Real Estate Market Activity in Scottsdale and Phoenix DEC 2021 JAN 2022- PARADISE VALLEY AZ IS UP 27% and SCOTTSDALE
IS UP 27.2% !!!
SPECIAL FEATURE SEE - LATEST NOTES ON - "HAVE WE REACHED THE TOP OF THE MARKET"- SEE BELOW
Here are the basics - the ARMLS (Realtor Data and Statistics site) numbers for DEC 2021 compared with DEC, 2020 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 for up to minute
- Active listings- JUST AT 4,500 - (HOMES OVER 1,500SF) DEC 2021 Within Phoenix Metro in all prices -in a land area of over 515 Square Miles
- Under Contract Listings (including Pending, CCBS & UCB): Call for up to minute
- Monthly Sales: Call for up to minute - However inventory on 400,000 to 800,000 creeping up with inventory for homes at 1.5 and above
continuing to be low.
- Highest Gainer this Month - ANTHEM Arizona up 31.9% over last year
- Monthly Median Sales Price: Call for up to minute
Is there any sign of the upward surge in pricing losing pace. Not at this time.
Supply has been heading lower again, though not quite at the speed it did this time last year.
There is little support in the data for the popular theory that the market is cooling and heading back to normal. The normal balanced reading for the CMI is 100 and we are currently at 382.5 and heading northeast.
House price appreciation is a very long way from normal, with the monthly average $/SF up 26% from this time last year. Yes this is down from the freakish 40% we saw on May 25, but the pressure on prices is still upward.
If we are to see the market return to normal at some point, a reduction in demand is not sufficient. We would need to see a huge rise in supply too.
Once again, we have 14 cities where the market moved in favor of sellers over the last month and only 3 where the market moved in favor of buyers. The average change over the past month was +7.2%, having been +6.2% last week.
As expected, the trend continues to strengthen in favor of sellers although not as quickly as it moved this time last year.
The lower end of the market (e.g. Avondale, Buckeye, Maricopa) is still looking strong, but not as strong as the mid-range (e.g. Chandler, Gilbert, Mesa, Goodyear). The higher end (e.g. Scottsdale, Fountain Hills, Cave Creek), is extremely strong, although Paradise Valley (one of my selects as best buy cities in Arizona) is seeing falling demand over the past month as supply falls.
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.