1. real estate

Michael J Orr, Director
Center for Real Estate Theory and Practice
W P Carey School of Business
Arizona State University
March 16, 2015
MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – JANUARY 2015
Headlines:
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Pricing for single family homes drifted back down in January after the strong December figures.
The median sales price fell 3.3% but the average price per square foot eked out a 0.3% gain.
Compared with 12 months earlier in January 2014:
o The median sales price was up 5.6% from $197,000 to $208,000
o Average price per square foot gained 5.1% from $125.26 to $131.59
Prices were also steadier for townhouse/condo properties compared with the exceptional
December result, with the median sales price down 4.9% from December. However the average
price per sq. ft. rose another 0.7%. When we compare with January 2014 we see:
o The median sales price was up 11.6% from $121,000 to $135,000
o Average price per square foot was up 8.6% from $125.76 to $136.53
Active listing counts (excluding homes under contract) rose 6% during January, considerably less
than in January 2014 when they rose 11%. As of February 1, 2015 we had 7% fewer active
listings than February 1, 2014. Distressed supply was down 44% from a year earlier and down
7% from January 1.
Foreclosure starts on single family and condo homes fell 5% between December and January,
and were down 23% from January 2014. The trend remains low and stable.
Recorded trustee deeds (completed foreclosures) on single family and condo homes were flat at
395 in both December and January and were down 43% from January 2014.
Demand started to recover in December, particularly for condos and townhomes. However
January’s numbers were unimpressive. Single family sales fell 7% from January 2014, while
townhouse/condo sales were up 6%. We continue to see market share gradually shifting in favor
of attached property types (townhouse / condo) and away from single family homes.
Single family homes sales increased slightly year over year in two sectors:
o Normal re-sales (up 1%)
o Bank owned homes (up 2%)
Single family home sales decreased year over year across all the remaining sectors:
o New homes (down 12%)
o Investor flips (down 17%)
o Short sales and pre-foreclosures (down 41%)
o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 54%)
o HUD sales (down 48%)
o Third party purchases at trustee sale (down 33%)
Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.
Note: As distressed sales have become far less significant in the market we are gradually simplifying our
analysis of the various different types of distressed sales. We will be replacing this with increased
coverage of townhouse / condo properties since these are growing market share. We also plan to
expand our coverage of the active adult market as a separate segment since demand patterns and
pricing are very different from the normal market. The first of these changes appear in this month’s
report.
Introduction
In the sections below we compare January 2015 data for Maricopa and Pinal County with that for
January 2014. Individual statistics are provided in the attached tables by county and city for each of the
8 transaction types as well as the overall totals. For the rest of this report we will simplify the analysis
into the following transactions types for Maricopa & Pinal County combined:
1. New homes
2. Non-distressed re-sales (including MLS and non-MLS transactions plus investor flips)
3. Distressed re-sales (including short sales, pre-foreclosures, bank REOs, GSE REOs, HUD sales and
third party acquisitions at trustee sales)
We look at the single family homes and townhouse/condo markets both separately and
together.
Demand
After the first signs of recovery appeared in December, January was something of a disappointment. The
townhouse / condo segment continued to strengthen, but the single family market sales numbers were
weak.
January is always a quiet month, and in 2015 it was particularly subdued. However we believe this was a
lull before the storm, because we have already seen early signs of much stronger buying activity in
February and March. Total single family, townhouse & condo sales were 5% lower than January 2014,
with a 7% decline in single family homes while townhouse & condo sales were up 6%. Townhomes and
condos increased their market share from 14.8% to 16.5% compared with January 2014.
Thanks to the change in the mix towards more expensive homes over the last 12 months, the change in
total dollars spent on homes was more favorable than the change in the unit count.
•
•
Total dollars spent on single family homes fell by 1.8% below January 2014.
Total dollars spent on townhouses & condos rose by 19.3% above January 2014.
Townhouse / condo dollars spent rose from 9.6% to 11.4% of the total market over the year, extending
the trend we saw in December.
We are changing our upper bound for entry level homes to $200,000. This is because there are now so
few homes selling below $150,000, another consequence of the drop in foreclosure volumes over the
last 4 years.
Single family homes:
January 2015
Under $200,000
$200,000 to $500,000
Over $500,000
All Prices - SFR
Units Sold Change from 2014
2,337
-14%
2,200
-1%
428
+9%
4,965
-7%
Total $
Change from 2014
$324M
-11%
$658M
-1%
$369M
+7%
$1,351M
-2%
Units Sold Change from 2014
694
-4%
254
+46%
31
+3%
979
+6%
Total $
Change from 2014
$75M
+1%
$77M
+54%
$23M
+3%
$175M
+19%
Townhouse / condo homes:
January 2015
Under $200,000
$200,000 to $500,000
Over $500,000
All Prices - SFR
For single family homes, the segment over $500,000 continued to out-perform with an increase in
overall market share from 25% to 27%. Homes under $200,000 lost market share from 27% to 24%
The situation with townhouse / condo homes is very different and the annual change is dramatic. The
amount of money being spent on mid-range attached homes rose by an astonishing 54%, driven by a
rise in unit sales of 46% and an average price increase of 5%. There was relatively little change under
$200,000 or over $500,000. The mid-priced townhouse /condo market was clearly the hottest segment
in January, relative to the situation months ago.
Changes in Transaction Mix
For single family homes, the changes in transaction mix between January 2014 and January 2014 are
illustrated in the chart below: (Note: ‘Reverted’ homes are excluded from ‘All Sales’.)
We saw little change in normal transactions but new home sales and distressed transaction declined.
Below is the equivalent chart for townhouse /condo properties.
