According to the Phoenix Business Journal, housing sales were on the rise last month. The W.P. Carey School of Business at Arizona State University released their latest Realty Studies report to reveal that 6,500 single-family homes were sold in the Phoenix market in March. February 2008 only saw 4,600 and March 2009 saw 5,900.
The median price of single-family homes in Maricopa County are also on the rise. Homes went from $140,000 in February of this year to $142,500 in March the following month. A year prior, a single-family home’s median value was only $127,000.
“Historically, March is the portal month for the resale home season that usually lasts until August,” said ASU associate professor of real estate Jay Butler, who authored the new report. “During this time, sales and median prices tend to increase as the buyers move to lock in a purchase before the start of schools, vacations and holidays. However, beyond the traditional rebound, March activity was driven by a diverse set of factors, including increased foreclosure activity, bargain hunters, short sales and the federal income tax credit for qualified home buyers.”
On the flip side, while home values are slowly beginning to show signs of increase, Valley foreclosures are increasing as well with record numbers reported in March. There were 4,400 foreclosures in March, 1,700 more than what was reported for February. Fortunately, foreclosures are providing the bulk of resale properties making up 64% of existing home sales.
Condos and townhouses have not improved at all, having more than tripled the number of foreclosures in March 2010 (650) as were seen in March 2009 (295). The median price of a condo or townhouse in the existing
market is just $94,000 when last year at this same time it was $115,000.
However, these low prices for condos are perfect for seizing the opportunity to get housing for college students outside of the university. The Kiddie Condo Program is a great FHA program opportunity to provide students with off-campus housing.
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