Desert Mountain Market Trends

On this chart you will see that the Median Sales Price for homes in Maricopa County has been steadily increasing over the last year.

This chart shows the Median Sales Price for homes in Maricopa County for the past 6 years. This is an excellent historical perspective of the market. It is very clear that the median home price has increased each quarter since the third quarter of 2011. The median price is however, still approximately half of what it was in 2006.

We have seen an increase of 33% in the median sales price between October 2011 and October 2012. Homes are selling for 100.2% of list price on average due to the high competition and multiple offers being received. The number of homes for sale is down 19.3% in the past 12 months. As inventory of homes for sale shrinks, there is less competition for sellers, which contributes to increasing home prices.

The number of foreclosures is down significantly. There are less than half as many foreclosures on the market today, as there was during 2010. There simply aren’t enough foreclosures on the market to satisfy all the buyers who want to purchase a foreclosure. The best foreclosures receive multiple offers within the first few days and often sell for over list price. The decreasing number of foreclosures is contributing to increasing home prices.

The Single Family Median Sales Price of all types of sales in Phoenix and Scottsdale was Up 33.9% between December 2011 and December 2012. The average price per square foot during the same time period was up 27.2%. Chart provided by Michael Orr from the WP Carey School of Business at Arizona State University.