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June 12, 2022 Market Update

Sunday, June 12, 2022   /   by Bryan Baylon

June 12, 2022 Market Update

New home inventory is growing even faster than re-sale inventory, at least in percentage terms. Comparing June 12 with March 12, 2022

  • Active listings with date built 2023 are up 222% to 103 - these are homes that will not be available to close until next year and many of them are very expensive. More than 57% of them are priced over $1 million and 5 are over $10 million
  • Active listings with date built 2022 are up 213% to 1,147 - these new builds are either spec homes or build to order (BTO) with delivery by the end of the year
  • Active listings with date built 2021 are up 36% to 242 - new homes that have already been completed last year or are being flipped very early in their life
  • Active listings with date built prior to 2021 are up 128% to 9,985 - not new, but re-sales

Developers are clearly using the MLS more than they did 3 months ago.

New home listings are piling up on the MLS inventory faster than re-sales, but re-sales are still growing very fast even without the new homes.

In percentage terms, homes built in 2021 or later represent 13% of ARMLS listings on June 12, up from 11.6% on March 12.

We expect to see buyer-broker commissions on new homes get more generous as time goes by.

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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