Scottsdale Market Trends
Maricopa County Market Trends
For more information on current market trends in Phoenix and Scottsdale contact Carmen Brodeur at Carmen@TopScottsdaleHomes.com, or check out recent articles below.
Median Listing Price for Metro Phoenix Homes Tops $500,000 for 1st Time
AZ Business Magazine, April 6, 2022
The median listing price for a home in Metro Phoenix topped $500,000 for the first time, nearly $100,000 more than the national average for home prices.
Nationally, home prices hit $405,000 for the first time ever in March, but data reveals there is some hope on the horizon for pandemic-era buyers. With demand beginning to moderate as some home shoppers are priced out of the market and new construction at near 16-year highs, inventory is expected to hit positive territory year-over-year this summer, according to the Realtor.com Monthly Housing Trends Report released today.
Experts Predict at Least Two More Years Before Housing Inventory Climbs to Pre-Pandemic Levels
By Jeff Tucker, Zillow, March 24, 2022
The housing market is expected to return to pre-pandemic, 2019 norms — at least in terms of inventory and the share of purchases made by first-time homebuyers — by 2024, according to a panel of housing market experts polled in the latest Zillow® Home Price Expectations Survey,
The dwindling supply of homes for sale has been a proximate cause of the recent explosion in U.S. home values, which have risen by 32% in the past two years. Total inventory has fallen from a monthly average of 1.6 million units in 2018 and 2019 to just over 1 million in 2021, and monthly figures in 2022 are lower still.
Metro Phoenix Leads U.S. with 28.5% Increase in Median Sales Price
AZ Business Magazine, February 25, 2022
January home sales dropped 31.4% from December’s total – a decrease slightly more than the seasonal norm – as inventory shrank for the sixth consecutive month, according to RE/MAX. Year over year, sales were down 5.3% from January 2021. Most relevant to Metro Phoenix residents: The region led the nation with the biggest increase in median sales price for homes.
A December-to-January decline in home sales is typical and expected. In the past five years (2017-2021), the average drop in home sales between the two months was 28.0%.
Phoenix Home Values Jump 30.7% Over Past Year
AZ Business Magazine, February 22, 2022
Homebuyers face another challenging shopping season to navigate, as Zillow’s latest monthly report reveals record-breaking low inventory and unprecedented price growth, including Phoenix, which saw home values skyrocket 30.7% over the past year.
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Please call Carmen Brodeur at (602) 791-0536 with any questions.