Here we see significant growth in new sales (up 55%), unlike the single family segment, and an 11%
increase in non-distressed sales. However distressed sales declined by 37%.
Supply
Our local Multiple Listing Service (ARMLS) had 25,833 active listings on February 1, 2015 across Greater
Phoenix including listings under contract seeking backup offers. This is a rise of 6% since January 1, but it
is 5.3% below the total on February 1, 2014, when it had just risen by 13% over the previous month. This
is the largest year over year decline since March 2013. 12.1% of the active listings already have a signed
contract, which is higher than the 10.5% we recorded 12 months ago.
The number of active single family listings without an existing contract was 18,165 for the Greater
Phoenix area as of February 1. This is up 6% since January 1. The inventory of single family homes under
$150,000 stands at 69 days, down from 92 days a year ago.
Overall we have seen 5% fewer new listings created in 2015 than at the same stage in 2014. Supply
remains on a declining trend after accounting for seasonality.
Pricing
When we look at the individual transaction types we find the following:
Single Family
Average Sales Price
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Average $
Jan 2015
$369,092
$272,190
$178,079
$272,193
Average $
Jan 2014
$354,050
$261,303
$167,863
$257,256
Single Family
Median Sales Price
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Median $
Jan 2015
$306,560
$205,000
$141,500
$208,000
Single Family
Average Price per Sq Ft
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
$/SF
Jan 2015
$141.69
$135.16
$92.62
$131.59
Townhouse / Condo
Average Sales Price
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Townhouse / Condo
Median Sales Price
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Townhouse / Condo
Average Price per Sq Ft
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Average $
Jan 2015
$331,260
$173,515
$113,578
$178,417
Median $
Jan 2014
$297,045
$199,900
$139,950
$197,000
$/SF
Jan 2014
$136.07
$130.29
$89.64
$125.26
Average $
Jan 2014
$309,186
$157,634
$102,820
$158,142
Median $
Jan 2015
$305,910
$132,500
$82,000
$135,000
$/SF
Jan 2015
$208.04
$133.73
$88.13
$136.53
%
Change
+4.2%
+4.2%
+6.1%
+5.8%
%
Change
+3.2%
+2.6%
+1.1%
+5.6%
%
Change
+4.1%
+3.7%
+3.3%
+5.1%
%
Change
+7.1%
+10.1%
+10.5%
+12.8%
Median $
Jan 2014
$273,583
$122,750
$80,000
$121,000
%
Change
+11.8%
+7.9%
+2.5%
+11.6%
$/SF
Jan 2014
$193.26
$126.20
$95.31
$125.76
%
Change
+7.6%
+6.0%
-7.5%
+8.6%
Note: the numbers in the tables above come from the latest database, rather than earlier published reports. The underlying
records are continuously revised as deeds are corrected and more information becomes available.
In the single family market we see price increases in the range of 1.1% to 6.1%, primarily caused by
changes in the mix rather than increasing home values. However there is still positive momentum,
especially given that annual inflation in January was reported as -0.1% (CPI).
Pricing in the townhouse / condo sector is more impressive, although this is also influenced by the sales
mix moving in favor of the mid range. Distressed townhouse / condo properties did not fare quite so
well, but pricing for new builds and non-distressed re-sales was relatively strong.
At the moment we are seeing early signs that demand is likely to recover quite a bit faster than supply.
Over time this is likely to cause another period in which prices rise more significantly than they have
over the last 18 months.
The following table ranks the cities by the percentage increase in the annual average price per sq. ft.
over the last 12 months. The average for the period February 2014 to January 2015 is compared with
the average for the period February 2013 January to January 2014.
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Last
Month
3
2
1
4
5
6
7
8
21
9
26
12
11
13
18
10
14
15
20
17
22
19
23
24
25
33
28
27
16
34
29
39
30
35
City
Gold Canyon
Apache Junction
Carefree
Youngtown
Arizona City
Litchfield Park
Goodyear
Phoenix
Florence
Laveen
Casa Grande
Queen Creek
Tolleson
Fountain Hills
Buckeye
San Tan Valley
Avondale
Sun Lakes
Sun City
Wittmann
Tempe
Scottsdale
El Mirage
Surprise
Maricopa
Paradise Valley
Glendale
Mesa
Coolidge
Waddell
Cave Creek
Eloy
Peoria
Sun City West
% Change in
Annual $/SF
17%
17%
17%
12%
12%
12%
12%
11%
10%
10%
10%
10%
9%
9%
9%
9%
9%
9%
8%
8%
8%
8%
8%
8%
8%
8%
7%
7%
7%
6%
6%
6%
6%
6%
Annual $/SF
Dec 2014
$153
$106
$254
$75
$59
$111
$115
$127
$83
$87
$77
$115
$80
$201
$94
$91
$87
$134
$93
$102
$138
$228
$81
$100
$75
$345
$104
$118
$51
$98
$176
$99
$122
$112
35
36
37
38
39
40
41
32
36
31
38
37
40
41
Gilbert
Chandler
Wickenburg
Anthem
New River
Rio Verde
Tonopah
6%
4%
4%
4%
2%
2%
0%
$127
$134
$125
$125
$117
$168
$67
Because these are annual averages they will continue to show increases long after the monthly average
has stabilized.
All areas of Maricopa and Pinal Counties except Kearny & Aguila are now showing positive appreciation
on an annual price per sq. ft. basis.
