What a difference 30 days makes! The market in the Phoenix metro area has rapidly adjusted from a “frenzied” sellers market to a calmer sellers market. Most homes are no longer selling in a couple of days with multiple offers. This is a refreshing moment if you’ve been attempting to buy a home over the last several months, and a reality check for some home sellers out there.
May 2022 still showed some good sales activity for Queen Creek. There were a total of 170 homes sold with prices ranging from $205,000 up to $2,417,800. The average sales price was $687,746. Multiple offers were still present in some instances, and the sales price on average was 2.04% above the listing price with average days on market of 26. As of June 16, there are currently 366 homes on the market in Queen Creek compared to 212 available homes this time last month.
San Tan Valley saw a total of 226 homes sold, with prices ranging from $275,000 up to $1,183,500. The average sales price was $482,748 and days on market were 26. Final sales prices were, on average, 1.61% above the list price. There are currently 280 homes in the market in San Tan Valley compared to 172 this same time last month.
Rapidly increasing mortgage interest rates are sure to have an effect on housing prices down the road. These increased mortgage rates combined with increased available homes on the market will eventually begin to have downward pressure on pricing.
Something to consider; if you are planning to sell your home soon, pricing your home to reflect current market trends will be key. The times of listing your home well above comparable home sales prices are over, at least for the short term. Buyers are enjoying the flexibility of having some options, and are no longer willing to jump through many of the hoops that have been recently expected of them.
Queen Creek resident Desiree' Cosby is a real estate agent with Berkshire Hathaway Homeservices Arizona Properties.