Neighborhood breakdown of Phoenix real estate stats
The housing market in Phoenix is still on an upswing, but prices have leveled off in September compared with the high increases seen throughout the summer months. According to a report released by Arizona State University, the housing market has seen overall improvements including fewer foreclosures and more investor activity.
In September, the median price of family homes for sale in Phoenix was $150,000, which has remained stable since the month before. However, the housing recovery is expected to continue through the rest of the year as long as buyers show interest and sellers look to put their homes on the market.
“I think the recovery is in full swing, although we may have a few little dips coming out of it, but nothing major in my opinion in this market,” Matt Widdows, a real estate expert, told The Arizona Republic. “There has never been a better time to buy with prices and rates as low as they are today. We probably won't see this combination again in our lifetime.”
Sale trends throughout Valley neighborhoods are leading to varying statistics. Roughly 13 percent of home sales in the region were sold to lenders, compared with last year’s 50 percent. Because of the decrease in foreclosed properties on the market, the boost in home prices was greatly affected.
Neighborhoods in central Phoenix posted some of the largest home price increases. According to The Republic, homes along the east side of Interstate 17 between Northern Avenue and Camelback Road posted the largest increase in prices this year. Rising 45 percent, homes in this area had a major boost from the lowered rate of foreclosures as well. On the northern end of the light-rail line, the median home price was about $90,500.
Homes in this area have generally increased, although they have jumped in various degrees. Areas like Paradise Valley and Fountain Hills posted moderate increases in home values, and Carefree posted one of the biggest price drops of 15 percent to $501,000. The median home price value on northeast Phoenix posted a 9 percent gain.
As one of the most affordable neighborhoods in Phoenix, the Southwest Valley home prices climbed the highest over the past year. The median home price spiked 27 percent to $109,450 in Tolleson, and neighboring community Buckeye increased by 24 percent to $99,000.