Foreclosure Starts
Foreclosure starts for single family and condo/townhouse homes fell 5% between December and
January and they are 23% lower than a year earlier. The breakdown by county and property type is:
Foreclosure Starts
Maricopa County
Pinal County
Total
Single Family
696
100
796
Townhouse / Condo
81
0
81
Total
777
100
877
We expect new foreclosures to stay close to the current low levels over the next year due to the very
tight underwriting standards that have been in place since 2009.
Foreclosure Completions
Completed foreclosures were flat between December and January at 395. This is down 43% from
January 2014. The trend for foreclosure completions remains downward, but we expect them to
stabilize at a lower level over the next year.
New Home Sales
Newly built single family home sales were very weak at only 545 closings in January, the lowest monthly
total in 3 years. The total dollar value of single family new homes closed in January was down from $220
million in 2014 to $201 million in 2015.
The average sq. ft. of a new single family home in January was 2,605 while the average sq. ft. of a
normal re-sale was 2,044. This confirms the extent to which homebuilders have abandoned the entrylevel market in favor of the move-up market. It also shows us why the median sales price of new homes
is so much higher than for re-sales, even though the price per square foot is in the same ball-park.
Gilbert retained its position as the top city for new home closings with 73, but its nearest rival Peoria
was just behind with 71. Other cities that were active for new homes include Phoenix (49), Mesa (45),
Buckeye (39), Goodyear (31), Queen Creek (29), San Tan Valley (26), Chandler (26) and Surprise (25).
Builders were also busy in Scottsdale (18), Maricopa (16) and Laveen (15).
The market share for new single family homes was 11%, down from 12% in January 2014.
New townhouse / condo sales fared better with 73 in January, up from 47 in January 2014, and the
highest January total of the past 5 years.
Non-distressed Re-sales
This category includes normal re-sales and investor flips, but excludes newly built homes
Non-distressed single family re-sales fell 0.7% from January 2014 to January 2015. The increasing share
of the market for non-distressed sales (78%) compared with last year (73%) is helping to boost the
overall average price per square foot beyond the underlying rise in home values.
Excluding investor flips, the percentage of normal single family re-sales that went through the MLS was
83%, up slightly from 82% a year ago.
Non-distressed townhouse and condo re-sales rose 11% from January 2014 to January 2015. Nondistress townhouse and condo re-sales represented 83% of the attached home transactions, up from
79% in January 2015.
Excluding investor flips, the percentage of normal townhouse and condo re-sales that went through the
MLS was 82%, up from 76% a year ago..
Distressed Re-sales
This category includes short sales, pre-foreclosures, REO sales (by banks and GSEs), HUD sales & trustee
sales to third parties, but excludes reversions to beneficiaries.
The total number of distressed single family sales in January was 561, down 34% from January 2014 and
a far cry from the 4,931 we saw in January 2011. The total number of distressed townhouse / condo
sales in January was 95, down 37% from January 2014 and a long way below the 780 we saw in January
2011.
New Construction Permits
Permits reported by the Census Bureau for single family homes in Maricopa and Pinal Counties totaled
866 in January. This was 4% lower than January 2014. The level of permitting remains very small by
historic standards. For example the total for 1996 was 29,598 and 2004’s was 55,858.
The rolling 12 month average number of permits reported stands at 975. The annual rate is now 11,705.
Multi-family permits have been on a strong upward trend recently although they are very volatile. They
totaled a modest 344 in January, but the rolling annual rate remains elevated compared to historic
levels at 8,867, more than double the count in 2013. Only 2005 and 2007 were higher than 2014 for
multi-family permits, which is a sign of how much rental demand has increased at the expense of the
demand for homes to purchase.
Out of State Purchasers
The percentage of residences in Maricopa County sold to owners from outside Arizona was 18.7% in
January, up from 17.4% in December and well above the 17.0% we saw in January 2014.
Californians have increased their market share from 3.7% to 4.5% over the last year and easily retained
their normal position as the largest group of out of state buyers. Canadian demand has dropped from
2.2% to 2.1% over the last 12 months, but this represents a recovery from the lows (1.1%) over the
summer period. Next in line come Washington (1.4%), Colorado (1.2%) and Illinois (1.0%),. Minnesota,
Wisconsin, Texas, Oregon and New York were the next most numerous home locations for out of state
home buyers in Greater Phoenix during January.
Cash Buyers
For some considerable time, cash purchases have been running at an unusually high level but this had
been on a declining trend from February 2012 to August this year. This trend reversed again and cash
purchases are once again gaining market share.
In Maricopa County the percentage of properties recording an Affidavit of Value and purchased without
financing was 27.7% in January 2015, up from 24.9% in December. However it is still down from 29.1% in
January 2014. We consider 7% to 12% the normal range for cash buyers, so mortgage lending still has a
long way to go to get back its normal share of the market.
It will probably require financed purchases to rise to at least 80% to see demand moving significantly
back towards normal. We expect to see a trend back towards that level starting in 2015. October 2008
was the last time we saw that level.
Investor Purchases
When someone buys real property in Arizona, an Affidavit of Value is usually recorded by the county.
The new owner indicates whether the property will be occupied by the owner or a family member, or
instead will be rented to someone other than a family member. An owner occupier also indicates
whether or not it is their primary residence or a secondary home. Studying this information gives us a
good idea how many homes are being acquired by investors. However affidavits are not required for
HUD sales or trustee sales. HUD sales are usually oriented towards owner-occupiers while investors
dominate the trustee sales. We have therefore combined HUD sales with the owner-occupied purchases
and combined trustee sales to third parties with the investor purchases to estimate the percentage of
the total market represented by investors.
