Home prices in Phoenix Rise 34%

 

There’s a drop in the supply of homes in Arizona.

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The reason for the surge in home prices are basically due to two reasons: Foreclosures have fallen by 51 percent.  Also, the supply of homes available in the phoenix market fell by 6 percent. There is also a third reason for the price surge here in the Valley: Homes being sold by lenders have been selling for lower prices.

The average price for a home in Phoenix climbed up 34% in 2012.  This increase in home prices in Arizona has risen rapidly over the past 12 months.  This equates into homeowners having regained more than half of the value of their homes which may have been lost during the crash.

At the end of 2012, the average home price in Phoenix was $164,000, up from the median home price in the valley of $122,000 the previous year.

NOW is the time to BUY!!

Due to the fact that foreclosures and short sales have dropped significantly, home prices have grown 34% in Phoenix. The drop in foreclosures and short sales means most choices for finding cheap homes have dwindled.  We are currently seeing more expensive transactions on the uprise.  These transactions we are experiencing are more like the normal resales we used to experience, as well as the new-home sales we were used to.

Since about 8,000 homes were sold in Phoenix in 2012, that meant there was a 12 percent decline for the year.  This decline was because there were fewer houses listed on the market.  The number of homes listed on the market began to increase during the very end of 2012.

Here is a snapshot of the Phoenix Housing Market:

Prices climbed during the end of 2012 for all types of Sales in Phoenix

 

Single Family                                         Median                  Median                  %

Median Sales Price                              price, Nov.            price Nov/2011   Change

 New-home sales                                   $251,463              $221,681              +13.4%

Normal resales                                        $175,000              $151,500              +15.5%

Investor flips                                             $150,000              $129,000              +16.3%

Short sales & pre-foreclosures           $140,000              $110,000              +27.3%

Foreclosures sold by lenders              $135,350              $ 96,000                +41%

Fannie Mae & Freddie Mac

Foreclosure resales                              $149,000              $115,000              +29.6%

HUD foreclosure resales                    $105,000              $ 73,750                +42.4%

Foreclosure homes sold at

Auction                                                      $109,000              $ 82,283                +32.5%

 

All Sales                                                  $164,000              $122,500              +33.9%

 

Jennifer Wehner is a Top Producing Phoenix Realtor and Your Best Choice for a Phoenix and Scottsdale Real Estate Agent.  NOW is the perfect opportunity to list your home with and experienced and knowledgeable Real Estate Broker, Jen Wehner.  Jennifer would be thrilled to answer your call right now and discuss this exciting housing market with you immediately!  Don’t hesitate to have all your questions honestly answered by Jennifer, a highly qualified Top Scottsdale realtor.

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