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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.

number of homes sold in Phoenix during February and March from 2001 to 2013

Number of homes sold in Phoenix during February and March from 2001 to 2013

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.

how long homes stayed on the market before selling in Phoenix Arizona

How long homes stayed on the market before selling in Phoenix Arizona

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.

homes sold in Phoenix in March 2013

Homes sold in Phoenix in March 2013

 

 

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.

 

 

About Dorette Oppong-Takyi

Dorette Oppong-Takyi is a Real Estate Consultant in the Phoenix Area and a Member of The Institute for Luxury Home Marketing, an institute and provides constant education and resources for Luxury Real Estate Agents to assist their clients in purchasing or selling their luxury homes and properties. Even though each transaction is unique and based on each client’s need, the basics and core elements of dedication and resilience she applies to each transaction is never minimized. After years of running her husband’s medical practice, she understands the importance of providing stellar customer service to her clients as well as individualized attention to details for each client.