The percentage of individual single family and townhouse/condo parcels acquired by investors in
January 2014 and January 2015 are as follows:
Investor %
January 2015
Maricopa
18.3%
January 2014
Maricopa
21.2%
January 2015
Pinal
12.1%
January 2014
Pinal
20.0%
January is a strange month because owner-occupiers are relatively inactive. Investors tend to operate all
year round with minimal seasonal effects. Thus we saw a moderate spike in investor activity in Maricopa
which is certain to be reversed in February. The level of investor activity in Pinal is unusually low for
January.
Much of the activity appears to be driven by fix and flip operators and the fix to rent investors are much
less active than in 2012 and early 2013.
Second Homes
In January 2015, 14.7% of homes purchased with an Affidavit of Value in Greater Phoenix were owneroccupied but used as second or vacation homes. The percentage in Pinal County is much higher (19.5%)
than in Maricopa County (14.2%). Second home purchases made up 13.3% of sales in January 2014, so
we are now seeing a higher level of second home activity than a year ago. This percentage tends to drop
between May and October each year, when Arizona’s weather proves to be a bit too much of a good
thing for many out of state residents.
Rentals
The number of rental homes offered for lease on ARMLS (excluding vacation rentals) was 3,725 as of
February 1, 2015. This is down 9.3% from a month earlier and represents 1.4 months of supply. Rental
demand remains quite strong and supply is increasingly constrained for properties below $1,300 a
month.
There were 5,188 active rental listings as of February 1, 2014 one year earlier, which represented 1.7
months of supply.
The average time on market for a leased home (excluding vacation rentals) stood at 41 days, up from 38
days last month but much lower than 53 days last year. With relatively fast turnover and low vacancy
rates, rents have been increasing in the most popular locations. We are currently seeing a 5.8% rise over
the last 12 months across the Greater Phoenix area.
Rents for single family homes are increasing faster than for condos and apartments, which is due to a
tighter supply versus demand. On February 1 we had 39 days of single family rental supply and 53 days
of condo supply.
Outlook
January is always the quietest month of the year for home sales and January 2015 was no exception.
After a slightly encouraging December, we saw few signs of progress in the sales data for January.
However we have seen strong signs of increased demand among the lower and middle price ranges
when we examine the number of homes going under contract. These have not yet closed escrow and
therefore do not appear in the sales data on which this report is based. For this reason we believe
January 2015 will turn out to be something of a lull before the storm, at least for the lower priced areas
of the valley where supply is already tight.
Townhouse and condo properties continue to improve at the expense of single family sales. They now
represent 16% of residential sales, taking an 18% share in Maricopa County but less than 3% in Pinal. In
January 2014 these percentages were 14%, 16% and less than 2% respectively.
For single family homes, still roughly 84% of the market, stability and low volumes remained the order
of the day for another month. However we now anticipate more significant increases in sales volume
compared with 2014 and expect this trend to start showing up in next month’s report.
Some of the increase in demand is likely to come from boomerang buyers who have repaired their
credit after foreclosure or short sale several years ago. However we also anticipate more Millennials
buying homes for the first time as lending rules get a little more accommodating. Demand is also coming
from baby boomers down-sizing or moving to Arizona for a better climate and lower living cost of living.
After a year of relatively slow price movements, we do not expect dramatic price changes over the next
six months. However supply remains relatively low except at the high end, and demand from both instate and other US buyers is likely to strengthen in 2015. Since it would only take a modest increase in
first time home buyer demand to overwhelm the current weak level of supply, we should expect prices
at the entry level to start rising more rapidly once this trend emerges. In January the sales mix continued
to move away from less expensive homes and in favor of luxury homes, but this is another trend that is
likely to reverse during 2015, as long as the economy continues to improve.
Despite the subdued nature of the evidence in this report, it is almost inevitable that the second quarter
of 2015 will see a stronger housing market than the second quarter of 2014. A few buyers are still
holding out for a general reduction in prices, but the chance of this happening in 2015 is very small.
Sources & Acknowledgement
The sales and foreclosure transaction data used in this report was compiled by the Information Market
LLC (www.theinformationmarket.com). ASU wishes to thank them for their extensive cooperation in
creating this report. We would also like to thank ARMLS Inc. for permission to use the active listing
statistics from their monthly STAT report and Belfiore Real Estate Consulting for data related to new
home construction and sales.
