This past was the slowest in Corte Bella in recent memory. There were no new listings, only one accepted offer, and only one closing. A stunning contrast to the past 18-24 months. County-wide, we see much the same.
With so many new sellers and so few buyers, prices are looking wobblier by the day and most price readings look ready to drop during July. Most monthly median sales prices are below their recent peak. For example, on July 7:
· Avondale is down from $460,000 to $450,000
· Buckeye is down from $451,040 to $445,500
· Chandler is down from $630,000 to $577,450
· Gilbert is down from $635,000 to $623,950
· Goodyear is down from $554,700 to $520,800
· Maricopa is down from $415,000 to $410,000
· Mesa is down from $520,000 to $500,000
· Peoria is down from $570,000 to $550,000
· Phoenix is down from $500,000 to $480,000
· Queen Creek is down from $515,000 to $510,000
· Scottsdale is down from $1,115,000 to $1,100,000
· Surprise is down from $494,495 to $490,000
· Tempe is down from $585,000 to $555,000
Unless trends change sharply from their current trajectory, we are likely to see further weakness in median sales prices over the next several months. I do not see a crash in the market based on the data available today. However, prices will moderate some and possibly end up at year-end to be in the same ballpark as those we saw at the beginning of the year. This is just one of many plausible outcomes that would have looked nearly impossible to imagine as recently as March when almost every seller had multiple buyers to choose from.
Below is the tale of the tape for the first week of July:
ACTIVE LISTINGS AS OF 07/10/22:
· 22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner Lot - $429,000*
· 22516 N San Ramon Dr., Quinta Model, 1,283/sf., 2/2, Golf Lot - $459,999*
· 13105 W Junipero Dr. Arcada Model, 1,684/sf., 2/2 - $489,900*
· 13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000*
· 22713 N Pico Dr., Arcada Model, 1,636/sf., 2/2, Remodeled - $549,000***
· 13432 W Los Bancos Dr., Encanto Model, 2,095/sf/. 2/2, - $599,000*
· 12959 W. Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $600,000
· 12839 La Vina Dr., Encanto Model, 2,095/sf., 3/2 - $625,000
· 13544 W Figueroa Dr., Encanto Model, 2,095/sf., 2/2, MBR Remodel - $629,500*
· 22823 N Las Gatos Dr., Encanto Model, 2,095/sf., 3/2 - $675,000
· 12847 W Panchita Dr., Alameda Model, 2,726/sf., 3/2.5, Nicely updated - $749,000
· 13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5,3 car garage - $795,000***
· 12832 W Rincon Ct., Cambria Model, 2,470/sf., 2/2, Pool – $799,900***
· 13307 W Rincon Dr., Figueroa Model, 2,784/sf., 2/2.5, Golf Course, Pool - $897,000
* New listing this week
** Temporarily off market
*** Price reduction
COMING SOON
· None.
UNDER CONTACT ACCEPTING BACKUPS:
· 13354 W Junipero Dr., San Marco Model, 1,904/sf., 3/2, Oversized lot, Pool - $623,500
UNDER CONTRACT CONTINGENT ON BUYER SALE:
· 13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
· 23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950*
PENDING LISTINGS:
· 12930 W Micheltorena Dr., Arcada Model, 1,612/sf., 2/2, Recent remodel - $550,000
· 23325 N De La Guerra Dr., San Marco Model, 1,904/sf., 2/2, Private lot, Pool - $623,500
· 22516 N Padaro Dr., San Marco Model, 1,904/sf., 2/2, 2.5 car garage, Pool - $625,000
· 23227 N Cardenas Dr., Mirada Model, 2,840/sf., 3/3.5, Casita - $739,000
· 13232 W Los Bancos Dr., Figueroa Model, 2,784/sf., 3 Car Garage, - $795,000
· 22410 N Del Monte Ct., Mirada Model, 2,559/sf, 3/2.5, Golf Course, Water - $925,000
SOLD LISTINGS (06/01/22 - 06/30/22):
· 22719 N Arrellaga Dr., Arcada Model, 1,636, 2/1.75 - $460,000
· 22450 N San Ramon Dr., Bellita Model, 1,154, 2/1.75, Golf Course - $490,000
· 13418 W Nogales Dr., Montecito Model, 1,351/sf., 2/2, Corner Lot - $492,000
· 13755 W Nogales Dr., Arcada Model, 1,660/sf., 2/2 - $524,500
· 12903 W La Vina Dr., Encanto Model, 2,066/sf., 3/2 - $615,000
· 12944 W Quinto Dr., Encanto Model, 2,095/sf., 3/2 - $660,000
· 22914 N Hank Raymond Dr., Granada Model, 3,027, 3/2, Golf Course - $850,000
· 13219 W Junipero Dr., Figueroa Model, 2,784/sf., 3/2.5, Golf Course - $940,000
I am a Corte Bella resident. I may not be the listing agent on the above properties. If you or someone you know is interested in touring one of these properties, I would be happy to arrange a showing.
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