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March 4, 2022 Market Update

Friday, March 4, 2022   /   by Bryan Baylon

March 4, 2022 Market Update

The data from Maricopa County affidavits of value is now available for February, although bulk sales by Zillow are almost completely excluded because of their decision to claim an inappropriate exemption from filing affidavits. So far there does not seem to be any government (county assessor or recorder) effort to challenge that spurious claim. This means our records are much less complete than normal, so this should be borne in mind when reading further.

  • There were 9,073 closed units during February, down 3% from February 2021
  • New build closings numbered 1,269, down 14% from February 2021 - the new home market is closing fewer units than 2020 or 2021, but dollar volume is higher
  • Re-sale closings were 7,804, down 1% from February 2021 - it would have shown growth if Zillow bulk sales had been possible to include
  • The overall median sales price was $455,000, up 27% from $359,100 in February 2021 - it is up 5% in 2 months.
  • The new home median was $477,741 - up 26% over the past 12 months and up 7% in the last 2 months
  • The re-sale median was $450,000, up 28% over February 2021

The new home unit counts are disappointing those who would like to see more supply, but there continue to be a lot of home construction that is held up because of material shortages or limited access to skilled labor. There is also a shift in favor of Pinal County which is not included in these number because data from Pinal comes to us more slowly than Maricopa.

Increases in new home prices were lagging behind re-sales for much of 2021 but have been catching up in 2022.

All the figures above relate to single-family and townhouse/condo properties combined.

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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