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How Rates are Impacting the Market – April Market Snapshot

May 12, 2022 by svalada Leave a Comment

How are interest rates impacting the market? Probably the #1 question I am getting right now.

 
We did see a bit of a shift for Maricopa County as a whole in the month of April. In fact, for the first time in what feels like forever, we had an overall decrease in average sale price, dropping by $45,000 with a 67% increase in inventory.
 
That being said, DON’T PANIC! It is important to note that this was for one month and for the entire Maricopa County which includes a lot of different areas, price points, and types of homes.  While a 67% increase in inventory sounds like a lot.  In reality, all that did was bump us up to a 1.67 month supply of homes.  We would need to see it jump to a 6-month supply to get us back to a balanced market.
 
If you look at some of the specific SE Valley areas and neighborhoods, you will notice all still showed a year-over-year increase and most had a month-over-month increase as well.
 
Per your request, I will now add month-over-month statistics into these monthly snapshots. I do caution putting too much emphasis on one month or one city/neighborhood with a month-over-month decrease. Most neighborhoods have quite the range of size and level of homes, so if the smaller homes sold one month vs the previous month which had a lot of larger or higher-end homes, that will drastically tweak the numbers.
 
It is more important to watch trends over time, not just focus on one particular month or one particular neighborhood.

 

 

Gilbert
Queen Creek
San Tan Valley
Chandler
Gold Canyon
Bridges at Gilbert
Power Ranch
Sossaman Estates
Cortina
Encanterra

Filed Under: Buyers, Market Updates, Real Estate News, Sellers

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(480) 326-3064|Contact Stacey| Rome Towers Penthouse 1760 E. Pecos Rd, Ste 501 Gilbert, AZ 85295
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