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Judy Hedding

Home Prices: Good News for Phoenix

By February 22, 2013

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Real estate seems to be normalizing in the Phoenix area; foreclosures and short sales are approaching normal levels again and construction starts are up. In 2012 six of the 50 top selling master planned communities in the U.S. were in the Phoenix area*. They were:

  • Ironwood Crossing in Queen Creek
  • Power Ranch in Gilbert
  • Vistancia in Peoria
  • Hastings Farms in Queen Creek
  • Verrado in Buckeye
  • Estrella in Goodyear
  • Freeman Farms in Gilbert
Home Prices
Judy Hedding
According to The W. P. Carey School of Business at Arizona State University, almost all areas of the Valley, with Wickenburg being the only exception, rebounded well in 2012, signaling what we hope is an end to a rough period in the local economy. The median single-family-home price in the Valley increased by about 34% in December compared to year end 2011.

Here is a chart of the median and average home sale prices in the Greater Phoenix area comparing December 2012 to December 2011. Note that my chart excludes foreclosures and short sales, and only shows regular sales, marking the improvement in those real estate sales at around 15%. It's all a very good sign.

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*Source: John Burns Real Estate Consulting, LLC.

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Comments

February 24, 2013 at 12:41 pm
(1) Brett Weiss says:

We have seen quite a turn around here in The Valley. I have seen it first hand as an agent with multiple offers becoming fairly common again and many homes selling again over asking price! Do you think this momentum can continue at this pace in 2013?

February 25, 2013 at 2:27 pm
(2) Judy Hedding says:

Hi Brett. Your crystal ball is probably better than mine! Let’s hope so.

February 26, 2013 at 3:34 pm
(3) Touchdown says:

How is the job market compared to the real estate market? If the real estate market is up 15% is the job market also up 15% too – which would justify the real estate prices going up because people are getting jobs and paying their bills again. I’m concerned it is strictly ‘investors’ looking to ‘flip’ homes again since the appreciation is so fast. Basically is it a ‘bubble’ that is forming again due to ‘investors’ rather than normal home sales to families living and working in AZ.

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