January 2015 - Recorded Sales - Single Family
All Sales
Qty
Sold
Average
Sale Price
New Home Sales
Median
Sale Price
Average
$/SqFt
Qty
Sold
Average
Sale Price
Median
Sale Price
Normal Resales
Average
$/SqFt
Investor Flips
Qty
Sold
Average
Sale Price
Median
Sale Price
22
30
8
51
73
10
55
30
192
11
32
2
20
36
210
170
32
82
32
34
72
359
13
19
140
844
34
5
112
274
92
79
22
155
95
24
1
16
8
6
3
$270,942
$198,825
$91,313
$169,612
$186,793
$818,173
$171,273
$456,863
$294,391
$128,652
$125,160
$193,000
$152,945
$524,524
$285,820
$201,697
$359,380
$263,610
$188,188
$291,345
$156,897
$242,863
$281,619
$1,804,211
$246,314
$239,358
$330,838
$493,500
$165,989
$618,108
$146,244
$211,807
$275,236
$225,961
$282,707
$143,798
$124,000
$237,812
$278,700
$232,167
$103,333
$255,362
$149,950
$87,600
$169,500
$153,000
$790,000
$160,000
$403,500
$261,500
$128,500
$129,500
$193,000
$132,000
$408,500
$250,000
$179,450
$250,000
$235,000
$165,662
$212,500
$147,450
$197,500
$280,000
$1,400,000
$221,500
$195,000
$264,750
$485,000
$158,750
$482,500
$135,250
$183,000
$258,450
$200,000
$240,000
$149,450
$124,000
$206,500
$255,000
$258,750
$98,000
$127.20
$114.35
$58.71
$89.71
$91.02
$221.89
$90.49
$180.03
$133.94
$53.32
$79.10
$92.57
$84.01
$195.49
$127.88
$109.80
$174.72
$113.34
$90.13
$115.24
$72.41
$127.03
$107.01
$425.65
$117.51
$134.40
$132.35
$182.85
$83.31
$228.42
$94.80
$115.07
$138.59
$110.15
$146.41
$75.73
$98.49
$109.08
$135.64
$110.72
$83.09
Average
$/SqFt
Short Sales & Pre-foreclosures
Qty
Sold
Average
Sale Price
Median
Sale Price
$115.92
$131.20
$66.16
$92.05
$81.56
1
1
$202,500
$36,000
$202,500
$36,000
$144.64
$54.88
5
3
$171,080
$227,033
$172,000
$161,100
$67.82
$86.10
$121,000
$279,900
$238,063
$86.97
$162.44
$127.11
$119,225
$132,750
$70.15
3
1
10
2
2
$92,800
$279,900
$214,228
$104,060
$109,500
$74,400
$279,900
$172,500
$104,060
$109,500
$42.21
$131.29
$109.74
$55.32
$99.73
1
$110,000
$110,000
$91.97
14
16
$255,300
$176,861
$252,500
$160,889
$118.33
$96.95
2
3
$192,000
$176,875
$192,000
$170,750
$91.36
$89.56
4
33
$167,725
$170,148
$160,500
$152,000
$65.46
$114.87
8
10
3
4
3
2
2
18
$280,050
$196,960
$193,667
$216,469
$184,667
$264,950
$151,500
$194,219
$217,000
$188,500
$152,000
$169,788
$159,000
$264,950
$151,500
$164,450
$117.41
$92.14
$104.91
$100.43
$76.55
$89.13
$69.16
$93.57
1
7
136
3
$595,000
$258,607
$162,990
$269,333
$595,000
$271,750
$136,900
$255,000
$260.39
$121.89
$112.33
$90.58
1
6
48
3
$529,900
$232,642
$159,045
$270,000
$529,900
$229,850
$131,000
$320,000
$172.27
$102.73
$93.96
$83.84
5
23
2
5
1
6
8
4
$163,700
$486,926
$180,500
$164,300
$199,900
$153,217
$229,550
$151,100
$144,800
$368,000
$180,500
$134,000
$199,900
$150,450
$238,500
$149,450
$110.01
$212.47
$113.02
$118.07
$130.31
$98.11
$135.43
$89.13
3
12
$159,267
$637,417
$131,000
$576,500
$71.28
$191.64
7
6
1
$184,057
$177,179
$141,000
$155,000
$172,500
$141,000
$84.03
$100.33
$92.64
1
$93,500
$93,500
$116.88
1
$156,000
$156,000
$69.96
Qty
Sold
Average
Sale Price
Median
Sale Price
2
1
2
8
5
$224,950
$169,900
$83,850
$117,150
$129,560
$224,950
$169,900
$83,850
$190,500
$117,900
7
3
14
$132,014
$366,633
$267,832
4
Average
$/SqFt
Average
$/SqFt
Anthem
Apache Juntion
Arizona City
Avondale
Buckeye
Carefree
Casa Grande
Cave Creek
Chandler
Coolidge
El Mirage
Eloy
Florence
Fountain Hills
Gilbert
Glendale
Gold Canyon
Goodyear
Laveen
Litchfield Park
Maricopa
Mesa
New River
Paradise Valley
Peoria
Phoenix
Queen Creek
Rio Verde
San Tan Valley
Scottsdale
Sun City
Sun City West
Sun Lakes
Surprise
Tempe
Tolleson
Tonopah
Waddell
Wickenburg
Wittmann
Youngtown
26
36
16
78
126
13
86
47
255
16
49
7
33
37
327
221
37
124
59
46
105
491
18
23
244
1,193
71
5
159
341
102
87
23
210
115
44
1
18
8
7
6
$262,035
$181,168
$89,231
$167,254
$201,523
$792,210
$160,934
$485,224
$298,123
$111,831
$122,860
$245,705
$170,887
$516,754
$303,100
$196,816
$344,906
$278,230
$199,224
$299,647
$157,667
$237,660
$304,405
$1,741,083
$263,655
$222,000
$350,460
$493,500
$182,982
$632,015
$145,410
$206,446
$271,961
$223,878
$267,420
$158,661
