If you need assistance, please call 602-410-0827

March 30, 2022 Market Update

Wednesday, March 30, 2022   /   by Bryan Baylon

March 30, 2022 Market Update

The Cromford® Public charts covering single-family and multi-family permits have been updated to include February unit counts.

The multi-family unit count for February was a relatively modest 1,039 for Maricopa and Pinal counties. This is the lowest count since August, but these monthly counts are pretty volatile and it would be foolish to draw too much of a conclusion from a single month of data. The annual rate of 16,187 remains very high - the third highest we have recorded, exceeded only by December 2021 and January 2022.

Multi-family permits are some 60% higher than the long-term typical count of 10,000 per year.

Single-family permits for Maricopa and Pinal counties totaled 3,155 in February. This is the highest total since April 2021. However, it is not higher than the long-term typical rate since 1996. We saw a collapse in permit counts in 2008 which recovered very slowly. The lull lasted until 2020. But typical monthly rates between 1996 and 2007 were around 3,000 and they have resumed at that level since 2020.

The overall picture is that multi-family permits are well above normal while single-family permits are at a normal level..

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
602-410-0827

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. March 1, 2024
This site powered by CINC: www.cincpro.com