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April 5, 2022 Market Update

Tuesday, April 5, 2022   /   by Bryan Baylon

April 5, 2022 Market Update

The affidavit of value data from Maricopa County has been compiled for March (though not fully validated) and shows us this:

  • There were 11,382 closed sales recorded during March 2022, down 5% from March 2021
  • There were 1,558 new homes closed, down 11% compared to March 2021
  • There were 9,824 re-sale closings, down 4% from March 2021
  • The median sales price was $470,000, up 29% from $365,000 in March 2021
  • The new home median sales price was $497,027, up 27% from $391,640 in March 2021
  • The re-sale median home price was $465,000, up 29% from $360,000 in March 2021

Supply chain issues are still preventing homebuilders from closing as many homes as they wish and work-in-progress remains very high. New home prices are still rising more slowly than re-sale prices, but the gap has narrowed considerably over the last six months. The new home median has jumped over 20% in the last half-year, while the re-sale median is up "only" 12%.

The above numbers include single-family and condo/townhouse properties. Many affidavits were missing because Zillow is still claiming an invalid B7 exemption from filing affidavits for homes sold in bulk to investors. Exemption B7 would only apply if the investors were subsidiaries of Zillow and the homes were sold for no or negligible consideration. Opendoor is also lowering the quality of affidavit data by recording many of its sales as cash transactions when they were manifestly financed. The quality of title work done for these 2 iBuyers sometimes leaves a lot to be desired. This limits the accuracy we can achieve in compiling sales statistics, especially regarding sales prices and finance types. We try to get this data corrected, but it takes extra time and means the initial readings are less accurate than we would like.

Market incites provided by the Cromford report.
Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

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