CORTE BELLA ACTIVE, PENDING, SOLD AND COMING SOON
PROPERTIES AS OF MAY 8, 2022
I am expanding my weekly posting to include brief commentary on the housing market in general and Corte Bella specific. If you like the addition, please send me a quick thumbs.
IS THIS THE TOP OF THE PHOENIX HOUSING MARKET?
The Phoenix housing market continues to heavily favor sellers. Supply is still 76% below normal for this time of year and demand is 6% above normal. However, demand is declining in response to recent increases in interest rates. Just 30 days ago, demand was 12% above normal, and 30 days prior to that it was 21% above normal. Buyers across the nation are in the best financial shape seen in decades with an average credit score of 714 last year, according to Experian, and Maricopa County has the lowest percentage of consumers with credit scores below 660 in at least 22 years. However, in just a few short months, the average interest rate increased from 3.1% in December to 4.7% by April. This resulted in a $500 increase in the estimated payment on a 1,500-2,000 sq. ft. home, pushing the cost to buy significantly higher than the cost to rent in Greater Phoenix.
This does not mean the market is at its peak, or at the precipice of a price decline. The only response we are seeing at this time is a sharp increase in supply between $500K-$1M over the past 2 weeks, a price range that happens to have less interest from investors and 2nd homeowners and a higher market share of owner-occupants. Despite this increase in supply, the median days on market prior to contract is still only 7 days, and there aren’t any bold movements in price reductions or seller concessions. Until we see an upward shift in price reductions and seller concessions, we will not see a flattening out or decline in sale prices.
Currently, April closings to date have seen 57% of closings over asking price and a 22% appreciation rate compared to April 2021 thus far. While it’s reasonable to expect price appreciation to slow down at some point, there is little evidence at this stage to show prices declining in the near future.
ACTIVE LISTINGS:
· 22409 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Over-sized Lot - $425,000
· 22516 N San Ramon Dr., Quinta Model, 1,283/sf., 2/1.75, Golf Course - $465,000
· 22719 N Arrellaga Dr., Arcada Model, 1,636/sf., 2/2 - $470,000
· 22310 La Positas Dr., Arcada Model, 1,636/sf., 3/3, Casita - $560,000
· 12903 W La Vina Dr., Encanto Model, 2,066/sf., 3/2 - $630,000
· 22914 N Hank Raymond Dr., Granada Model, 3,027, 3/2, Golf Course - $859,000
· 22410 N Del Monte Ct., Mirada Model, 2,559/sf, 3/2.5, Golf Course, Water - $940,000*
· 13307 W Rincon Dr., Figueroa Model, 2,784/sf., 2/2.5, Golf Course, Pool - $1,055,000
· 12832 W Rincon Ct., Cambria Model (?), 2,470/sf., 3/2, Pool - $799,900**
· 13219 W Junipero Dr., Figueroa Model, 2,784/sf., 3/2.5, Golf Course - $925,000*
* New listing this week
** Temporarily off Market
COMING SOON
· None
UNDER CONTACT ACCEPTING BACKUPS:
· 13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995*
· 23212 N Del Monte Dr., Alameda Model, 2,976, 4/3.5, Golf Course - $949,000
UNDER CONTRACT CONTINGENT ON BUYER SALE:
· None
PENDING LISTINGS:
· 13755 W Nogales Dr., Arcada Model, 1,660/sf., 2/2 - $524,500
· 12930 W Micheltorena Dr., Arcada Model, 1,612/sf., 2/2, Recent remodel - $550,000
· 22225 N Pedregosa Dr., Encanto Model, 2,143/sf., 3/2 - $559,000*
· 12855 W El Sueno Dr., Encanto Model (Expanded), 2,143/sf., 3/2 - $569,000
· 13803 E Figueroa Dr., Encanto Model (?), 2,143/sf., 3/2 - $634,900
· 23036 N Padaro Ct., Granada Model, 3,037/sf., 3/2 + Casita. - $675,000
· 22807 N Del Monte Dr., Cambria Model (Expanded); 2,362/sf, 2/2, Golf Lot - $699,000
· 22118 N Las Positas Dr., Encanto Model, 2,143/sf., 3/2, Pool, 3 Car Garage - $709,000
· 13228 W Santa Ynez Dr., Figueroa Model, 2,7984/sf., 3/2 - $770,000*
· 22508 N Del Monte Ct., Figueroa Model, 2,784/sf., 2/3, Golf Lot, Pool - $1,149,000
SOLD LISTINGS (05/01/22 - 05/08/22):
· 22617 N Arrellaga Dr., Arcada Model, 1,684/sf., 2/2 - $474,900
· 13416 W Santa Ynez Dr., Cambria Model, 2,423/sf., 3/2, Pool, Extended Garage - $685,000
· 13423 W La Vina Dr., Mirada Model (2,560/sf.) + Casita (247/sf) 2,840/sf total - $750,000
· 22208 N San Ramon Dr., Figueroa Model, 2,784/sf., 2/3, Golf Course - $845,000
· 13230 W Rincon Dr., Figueroa Model, 2,784/sf, 3/2.5, Owned Solar - $829,000
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.
Jon K. Ladd, Realtor
ICON Homes AZ
KELLER WILLIAMS REALTY ELITE
2403 N. Pebble Creek Pkwy, Ste 101-A
Goodyear, AZ 85396
480.205.7331
jkladd@iconhomesaz.com
www.iconhomesaz.com
AZ License #SA693977000
The information contained herein is believed to be accurate however you are encouraged to confirm this information before relying upon it.
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