Queen Creek’s single-family housing market is proving to be a study in sharp contrasts.
“The overall picture is a market with fewer transactions and longer selling times, but not necessarily declining values,” Sammy Glassman, board president of Phoenix Realtors, a local association for Valley Realtors, said of the town’s housing market in September.
Year-over-year in September, buyer activity slowed significantly with pending sales down 50.7% and closed sales down 27.3%.
“Homes are also taking longer to sell, with days on market increasing nearly 30% to 96 days,” Glassman said.
But even as sales activity slowed, prices continued to rise.
The median sales price increased 10.7% to $691,747, while the average rose 13.1% to $795,836. The percent of list price received dropped slightly by 0.6%.
“Those increases should be interpreted carefully because changes in the mix and price points of homes sold can significantly affect median and average prices, particularly when the total number of sales declines,” Glassman said.
Housing inventory in September decreased by 1.6%, while new listings fell 15.3%. Meanwhile, the months supply of housing rose to 4.7 months, “giving buyers more leverage and making Queen Creek one of the more buyer-friendly markets in the area,” Glassman said.
“The higher months supply is therefore being driven less by a surge of new inventory and more by slower sales activity,” she said. “Sellers should expect buyers to be selective and negotiate, while buyers have more time and leverage despite fewer new homes coming to market.”
In the Phoenix-metro area, closed sales dropped 4.9% year over year in September, and new listings fell 3.7% compared to last year. Pending sales plummeted 40.1%, according to data from Phoenix Realtors. Inventory rose 6.7% despite fewer new listings hitting the market.
Janet Perez can be reached at jperez@iniusa.org. Please send your comments about this article to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.
Janet Perez News Editor | Queen Creek &
San Tan Valley
Meet Janet Janet Perez joined Independent Newsmedia as editor of the Queen Creek Independent and Florence Independent in 2020. She started her career in 1989 with the Gannett-owned El Paso Times. In 1992, she moved to Tempe and has worked in newspapers, magazines, radio and television. She left Arizona for three years to work at New Mexico State University and Baylor University before returning to work at Arizona State University. Missing the business, she went back to journalism in 2017.
Community: A long-time pet owner, she supports animal welfare causes.
Education: University of Texas at El Paso with a BA in journalism and a minor in political science.
Random Fact: She had a head full of random facts.
Hobbies: Reading, watching documentaries, cooking and playing with her dogs.
By 
Comments
No comments on this item Please log in to comment by clicking here