Much like the rest of the Phoenix Metro Area, Queen Creek has experienced a big decline in inventory. Year over year, active listings are down 73%! During the beginning of the shut down for the pandemic, the increased inventory is obvious but the continued downward trajectory made up for the increase. New listings for 2021 are sluggish at best.
The Median List Price in Queen Creek/San Tan Valley is currently $399,000 - up from $300,000 in January, 2020!
Considering the Median Price is $399,000, it's interesting to see how many sales are selling over list price. Check out these numbers! HUGE demand in the Queen Creek/San Tan Valley area.
Considering there is low inventory and buyers are paying over list price, it stands to reason that if all the current inventory sold, they'd be out of homes in 2 weeks!
Prices have risen 18% for 2020 in Queen Creek! Check out this chart. The price per square foot for a home sold in Queen Creek in January, 2020 was $156.87.
It's easy to see in this next chart that 2020 was the highest volume sales year EVER in Queen Creek. Part of the reason for the explosive sales is more homes. Queen Creek construction has picked up tremendously with many new home subdivisions. Land is less expensive making homes less expensive pushing growth in this area.
With this boost in population in the Queen Creek area, the roads and travel times are up for an improvement!
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About the Cromford Report:
"The Cromford Report ...
is owned and produced by Cromford Associates LLC, an Arizona limited liability company managed by Mike Orr and based in Mesa AZ.
Mike holds a masters degree in Mathematics from the University of Oxford in England and spent 31 years in the computer industry, working for IBM, Amdahl, Splash Technology and the Santa Cruz Operation. In his most recent positions he was President of Tarantella and CEO of Mobilearia.
He first started investing in real estate in 1976 and left the computer industry to focus on real estate in 2002."