Saturday, July 16, 2022 / by Bryan Baylon
The average list price per square foot for active listings in Greater Phoenix (excluding UCB and CCBS) is $339.56 today
At the same time last year we measured $340.15
This year-over-year decline in the average asking price is mostly caused by the huge growth in the number of mid-range listings. High-end listings have grown by a far smaller percentage. The change in the mix tends to pull the average $/SF lower.
If we confine our analysis to homes priced between $500,000 and $1 million, then the asking price has increased from $266.26 to $286.41 over the last 12 months. The average for this price range peaked $293.08 seven weeks ago and is now trending lower.
But before we draw any big conclusions from that, it also peaked 6 weeks ago in 2021 and trended lower for 3 months before starting to rise again.
Market incites provided by the Cromford report.