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Sales of existing homes declined in the 3rd quarter as the housing market continues to undergo an adjustment due to rising interest rates according to national and local housing market economists. Home sale prices, however, increased from one year ago.
Incredible opportunity to own this beautiful home in 32 North, a quiet enclave within the burgeoning North 32nd Street neighborhood. Rarely available, this open concept floorpan with indoor-outdoor living is perfect for today’s modern lifestyle. This spacious home is light and bright with contemporary elements featuring a well appointed designer kitchen with shaker style cabinetry, luxury granite countertops, and stainless steel appliances. The generous kitchen island with counter seating overlooking the great room, dining area and charming courtyard style patio is perfect for entertaining.
32 North is within minutes of the Phoenix Mountain preserve with hiking and mountain biking trails, parks, golf, and dining hotspots. 32 North is walking distance to BASIS Phoenix school and close to the heart of the valley with easy access to the freeway, airport and downtown Phoenix. Learn more.
After leading the nation in year over year home price growth for three years, the Phoenix Metropolitan Area fell to third place behind Miami and Tampa according to the Case-Shiller 20-City Home Price Index for June 2022. The index still shows the Phoenix market continued to remained strong with a 31.3 percent year-over-year increase. This level of price growth indicates broad strength in the housing market although it is worth noting the index is a lagging indicator and inflation combined with increasing mortgage rates have clearly started to impact home sales. The supply of homes on the market dramatically increased in June 2022.
The Cromford Report, which follows housing trends in Maricopa county indicated the average sale price per square foot rose 19.2% over last year in the 2nd Quarter. However, in June the supply of homes for sale rose 53% signaling weakening demand as mortgage rates rose and some buyers were priced out.
The Market Update provides a closer look at the 2nd Quarter key statistics for Phoenix, Scottsdale, Paradise Valley and neighboring cities in the Valley of the Sun. The full report is available here.
Thinking about selling? Maximizing the value of your real estate investment requires local market expertise and a thorough understanding of how to prepare your home to sell it for the highest price. Contact me today for a private consultation and property valuation while the market is still strong.
The Agency is acquiring Triplemint the software powered independent brokerage based in New York City. The partnership brings together the innovative luxury brand in real estate with the most revolutionary technology platform in the industry. The Agency will leverage the data platform which includes predictive analytics to provide real estate agents with information and cutting-edge tools to become better advisors to clients. “It is entirely rare that two companies can come together and provide everything the other needs to grow and thrive,” said Philip Lang, Founder of Triplemint. “The Agency and Triplemint share the same vision that a brokerage should be more than a place for an agent to hang their hat. Through this partnership, we’re providing real, tangible value and resources so that agents can better advise their clients.”
“We are expanding our global reach while maintaining our boutique, collaborative culture by obsessing over experience at every touchpoint and quality in everything we do. Our integrated technology experience will save agents time and provide valuable solutions so they can remain focused on what they do best—advising clients and selling real estate,” said President Rainey Hake Austin.
The Agency will be opening a corporate headquarter in New York City later this year. With the development of cutting-edge technology and continued commitment to first-class service, The Agency is the fastest-growing boutique, luxury real estate franchise brand in the world launching 11 offices in 2021 and six in the first quarter of 2022.
Read more about The Agency acquiring Triplemint here. For other questions or help with your real estate needs, please contact Michelle Sarocka here.
The Phoenix Housing Market continues to lead the nation in year-over-year home price increases according to national and local housing market economists. The Case-Shiller 20-City Home Price Index for February 2022 showed Phoenix led the nation with a 32.9 percent year-over-year increase in home prices leading all cities in 33 months in a row. This level of price growth indicates broad strength in the housing market although inflation and increasing mortgage rates may start to impact home price appreciation.
The Cromford Report, which follows housing trends in Maricopa county indicated home prices continue to rise. The average price per square foot rose 8.9% in the 1st Quarter of 2022. Home prices are projected to continue to rise at least through June 2022. The increase is driven by investors and less by “owner-occupier” home buyers. The combination of higher home prices, competition from investors and rising interest rates reduce the purchasing power of valley residents.
The Market Update provides a closer look at the 1st Quarter of 2022 key statistics for Phoenix and neighboring cities in the Valley of the Sun. Read more publications here.
Thinking about selling? Maximizing the value of your real estate investment requires local market expertise and a thorough understanding of how to prepare your home to sell it for the highest price. Contact me today for a private consultation and property valuation while the market is still strong.