(Transcript from video)
Well, I am sure this is going to come as no surprise to you, but the Phoenix real estate market has been quite hot for a while and it’s going to continue that way. I have some numbers later on in the video here from the Cromford report. Anyway, we’re going to get back to the real quick real estate market update for March of 2022.
Hi there, I’m Joe Janus with Home Smart here in Phoenix, Arizona. It’s certainly been a wild ride the past many months, multiple offers, waving appraisals, waving inspections, tens of thousands of dollars over a list price, all kinds of creative terms and conditions. It’s been crazy. And like I said, it’s going to continue that way for quite a while here. At least that’s what the Cromford® Report is talking about and I’ll get to that in a few moments. And yes, there doesn’t seem to be an end in sight, unless of course, we get a huge influx of supply.
Now, some observers of the market say that a downturn is all, but certain at some point. We never know when. We don’t know when, and there’s no evidence at as of right now to support that. Here are some really quick stats like I was saying, Cromford® Report. It’s a very reliable resource that has looked at the Phoenix real estate market for the past 20 years, and also looks at future projections.
Median sales price last year, $349,000. This year, as of right now, it’s $445,000 and is projected to hit $470,000 by the end of the second quarter. The average price per square foot has gone up 6.2% in the last two months. Now, yes, I’m sure some of these stats are really boring. For all you folks who like stats here are some really good ones. And like I said, 6.2% over the past two months, and it’s likely to continue like that until May of this year.
Keep this in mind unless the supply of MLS homes for sale achieves a range 16,000 to 24,000 listings. Prices will continue to rise before demand drops low enough to stop them, again, courtesy of the Cromford® Report. It’s a great resource. Last but not least, as of today, I checked the multiple listing service. We have only 5,351 homes currently on the market in active or coming soon status.
If you want to talk with me about Metro Phoenix Real Estate feel free to email me at joe@joejanus.com
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