We’re at the start of the 4th quarter, and because we’re in football season, it’s easy to make an analogy to that benchmark in the game: This is where things really get exciting!
That isn’t to say it hasn’t been an eventful year! For the first three quarters Year To Date, Fountain Hills’ average (YTD) sale price is sitting at an all-time high of $826,177, which is 18.76% above the avg YTD sale price of just one year ago. And, for those wanting to know if the prices are going down, the answer is no. While there have been some price reductions in the market, our September Avg Sale Price is $960,988, higher than the year to date average mentioned above. This is not what might expect to hear, given all the doom and gloom in the media.
Why have Fountain Hills prices remained strong? Well, look around. Fountain Hills is an almost idyllic community with near perfect weather, a myriad of outdoor recreation, great services, restaurants and social offerings, beautiful views and lots of friendly people. Who wouldn’t want to live here?
Add to that the continued strength of in-migration and job growth in the Phoenix metro area. This is due to aggressive efforts to attract new, clean industries like technology, medical and finance.
Throw in that we are one of the few metro areas in the country that offer all the major professional sports affiliations and you have a winning combination. This combo led to Phoenix being #13 in population growth 2010-2020 and #4 during 2020-21 according to Pew Research.
And speaking of job growth, Arizona added 110,000 positions in the 12 months ending in August, 2022. That’s the 15th largest growth rate in the country, according to the US Bureau of Labor Statistics.
Want more confirmation? How about the fact that there were a total of 198 active listings in the community of Fountain Hills in September, 2022 and 911 year to date. Compare that to other active sales years such as 2019 (pre-COVID) when there were 209 active listings for the month of September, (1140 YTD) an indication that our inventory is still historically low.
Our RE/MAX SUN PROPERTIES MID-YEAR MARKET REPORT goes into better detail about the factors behind the popularity of our little corner of the world. We’re also proud that the call we made on the continued strength of our market was likely to continue.
So, while some are waiting for “prices to come down” it’s more than likely they will be disappointed by just the opposite and continued low inventory. In fact, as winter visitors continue to return to our market and seek out their dream home, it’s likely that inventory will continue to be be reduced even further.
While this is not the hard charging market of the past couple years (thank goodness!) it is still a strong market! And fourth quarter promises some real excitement!
If you’re ready to have a discussion about whether or not it’s your time to buy or sell, call us! We’re here with the data and information you need to be fully informed and make good decisions. We can be reach at 480-837-1331 or HomeTeam@SonoranLifestyle.com