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November 1, 2022 Market Update

Tuesday, November 1, 2022   /   by Bryan Baylon

November 1, 2022 Market Update

There has been a large shift in the intended purpose for homes purchased expressed on the Affidavits of Value filed in Maricopa and Pinal Counties.

This data is analyzed in the chart IU11 which is available in the Cromford® Public section of the site, an optional upgrade for existing Cromford® Report subscribers. I will summarize what can be deduced from chart IU11.

Between 2Q and 3Q of 2022, the change in intended use was as follows:

  • The percentage of homes purchased for investment fell from 20.9% to 18.0%, a fall of almost 14%
  • The percentage of homes purchased as second homes fell from 11.1% to 7.7% a reduction of over 30%.
  • The percentage of homes purchased by iBuyers for resale feel from 5.7% to 3.8%, a decline of 33%
  • The percentage of homes purchased as primary residences grew from 62.0% to 70.2%, an increase of 13%

Chart IU11 has filters for property type, transaction type, county, city, ZIP code, price range and for 55+ communities. This allows us to deduce that

  • More homes are purchased as primary residences in Pinal County (73.3%) than Maricopa County (69.9%)
  • New builds are overwhelmingly purchased as primary residences (85.4%), though the percentage purchased as investments has grown from 9.3% in 2Q to 10.4% in 3Q.
  • Normal sales that are conducted outside the MLS are dominated by investors (31.8%) and iBuyers (26.8%).

Market insights 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

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