$124,000
$239,766
$278,700
$221,143
$104,917
$239,450
$130,000
$86,450
$170,750
$184,250
$790,000
$153,630
$435,000
$271,000
$116,000
$122,000
$260,000
$142,000
$405,000
$270,000
$170,000
$256,000
$239,950
$173,000
$249,869
$154,500
$195,000
$309,883
$1,375,000
$244,489
$170,000
$301,990
$485,000
$165,000
$486,000
$135,250
$180,000
$239,900
$202,000
$230,000
$150,000
$124,000
$211,477
$255,000
$245,000
$95,750
$126.44
$112.58
$58.65
$86.74
$98.82
$221.12
$84.34
$178.90
$133.41
$49.53
$76.79
$134.92
$93.91
$194.60
$127.60
$104.89
$168.22
$118.40
$92.96
$115.36
$74.73
$123.24
$108.53
$412.12
$117.43
$126.79
$126.70
$182.85
$89.14
$229.46
$92.80
$114.36
$138.31
$106.18
$141.55
$80.05
$98.49
$109.50
$135.64
$108.99
$75.58
Maricopa County
Pinal County
4,420
545
$282,682
$187,125
$216,486
$160,000
$136.01
$94.12
465
80
$388,807
$254,500
$321,965
$213,187
$144.08
$123.49
3,165
372
$289,330
$186,882
$218,500
$159,000
$141.15
$93.60
302
20
$206,192
$143,055
$169,000
$130,750
$122.58
$85.81
152
14
$228,390
$134,594
$167,950
$126,400
$107.60
$68.19
Total
4,965
$272,193
$208,000
$131.59
545
$369,092
$306,560
$141.69
3,537
$278,555
$209,900
$136.27
322
$202,270
$164,000
$120.32
166
$220,479
$160,550
$104.49
1
5
39
3
9
10
25
$114,800
$232,605
$248,861
$705,665
$190,514
$656,909
$439,619
$114,800
$222,793
$234,990
$669,079
$187,004
$689,959
$412,000
$75.18
$99.61
$119.67
$218.20
$101.46
$188.04
$147.32
2
5
10
$178,740
$266,788
$248,088
$178,740
$271,854
$253,243
$98.97
$155.51
$118.49
73
2
$382,961
$256,034
$355,806
$256,034
$133.04
$97.80
31
15
6
16
45
4
2
71
49
29
$348,260
$240,653
$433,888
$185,101
$337,737
$374,308
$2,320,000
$321,814
$360,992
$398,624
$305,690
$229,990
$405,303
$175,319
$334,819
$351,883
$2,320,000
$304,168
$346,274
$332,090
$139.82
$109.52
$144.55
$99.61
$127.97
$121.05
$411.68
$124.09
$144.42
$130.72
26
18
$281,661
$1,207,308
$217,819
$988,008
$124.74
$315.68
25
$274,021
$268,761
$106.40
9
$209,948
$212,990
$92.58
2
$255,398
$255,398
$112.76
January 2015 - Recorded Sales - Single Family
Bank Owned Sales
Qty
Sold
Anthem
Apache Juntion
Arizona City
Avondale
Buckeye
Carefree
Casa Grande
Cave Creek
Chandler
Coolidge
El Mirage
Eloy
Florence
Fountain Hills
Gilbert
Glendale
Gold Canyon
Goodyear
Laveen
Litchfield Park
Maricopa
Mesa
New River
Paradise Valley
Peoria
Phoenix
Queen Creek
Rio Verde
San Tan Valley
Scottsdale
Sun City
Sun City West
Sun Lakes
Surprise
Tempe
Tolleson
Tonopah
Waddell
Wickenburg
Wittmann
Youngtown
Average
Sale Price
Fannie Mae / Freddie Mac Sales
Median
Sale Price
Average
$/SqFt
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
2
3
3
3
$91,750
$82,633
$99,492
$125,333
$91,750
$80,000
$120,225
$126,000
$95.87
$54.16
$75.89
$70.39
2
1
2
$83,950
$96,800
$109,350
$83,950
$96,800
$109,350
$88.18
$55.44
$76.23
5
2
7
2
3
$117,500
$424,500
$204,368
$69,500
$123,925
$88,000
$424,500
$163,000
$69,500
$112,875
$62.07
$164.09
$98.74
$28.79
$64.83
3
$133,750
$137,500
$74.72
5
$194,880
$199,900
$130.79
7
10
2
$291,371
$154,266
$340,189
$301,000
$149,160
$340,189
$118.49
$84.50
$151.13
3
2
$209,633
$160,900
$214,000
$160,900
$112.79
$85.77
3
2
2
17
$182,055
$215,688
$108,750
$132,700
$150,000
$215,688
$108,750
$131,000
$83.99
$76.15
$61.51
$88.53
1
$244,000
$244,000
$83.36
1
3
3
1
$157,000
$143,583
$157,227
$321,000
$157,000
$149,000
$162,780
$321,000
$84.23
$55.37
$112.79
$82.20
8
51
$193,778
$127,422
$150,300
$103,900
$88.75
$79.70
4
18
$194,875
$130,942
$170,500
$117,000
2
5
5
3
$174,000
$403,460
$116,320
$135,533
$174,000
$485,800
$115,200
$135,000
$57.81
$149.37
$67.60
$86.75
5
1
1
$156,400
$254,900
$84,000
8
2
2
$199,691
$139,250
$166,000
$201,000
$139,250
$166,000
$79.34
$88.02
$72.62
5
1
HUD Sales
Foreclosure - Trustee Sold to 3rd Party
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
1
$199,775
$199,775
$114.75
1
1
1
$70,000
$152,000
$121,000
$70,000
$152,000
$121,000
$46.30
$78.31
$54.31
1
$107,101
$107,101
$49.20
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
No Bidders at Auction - Reverted to Lender
Qty
