We’ve officially transitioned from a seller’s market to a balanced housing market in Queen Creek and San Tan Valley. The inventory of homes for sale has risen dramatically over the last several weeks while buyer demand has waned. Price reductions have become more common while they were nearly non-existent only 90 days ago.
The number of homes sold in Queen Creek in July of 2022 decreased compared to 2021; there were 141 homes sold in July 2022 while 187 homes sold in July of 2021. The average sales price held strong at $728.602 in Queen Creek for July 2022, which was up from $598,972 in July of 2021. Year over year comparison of average days on market shows an increase from 22 days last year to 36 days. July of 2022 also saw homes selling at 99.39% of their listing price compared to the 103.31% we saw in July of last year.
San Tan Valley has shown more dramatic changes with 131 homes sold in July 2022 compared to the 218 homes sold in July 2021. The average sales price this year is $488,403, while last year saw an average sales price of $408,607. The average days on market are up to 29 versus the 19 days we saw at this time last year. Homes in July of 2022 sold at 98.7% of list price compared to an average of 103.4% in July of 2021.
With increased inventory and greater potential for price negotiations, the balanced market has given buyers some breathing room for making their new housing decisions. Inventory is trending up with new construction as well. New communities that were holding lotteries to allocate lots are now carrying completed spec homes for sale. As a result, buyers have gained some flexibility with new home builders. Sellers are currently fortunate that pricing remains above last year and still have an opportunity to capture some of the equity they gained over the last few years.
Queen Creek resident Desiree' Cosby is a real estate agent with Berkshire Hathaway Homeservices Arizona Properties.
