Phoenix homes sales and prices rose in November, according to DataQuick. Total sales reached the highest level in in seven years for the month of November, while the median price hit a four-year high.
For all new and resale homes and condos sold during November, buyers paid a median $167,500 in the combined Maricopa-Pinal counties metro area. This median rose 31.9% since November 2011 and was the median’s 12th consecutive month with a year-over-year gain. The October median sale price was $157,000.
Several trends contributed to the region’s median sale price gainsm, such as price appreciation coupled with greater demand and a small housing inventory. Additionally, a decrease in foreclosures and an increase in sales of high-cost, move-up homes also contributed to price increases.
Realtor Chris Prickett, of DL Jones & Associates, who works primarily in the North Phoenix area, told HousingWire that traditional sales are seeing a comeback.
“Three years ago, about 55% to 60% of the Phoenix market were short sales. Now, we’re looking at 5% to 10% of the market being shorts. The traditional sale is primarily what we’re seeing coming onto the market."
New and resale homes that sold for less than $150,000 fell 20.1% and sub-$100,000 home sales dropped 40.9% year-over year.
"A year or two ago, there was a lot to be had for sub-$150 homes. Now, with the exception of maybe a condo, you’re lucky if you find two or three homes under $150,000," Prickett said, of the North Phoenix market.
Conversely, deals between $200,000 and $400,000 jumped 79.3% since last November and $300,000-plus sales rose 78.5% year-over year. The McMansions selling for $800,000 or more rose 35.3% since November 2011.
Prickett said he sees the market strong going into 2013. “People who previously did not have equity in their homes are now coming into the market and listing those homes.”