Fitzgerald Luxury Group June Market Summary
- Active Listings: 23,281 versus 25,941 last year – down 10.3%
- Monthly Sales: 9,805 versus 8,750 last year – up 11.9
- Monthly Average Sales Price per Sq. Ft.: $150.53 versus $142.29 last year – up 5.8%
- Supply is still significantly lower than last year
Demand, though strong, is losing a little steam. Although buyers should not get too excited, because we are still in a market where demand exceeds supply favoring the seller and any change in the balance is quite small. So generally, it’s a hot market right now because the supply isn’t keeping up with demand.
There are a few changes going on the market nevertheless:
- townhouse / condo homes are gaining market share over single-family detached homes
- new homes are gaining market share over re-sales
- supply is dropping faster in Pinal County than Maricopa County
- sales volume is picking up in several of the more expensive areas
- sales volume is dropping in the lowest price ranges, mainly due to the lack of available supply
The caveat is that this is a broad brush. The average price of just under $300K in the Valley is hot, but get much over $1M and things go in reverse – more supply than demand, but still relatively healthy and well…stable. Prices continue to climb well in excess of inflation except in a few isolated areas among the more expensive parts of the valley. At the moment, there is little sign of change but there really is no guarantee we won’t see something unexpected during June. We scan the numbers daily looking for anomalies or changes in existing trends. – Sourced from The Cromford Report
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