Unsold
Average
Opening Bid
Median
Opening Bid
Average
$/SqFt
1
3
3
4
6
$318,724
$143,032
$57,484
$151,649
$191,656
$318,724
$142,666
$62,915
$124,595
$167,409
$95.74
$98.98
$52.15
$75.64
$92.86
6
1
10
2
$108,009
$540,000
$197,418
$124,555
$99,071
$540,000
$194,803
$124,555
$68.63
$117.85
$119.84
$72.97
3
2
$96,948
$112,250
$81,182
$112,250
$52.42
$86.05
3
1
2
1
6
$135,759
$301,751
$105,462
$27,001
$98,313
$148,838
$301,751
$105,462
$27,001
$97,450
$45.89
$129.51
$92.07
$27.22
$62.59
2
1
12
9
$66,577
$237,000
$221,025
$196,977
$66,577
$237,000
$187,951
$143,500
$43.86
$142.60
$105.44
$85.15
2
2
$331,500
$131,880
$331,500
$131,880
$98.19
$49.25
5
15
$284,702
$186,475
$312,300
$168,016
$118.87
$115.55
2
$129,550
$129,550
$68.36
1
2
1
3
1
$210,375
$153,500
$156,425
$105,733
$153,088
$210,375
$153,500
$156,425
$97,000
$153,088
$82.92
$80.87
$76.75
$74.39
$112.15
3
1
$128,067
$184,600
$113,000
$184,600
$74.44
$57.58
3
2
$158,110
$143,040
$158,980
$143,040
$88.21
$92.28
3
15
$119,163
$154,211
$105,401
$146,500
$64.00
$94.50
$108.66
$85.38
5
6
1
$180,542
$94,080
$135,000
$140,000
$95,550
$135,000
$79.20
$65.70
$97.83
3
41
1
$186,833
$144,354
$321,100
$192,300
$127,700
$321,100
$97.14
$88.46
$107.10
10
20
3
1
11
59
1
$133,259
$183,620
$353,692
$2,700,000
$200,208
$206,766
$312,375
$128,145
$170,223
$243,022
$2,700,000
$162,000
$138,137
$312,375
$62.58
$108.83
$161.55
$250.84
$100.24
$110.62
$84.31
$158,000
$254,900
$84,000
$58.80
$164.56
$64.22
1
$123,500
$123,500
$79.68
1
$144,950
$144,950
$91.51
5
8
1
$126,070
$411,463
$205,900
$129,201
$427,001
$205,900
$66.30
$154.95
$64.20
$166,076
$159,900
$84.47
$160,000
$160,000
$70.92
1
1
1
$120,500
$148,000
$139,000
$120,500
$148,000
$139,000
$77.34
$95.61
$63.97
3
3
2
$127,900
$190,061
$132,000
$126,001
$202,600
$132,000
$91.05
$114.93
$67.31
12
6
3
1
1
5
3
1
$165,122
$466,532
$107,431
$185,000
$199,794
$148,637
$217,934
$330,437
$164,913
$467,574
$100,000
$185,000
$199,794
$129,276
$216,090
$330,437
$79.88
$187.12
$79.74
$103.93
$101.37
$90.35
$128.42
$135.26
1
1
$315,416
$327,289
$315,416
$327,289
$75.15
$171.00
1
$155,000
$155,000
$95.56
$89.24
$68.53
50
17
$160,974
$145,394
$152,740
$148,750
$93.97
$67.76
27
7
$138,719
$103,972
$139,000
$107,101
$76.61
$61.02
117
15
$176,731
$105,678
$136,000
$109,600
$95.77
$54.69
164
45
$229,233
$135,373
$174,457
$117,300
$117.08
$71.48
$86.65
67
$157,021
$149,000
$86.14
34
$131,565
$122,250
$73.55
132
$168,657
$133,750
$90.91
209
$209,024
$164,051
$107.52
1
$70,000
$70,000
$44.64
Maricopa County
Pinal County
142
20
$165,308
$128,640
$138,397
$105,000
Total
162
$160,781
$132,750
January 2015 - Recorded Sales - Townhouse / Condo
All Sales
New Home Sales
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
1
5
$155,000
$65,180
$155,000
$68,000
$116.98
$79.08
2
3
7
5
32
$267,770
$299,667
$135,929
$280,300
$139,906
$267,770
$255,000
$150,000
$280,000
$139,750
$138.38
$195.26
$95.65
$170.73
$124.70
1
1
20
22
44
$185,192
$72,000
$228,937
$144,685
$78,733
$185,192
$72,000
$219,450
$149,750
$65,000
$144.01
$85.71
$164.01
$125.56
$67.32
7
1
8
1
116
$252,401
$158,000
$181,952
$170,000
$128,230
$269,178
$158,000
$179,500
$170,000
$120,000
$159.44
$99.43
$112.76
$108.77
$106.24
6
28
307
$359,500
$128,991
$174,611
$342,500
$121,750
$124,500
$245.28
$105.06
$138.87
2
$288,250
$288,250
$145.84
202
79
15
5
9
47
$279,144
$87,335
$112,553
$216,180
$107,378
$184,186
$230,000
$85,000
$110,000
$218,000
$101,000
$140,000
$186.89
$66.45
$87.42
$134.31
$112.27
$146.41
2
$97,500
$97,500
$96.73
Maricopa County
Pinal County
963
16
$179,412
$118,537
$135,000
$115,500
$137.12
$98.09
72
1
$333,289
$185,192
$307,905
$185,192
Total
979
$178,417
$135,000
$136.53
73
$331,260
$305,910
Anthem
Apache Juntion
Arizona City
Avondale
Buckeye
Carefree
Casa Grande
Cave Creek
Chandler
Coolidge
El Mirage
Eloy
Florence
Fountain Hills
Gilbert
Glendale
Gold Canyon
Goodyear
Laveen
Litchfield Park
Maricopa
Mesa
New River
Paradise Valley
Peoria
Phoenix
Queen Creek
Rio Verde
San Tan Valley
Scottsdale
Sun City
Sun City West
