOWING... AND A MORE BALANCED BUYER -SELLER MARKET .. Mark this tab for updates .
Real Estate Market Activity in Scottsdale and Phoenix JULY 2022 VS JULY 2021 PARADISE VALLEY AZ IS UP 33.3% VS 36.4% LAST MONTH and SCOTTSDALE IS UP 27.9 VS 29.2% LAST MONTH - SO SLOWING is starting to show but for those of you who have been waiting for prices to drop since last year.. The market will have to slow approximately 28% to even get to last years prices. Will the current interest rate hikes of 1.75% on jumbo and 2.5% on conventionals accomplish that... I would not bet money on. We shall all see.
SPECIAL FEATURE SEE BELOW - " WE REACHED THE TOP OF THE MARKET and Settling Now"- SEE BELOW
Here are the basics - the ARMLS (Realtor Data and Statistics site) numbers for JULY 2022 compared with JULY, 2021 for all areas & types: Please call me.. Love to talk to you for any specific home pricing updates or to inquire about any community or home of interest.
BELOW IS THE CHART FOR RECORD SETTING Per Square Foot Sale Price Numbers.
- Pending Listings: - Call me for up to minute
- Active listings- For JULY are UP OVER 900 per week! in an area of over 515 Square Miles.
- Under Contract Listings (including Pending, CCBS & UCB): Call for up to minute
- Monthly Sales: Are DOWN.. Call for up to minute -
- Highest Looser this Month - As I share in all with all my clients, The outlining areas where inventory is way up and demand down the most.
- Monthly Median Sales Price: Call for up to minute
Latest news is, there are now between 900 and 1000 more active listing every week. If the trend continues- at this amplified rate we could reach market balance (meaning inventory /demand) as soon as guessed - mid-August.
If we compare today (July 19th) with 3 months ago (May 19), we can see that:
Active listings across all areas and types have grown over 150% to 16,384
Active single-family detached listings have grown the most -
Active Greater Phoenix listings are up and out-of-area listings are up
Inventory of homes priced between $400,000 and $1 million are up over 190%
Due to the increased competition among sellers we are seeing a large jump in the number of list price reductions. Sellers' less lofty ambitions are also reflected in the average price per sq. ft. for active listings which has retreated from a peak of $364 in late April.
In 2005 it took a long time for people to realize that prices would not necessarily go up forever and despite a rapidly deteriorating market, it was not until mid 2006 that sale prices started to fall. The deterioration in 2022 is moving a brisker pace than in 2005 , I think now because more sellers are primed to believe that price declines are likely, if not inevitable.
Please call for details.. This is Changing daily !!
Again please enjoy the graphs and market report and please call me for additional information. Noting again.
Call Michael Chaisson Realtor RL Sotheby's International Realty Specializing in luxury homes in Scottsdale, Paradise Valley and the greater Phoenix area. 480-450-4632
Entire report updated every 35 days.