1668 homes sold in the City of Phoenix, Arizona during the month of September 2012. This was 23.27% less than the number of Phoenix homes sold same time last year, a total of 2200 Homes.
The average price of Phoenix homes sold rose by 34.01% from same time last year to $170,827 from $127, 476. This goes to show that home prices in the City of Phoenix Arizona, United States are rising. For a detached Single Family Home, the average price was higher at $186,904, a 35.42% increase from last year.
The median price of Phoenix homes sold also went up by 48.76%, almost 50% increase. The median price for the month September 2011 was $84,900 which increased to $126,300 for the month of September 2012.
Another piece of good news, the number of days a property stayed on the market also decreased from 88 days on average to 58 days on average. Homes for sale in Phoenix stayed on the market for less than 30 days averagely, which is a good sign for homeowners looking to sell their homes.
Inventory is still pretty low because the number of active homes for sale was 2880 for the month. This is 50.19% lower than the same time last year which had 5782 homes listed for sale.
Phoenix Homes Sold by Price Range
Majority of the homes sold, 1435 of all the homes sold were less than $300,000.
129 of the homes sold were between $300,001- and $400,000.
For the price range between $400,001 and $500,000, 57 homes were sold.
The Phoenix luxury home market is picking up but not quite as fast as the lesser price range of homes. Only 47 homes above $500,000 were sold. No homes above $2.5 million were sold last month.
Phoenix Homes Sold by Financing
Cash is still king in Phoenix, over 50% off all the homes sold this past month was paid for by cash, a total of 859 homes.
Financing by a loan is still catching up with more than a quarter, 28.56% of the homes being purchase with conventional loans, a total of 428 homes.
FHA is not doing bad as well, with 286 homes being purchased with FHA. The FHA loan limit for Phoenix was at $346,250 for single family homes in the month of September 2012.
VA loans accounted for 50 homes, 8 homes were owner or seller financed with only 1 home as other financing.
As you can see the Phoenix Real Estate Market is doing much better than same time last year when it comes to average price, (an increase), lesser number of days a home stays on the market and the sale to listing price ratio averagely.
The number of Phoenix homes successfully sold was less due to declining inventory.
This Real Estate Update was for the City of Phoenix, Arizona United States. If you will like information on the other cities and towns like Chandler, Scottsdale, Tempe, Gilbert or others, please call me on 480-442-0779 or contact me here.
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