Queen Creek Real Estate Market Update – May 4
May 4, 2009 by Gary Sattelberger · Leave a Comment
Homes for sale in Queen Creek are a moving fast these days!
Overall, in the Queen Creek market there are 980 active single family detached listings with 441 homes sold in the last 30 days for an absorption rate of 2.2 months. Compared to the absorption rate for the Phoenix metro area as a whole, which is running at 4.2 months, Queen Creek is one of the strongest real estate markets in the Valley. (Note: A 5-6 month supply of inventory is generally considered a balanced market, less than a 5 month supply is considered a seller’s market, and more than a 6 month supply is considered a buyer’s market.)
Its no surprise that leading the way are bank owned homes. Currently there are only 166 bank owned homes available in Queen Creek with sales of 266 in the last 30 days yielding an absorption rate of 0.62 months. If no new bank owned homes come on the market and sales continue at their current pace the supply of these bargains would dry up in 19 days. Amazing, considering that back in January the was almost a 3 month supply.
Individual community data and overall statistics are shwon in the table below.
| Queen Creek | Active | Sold Last 30 Days |
Absorption Rate (months) |
|
| Overall | 980 | 441 | 2.2 | |
| Bank Owned / REO | 164 | 266 | 0.62 | |
| Johnson Ranch | 107 | 65 | 1.64 | |
| San Tan Heights | 55 | 41 | 1.34 | |
| Copper Basin | 43 | 29 | 1.48 | |
| Pecan Creek North & South | 53 | 33 | 1.61 | |
| Skyline | 42 | 22 | 1.91 | |
| Circle Cross | 52 | 16 | 3.25 | |
| Villages at Queen Creek | 27 | 13 | 1.61 | |
| Cortina | 17 | 12 | 1.42 | |
| Sossaman Estates | 13 | 8 | 1.63 |
Data is from Arizona Regional Multiple Listing Service (ARMLS) and is deemed reliable but not guaranteed.
