The inventory of available homes is starting to rise in the Phoenix metro area while buyer activity points towards a slight cool down in some price points. Rising mortgage interest rates are certainly the culprit combined with increasing inflation and buyer frustration. Many homebuyers have simply been priced out of the market with the introduction of higher mortgage interest rates while others have opted to suspend their home searches indefinitely.
April remained a strong month for Queen Creek and San Tan Valley real estate. In April of 2022, San Tan Valley saw 229 home sales with prices ranging from $275,000 to $1,325,000. Multiple offers were still common with the average sales price being 2.26% above the asking price. The average days on market were 25 with the average sales price at $496,962. As of May 16, there are currently 172 homes for sale compared to 94 at this same time just one month ago.
Queen Creek saw a total of 180 homes sold with prices ranging from $325,000 to $1,950,000. The average closing price was 2.3% above the listing price with the average days on market sitting right at 28. As of May 16, there are 212 homes for sale compared to 137 available homes at this time last month.
The next couple of months will be very telling as to what direction the housing market will take. If inventory continues to increase with waning buyer interest we will likely begin to see some downward pressure on home prices.
Queen Creek resident Desiree' Cosby is a real estate agent with Berkshire Hathaway Homeservices Arizona Properties.
