Well, that's a wrap on the frenzied seller's market in the Phoenix metro area; at least for the short term. Inventory has been rapidly climbing from 4,300 available homes in April to just over 17,000 homes today. Rising interest rates and softening buyer demand is propelling us towards more of a balanced market, which is giving buyers more options.
The Queen Creek and San Tan Valley markets have been no exception as inventory has increased with the rest of the Valley.
In June of 2022 there were 185 homes sold in Queen Creek compared to 216 homes sold in June of 2021. Pricing for June 2022 sales ranged from $281,000 to $1,650,000. Average days on market have increased to 34 days compared to 23 days for June last year. The average Queen Creek sales price in June of 2022 was still positive at $748,535 compared to $560,123 in June of 2021. However, price decreases for active listings are becoming more common.
San Tan Valley saw a total of 211 homes sold compared to the 230 homes sold in June of 2021. Prices ranged from $425,000 to $1,320,000 with an average sales price of $488,299. This is up from the average in June 2021 of $408,983. Days on market were 22 compared to 19 last year.
As the year progresses I anticipate we will continue toward a balanced market. Buyers will have more homes to choose from and will be able to take more time when making purchasing decisions. Sellers will begin to adjust their expectations regarding pricing and time on the market.
Queen Creek resident Desiree' Cosby is a real estate agent with Berkshire Hathaway Homeservices Arizona Properties.
