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Category Archives: Phoenix Real Estate

Phoenix Real Estate Market Report – April 2014

  • There was almost no movement in the median sales price for single family homes between March and April. Because prices rose substantially last spring the annual percentage increase is now falling. Compared with April 2013:

o The median sales price was up 13% from $181,399 to $ 204,900
o Average price per square foot gained 1 2 % from $ 115.97 to $130.08

  • Townhouse/condo prices fell sharply between March and April but remain higher than a year ago. Compared with April 2013:

o The median sales price was up 4 % from $119,900 to $125,000
o Average price per square foot rose 8 % from $118.59 to $127.67

  • Supply fell slightly during April. Active listings (excluding homes already under contract) fell 2%, but as of May 1, 2014, we ha d 73 % more active listings than May 1, 2013. Distressed supply was up 23 % from a year ago though down 3 % from last month.
  • Foreclosure starts on single family and condo homes fell 6 % between March and April, which confirms a continued declining trend. They were down 51 % from April 2013.
  • Recorded trustee deeds (completed foreclosures) on single family and condo homes were down 20% between March and April and down 54% from April 2013.
  • Demand in April was stronger than March but still substantially lower than last year. Single family sales were up 9 % from March as the selling season continued. Townhouse/condo sales were even stronger – up 18%. Sales of single family homes were down 16 % from April 201 3 while sales of townhouse/condos were down 12%.
  • The percentage of residential properties purchased by investors continued to decline from 17.4% in March to 16.3% in April.
  • Single family home sales increased year over year for just one transaction type:

o Normal re – sales (up 2%)

  • Single family home s ales de creased year over year across every other sector:

o New homes (down 1 2 %) o Investor flips (down 1 8 %)
o Short sales and pre – foreclosures (down 7 2 %)
o Bank owned homes (down 33 %) o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 52%)
o HUD sales (down 8 1 %)
o Third party purchases at trustee sale (down 70 %) Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined. Introduction Home sales in April (single family, townhouse & condo) were almost 11 % higher than March. Despite this they were down 16 % from April 2013. The gap between 2013 and 2014 sales has been closing but remains wide. Despite the large price rises between April 2013 and April 2014, the total dollars spent on homes dropped by 6% year over year.

  • Total dollars spent on single family homes fell by 6 % below April 2013.
  • Total dollars spent on townhouses & condos fell by 5 % below April 2013.