Phoenix, AZ Real Estate Market Update for March 2013
This is how the real estate market fared in the City of Phoenix in Arizona during the month of March 2013.
For Homes listed for sale priced from $100,000 to $500,000, the non-luxury market, a total of 1,224 homes were successfully sold and closed on. Find out how the Luxury Home market fared in Phoenix here.
Comparing that number to the number of homes that sold during March of 2012 which was 954, we can say the market is doing much better than it did last year.
How many homes sold in previous years during the month of March?
The last time we saw that much activity in March was in 2007.
The highest number of homes sold in March we have seen so far, since 2001 was in 2005 during the housing boom.
For this price range in the City of Phoenix, we saw the lowest activity in 2008 when only 678 homes were sold during the month of March.
Historically more homes are sold in March than in February and this could be due to so many factors like some buyers waiting for the tax refund checks to use them as down payment in addition to their savings.
How long did it take to sell homes in Phoenix during March 2013?
Homes priced below $200,000 sold faster than the higher priced homes, usually during an average of a month and half.
It took about 2 months for homes to sell when priced between $200,000 and $450,000.
For homes in the upper tier of $450,000 to about $500,000 it took more than 2 months but less than 3 months on the average.
Did the homes sell at asking price?
The average of homes sold very close to asking price. Some of the homes may have sold more than the asking asking price and some below the asking price but on average they were very close to the asking price, which is good news for homeowners looking to sell their homes.
For home buyers, this shows there is really not a lot of room for price negotiations but each home is unique to its condition, location and more.
This report shows homes sold only in the City of Phoenix, AZ to find out more about homes sold in Chandler, Gilbert, Tempe and more, contact Dorette Oppong-Takyi.