The Phoenix real estate market has quietly become one of the hottest real estate markets in the country over the past year or so. Investors, as well as traditional home buyers, have come back into the market in droves. And with historically low interest rates, and home prices that have been severely depressed due to the housing market crash, who can blame them. Currently there are only 2,607 homes on the market in Phoenix. And even though the number of homes sold has fallen off compared to last year, we're seeing the average sale price ticking up. Homes in the lower price ranges, $100k and less are moving particularly fast these days as investors see incredible cash flow opportunities. And for primary resident home owners, the cost of renting a home in the Phoenix metro area has far surpassed that of owning. February sales figures are noted below:
Feb. 2012 Jan. 2012 Feb. 2011 Feb. '12 vs. Jan. '12 Feb. '12 vs. Feb. '11
Sold 768 1,558 2,191 -51% -65%
Avg. Sale Price $128,275 $130,318 $112,689 - 2% +14%
Avg. List Price $132,896 $134,052 $118,260 - 1% +12%
% of List Price 98% 98% 96% N/A + 2%
Price per Sq. Ft. $69.92 $71.31 $61.77 - 2% +13%
Avg. Days on Market 99 81 102 +22% - 3%
Highest Sold $1,299,000 $1,830,000 $2,350,000
Lowest Sold $9,000 $10,000 $5,000
For more information about Phoenix real estate please visit: www.JWMurphy.LongRealty.com
Comments(2)