Sunday, April 10, 2022 / by Bryan Baylon
March had 23 working days, whereas February only had 19. This means the sale count needed to increase by 21.1% just to stand still. In Maricopa County, closed homes grew by 25.4% so they did better than standing still. However this does not compare favorably with the 28.8% growth we saw between February and March 2021.
The main geographic area that under-performed was the Central and North Valley which only gave us 20% growth. The Northeast grew 25.9% while the West grew 27.4% and the Southeast grew 28.1%.
The only area to see sales grow year over year was the West Valley which was up 0.7%
The Northeast Valley under-performed compared to March 2021 with sales down 20.2%.
The change in the mix in favor of the west and against the northeast led to a significant decline in the average home size compared to a year ago. It also lowered the average and median price measurements, but they were up so dramatically anyway that almost nobody could notice this effect.
Market incites provided by the Cromford report.