Phoenix real estate market - Picking back up!
Phoenix is a large and growing city. It has become a major contributor to the state of Arizona in terms of jobs and economic success. For those who are thinking about buying here, the low Phoenix home prices may be attractive to most types of buyers right now.
Median Sale Price
For homes in the Phoenix, Arizona area, property values are rising. While home prices are still significantly lower today than they were a few years ago, the market seems to be improving, which is turning the heads of many investors. The median sale price for homes in October of 2012 was $121,000. That may not seem like a lot, but consider the following.
- The average sale price for a 1-bedroom home in Phoenix was $75,888 at the end of November 2012.
- The average 2-bedroom property sold for $138,740 during that time.
- The average 3-bedroom home sold for $199,360 during that time.
- The average 4-bedroom home sold for significantly more during that time at $349,442.
When looking back over time, you will see how much savings there has been during the housing crisis. Prices have depreciated in the area by 46.2 percent over the last five years. However, more recently, the real estate market in Phoenix has been picking back up. According to Case-Shiller Home Price Index (which gives a rough measure of the value of residential real estate in a given area), they valued Phoenix real estate at $99,160.00 in September 2011. In September of 2012, the value of Phoenix real estate in the Case and Schiller Home Price Index rose to be $119,400.00.
The Number of Listings on the Market
Another important indicator for the Phoenix real estate market is the number of homes selling in the area. When looking at Phoenix home prices, it is important to check how many home are for sale in the market. This will help you determine whether or not it is a buyer's or seller's market. At the end of November 2012, about 4,500 properties were on the market for sale. A month prior to this, there were about 4,470 on the market.
The Number of Home Sales on the Market
There has been a significant amount of changes during the last decade. In January of 2000, there were about 6,500 homes that were sold in the area. And home sales peaked in 2005 with about 15,000 properties selling. The Phoenix real estate market dropped significantly in the following months and hit its lowest point at the start of 2008. At that point, fewer than 5,000 properties were sold. However, as mid-2012, about 8,000 homes were sold .
As you can see from this information, the Phoenix real estate market is on its way up. However, home prices still remains low, so this may be an opportune time for buyers to jump in and purchase affordable houses. Phoenix home prices range significantly depending on the property type, size and location, but there are still plenty of options available in most price ranges including single-family homes, condos and luxury estates. Working with a real estate agent can help you narrow down your options to find the perfect home for you. What's more, you'll be able to obtain a more detailed report of the real estate market and trends in home prices.