By Paul Maryniak | East Valley Tribune
The average sale price of a single-family house in Queen Creek has increased 60% in two years and while home prices likely will continue to rise, mortgage rates and an apparent cooling in demand may spell trouble ahead for sellers, a leading Valley housing analyst said last week.
Queen Creek was not alone in seeing such a staggering increase in average sale prices among 17 Valley cities that the Cromford Report routinely monitors: 12 of the 17 cities saw the average sale price jump by at least 60% between the 17th week of 2020 and the 17th week of 2022. The average sale price of a Queen Creek home rose from $358,118 to $573,380, according to the report.
Valley-wide, the Cromford Report reported that over the past six weeks, “active listing counts are rising very strongly” – up more than 32% in a month – and called it “one of the most dramatic shifts in direction we have ever seen.”
“If this trend continues for several months the market dynamics will change significantly,” it said.