According to the Arizona Regional MLS's Home Sales Report for Maricopa County, the total amount of single-family homes sold in July 2009 increased 53.7%, with 7014 units sold in July 2009 and 4562 sold in July 2008. There is a positive trend for all other types of housing sold in Maricopa County as well. Condos and townhomes experienced a 67.1% increase from the previous year (594 units sold in July 2008 vs. 993 units sold in July 2009) and manufactured homes experienced a 68.7% increase from the previous year (32 units sold in July 2008 compared to 54 units sold in July 2009). Active listings have decreased by 35% for single-family homes, 17% for condos/townhomes and 17.5% for manufactured homes, indicating that excess inventory is being bought up. Pending sales figures are up across the board as well, with single-family homes showing an 85.5% increase, condos/townhomes showing a 92.2% increase and manufactured homes showing a 45% increase over the same time period as last year. This is good news for the real estate market. It means that excess inventories are being bought up, possibly indicating a stabilization in the marketplace.
While housing prices in Maricopa County real estate have remained significantly lower than the same time last year, the average sale and median prices have increase over the past several months. In fact, the drop in home prices in Phoenix is the second highest in the country, with only the Las Vegas housing prices dropping lower. The homes sales prices for Maricopa County since March of this year are:
March 2009
Average sale price: $168.085
Median sale price: $125,000
April 2009
Average sale price: $169,081
Median sale price: $124,900
May 2009
Average sale price: $175,601
Median sale price: $130,000
June 1009
Average sale price: $184,487
Median sale price: $137,000
July 2009
Average sale price: $190,284
Median sale price: $136,000
According to these figures, the average sale price and the median sale price seem to be increasing or holding pretty steady. Could this be a stabilization of the market we are experiencing in the Phoenix area? Only time will tell. The bottom line is that now is still a good time to buy. And, with the $8000 first-time buyer's credit expiring soon (Phoenix homes must be closed by December 1st, 2009), you can't afford to wait any longer to purchase your Phoenix dream home. Let me know what you're looking for and I'll be happy to help!
Larry Luenser - The Smart Choice for Phoenix real estate
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