Sun Lakes
Surprise
Tempe
Tolleson
Tonopah
Waddell
Wickenburg
Wittmann
Youngtown
Qty
Sold
2
Average
Sale Price
$267,770
Median
Sale Price
$267,770
Normal Resales
Average
$/SqFt
Investor Flips
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
1
5
$155,000
$65,180
$155,000
$68,000
$116.98
$79.08
3
7
3
30
$299,667
$135,929
$291,500
$144,650
$255,000
$150,000
$297,000
$140,000
$195.26
$95.65
$166.00
$126.05
1
15
20
30
$72,000
$205,260
$144,155
$88,743
$72,000
$200,000
$149,750
$72,750
$85.71
$150.02
$125.79
$77.50
$118,500
$158,000
$171,371
$170,000
$125,819
$118,500
$158,000
$164,000
$170,000
$120,000
Short Sales & Pre-foreclosures
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
Qty
Sold
Average
Sale Price
Median
Sale Price
2
$172,500
$172,500
$133.05
2
$90,150
$90,150
$104.87
$99.43
$108.26
$108.77
$104.69
2
$84,500
2
15
Average
$/SqFt
$52.47
1
3
$125,000
$53,467
$125,000
$57,000
$117.59
$50.03
$84,500
$92.65
4
$92,500
$102,500
$85.89
$97,000
$126,373
$97,000
$88,000
$108.99
$105.48
1
8
$145,000
$124,538
$145,000
$95,000
$105.30
$110.04
9
3
2
$266,457
$120,167
$146,500
$282,577
$132,500
$146,500
$154.06
$84.82
$97.31
1
$485,000
$485,000
$262.45
1
$186,000
$186,000
$168.33
$138.38
2
$263,500
$263,500
$179.19
1
$185,192
$185,192
$144.01
2
1
$462,472
$174,970
$462,472
$174,970
$256.08
$127.90
6
$274,718
$270,008
$165.64
1
$256,015
$256,015
$140.05
9
$194,666
$194,666
$151.33
1
1
7
1
91
$212.21
6
23
212
$359,500
$135,326
$160,405
$342,500
$136,000
$111,000
$245.28
$108.74
$131.01
2
$288,250
$288,250
$145.84
177
69
13
5
8
39
$270,194
$87,809
$107,331
$216,180
$116,550
$200,797
$228,000
$83,000
$96,000
$218,000
$110,750
$149,500
$184.56
$66.67
$85.60
$134.31
$115.85
$154.36
2
$97,500
$97,500
$96.73
$208.76
$144.01
758
15
$175,445
$114,093
$135,000
$83,000
$135.33
$94.81
38
$158,461
$130,000
$116.84
18
$126,761
$102,500
$109.40
$208.04
773
$174,254
$135,000
$134.60
38
$158,461
$130,000
$116.84
18
$126,761
$102,500
$109.40
42
7
$330,489
$613,922
$320,105
$558,000
$298.54
January 2015 - Recorded Sales - Townhouse / Condo
Bank Owned Sales
Qty
Sold
Anthem
Apache Juntion
Arizona City
Avondale
Buckeye
Carefree
Casa Grande
Cave Creek
Chandler
Coolidge
El Mirage
Eloy
Florence
Fountain Hills
Gilbert
Glendale
Gold Canyon
Goodyear
Laveen
Litchfield Park
Maricopa
Mesa
New River
Paradise Valley
Peoria
Phoenix
Queen Creek
Rio Verde
San Tan Valley
Scottsdale
Sun City
Sun City West
Sun Lakes
Surprise
Tempe
Tolleson
Tonopah
Waddell
Wickenburg
Wittmann
Youngtown
Average
Sale Price
Median
Sale Price
Fannie Mae / Freddie Mac Sales
Average
$/SqFt
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
1
$229,900
$229,900
$193.19
HUD Sales
Qty
Sold
Average
Sale Price
Median
Sale Price
3
$36,333
$37,000
$33.90
4
$61,650
$62,450
$46.88
2
$137,813
$137,813
$101.82
4
$110,975
$105,950
$91.09
1
$56,000
$56,000
1
11
$80,750
$94,154
$80,750
$70,000
$64.86
$78.62
1
8
$79,500
$74,885
$79,500
$69,700
$58.80
$66.65
1
$140,000
$140,000
2
2
$210,000
$46,000
$210,000
$46,000
$163.87
$44.68
4
4
$180,038
$73,050
$157,625
$76,000
1
1
$34,000
$124,900
$34,000
$124,900
$60.71
$82.72
2
$84,950
Maricopa County
Pinal County
23
$94,434
$64,000
$80.35
28
Total
23
$94,434
$64,000
$80.35
28
Foreclosure - Trustee Sold to 3rd Party
Average
$/SqFt
Qty
Sold
Average
Sale Price
Median
Sale Price
2
$68,780
$68,780
Average
$/SqFt
No Bidders at Auction - Reverted to Lender
Qty
Unsold
Average
Opening Bid
Median
Opening Bid
Average
$/SqFt
1
$114,034
$114,034
$118.54
$93.28
2
$52,826
$52,826
$53.06
2
$109,375
$109,375
$73.31
$67.63
3
$119,551
$117,500
$79.19
2
$155,733
$155,733
$132.60
$121.42
10
$105,249
$111,351
$98.47
14
$103,339
$94,522
$86.99
$129.99
$59.89
2
1
$121,000
$95,900
$121,000
$95,900
$90.77
$54.61
6
5
$327,495
$94,826
$299,466
$98,044
$244.31
$80.76
$84,950
$108.70
4
$86,211
$86,211
$81.81
$99,330
$83,750
$82.66
2
$98,000
$98,000
$98.94
24
$97,376
$89,768
$85.55
30
$151,003
$105,595
$122.97
$99,330
$83,750
$77.28
2
$98,000
$98,000
$98.94
24
$97,376
$89,768
$85.55
30
$151,003
$105,595
$122.97