1. real estate

Michael J Orr, Director
Center for Real Estate Theory and Practice
W P Carey School of Business
Arizona State University
April 13, 2015
MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – FEBRUARY 2015
Headlines:
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Pricing for single family homes remained stable in February. The median sales price rose 2.2%
over January, but the average price per square fell back by 0.8%. Compared with 12 months
earlier in February 2014:
o The median sales price was up 9.0% from $195,000 to $212,500
o Average price per square foot gained 3.1% from $126.53 to $130.48
For townhouse/condo properties, the median sales price rose 3.6% from January. However the
average price per sq. ft. fell by 0.5%. When we compare with February 2014 we see stronger
gains than for single family homes:
o The median sales price was up 10.7% from $122,000 to $139,900
o Average price per square foot was up 11.7% from $122.19 to $135.82
Active listing counts (excluding homes under contract) fell 2% during February, in contrast to
February 2014 when they rose 4%. As of March 1, 2015 we had 12% fewer active listings than
March 1, 2014. Distressed supply was down 47% from a year earlier and down 7% in the last
month.
Foreclosure starts on single family and condo homes rose 5% between January and February,
but were down 4% from February 2014. The trend remains low and stable.
Recorded trustee deeds (completed foreclosures) on single family and condo homes were down
5% from the prior month and down 36% from a year earlier.
After a weak January, demand improved considerably in February. Single family sales rose 19%
from January and were 9% higher than in February 2014. However townhouse/condo sales were
up 1% from January and 2% from February 2014.
Single family homes sales increased year over year in three sectors:
o Normal re-sales (up 18%)
o New homes (up 8%)
o Bank owned homes (up 12%)
Single family home sales decreased year over year across the remaining sectors:
o Investor flips (down 18%)
o Short sales and pre-foreclosures (down 24%)
o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 44%)
o HUD sales (down 51%)
o Third party purchases at trustee sale (down 26%)
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 have simplified our analysis
of the various different types of distressed sales. We are replacing this with increased coverage of
townhouse / condo properties since these are growing in 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.
Introduction
In the sections below we compare February 2015 data for Maricopa and Pinal County with that for
February 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.
However February provided confirmation that the market is strengthening. The improvement came
mainly for single family homes whereas the townhouse / condo segment trod water after two prior
months of significant progress.
Total single family, townhouse & condo sales were 8% higher than February 2014, with a 9% rise in
single family homes while townhouse & condo sales were up 2%. Townhomes and condos lost market
share from 15.2% to 14.4% compared with February 2014.
The change in total dollars spent on homes was more favorable than the change in the unit count.
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Total dollars spent on single family homes rose by 13% above February 2014.
Total dollars spent on townhouses & condos rose by 14% above February 2014.
Single family homes:
February 2015
Under $200,000
$200,000 to $500,000
Over $500,000
All Prices - SFR
Units Sold Change from 2014
2,676
-4%
2,804
+24%
412
+6%
5,892
+9%
Total $
Change from 2014
$376M
+0%
$818M
+21%
$369M
+9%
$1,351M
+13%
Townhouse / condo homes:
February 2015
Under $200,000
$200,000 to $500,000
Over $500,000
All Prices - SFR
Units Sold Change from 2014
721
-7%
243
+37%
28
+12%
992
+2%
Total $
Change from 2014
$81M
-1%
$70M
+37%
$23M
+20%
$174M
+14%
For single family homes, the segment over $500,000 is no longer out-performing with a slight decline in
dollar market share from 25% to 24%. Homes under $200,000 also lost market share from 27% to 24%.
The big increase came for the mid range between $200,000 and $500,000 where market share rose
from 49% to 52%.
The changes in the market for townhouse / condo homes are quite significant. Although there was only
a small 2% gain in the unit sales count, the amount of money being spent on attached homes rose by
14%. The mid range grew dollar revenues by 37%, even though the average price was almost
unchanged. There was a 7% decline in unit sales under $200,000 and because this is the largest
segment, it meant the overall unit count rose only 2%. The range over $500,000 saw healthy increases
with units up 12% and dollars up 20%. The mid-priced townhouse /condo market was clearly the hottest
segment in February, relative to the situation twelve months ago.
Changes in Transaction Mix
For single family homes, the changes in transaction mix between February 2014 and February 2015 are
illustrated in the chart below: (Note: ‘Reverted’ homes are excluded from ‘All Sales’.)
We saw growth in normal transactions (15%) and new home sales (8%) at the expense of distressed
transactions (down 12%).
Below is the equivalent chart for townhouse /condo properties.
Here we see significant growth in new sales (up 48%), unlike the single family segment, and a 5%
increase in non-distressed sales, while distressed sales declined by 30%.
Supply
Our local Multiple Listing Service (ARMLS) had 25,994 active listings on March 1, 2015 across Greater
Phoenix including listings under contract seeking backup offers. This is a rise of 0.6% since February 1,
but it is 8.5% below the total on March 1, 2014. This is the largest year over year decline since February
2013. 14.5% of the active listings already have a signed contract, which is much higher than the 10.6%
we recorded 12 months ago. This is because more agents are leaving their listings in active status even
though they have signed contracts. This increases their advertising exposure on internet portals like
Zillow. However it has the side-effect of over-stating the real supply of homes available for sale.
The number of active single family listings without an existing contract was 17,722 for the Greater
Phoenix area as of March 1. This is down 2.4% since February 1. The inventory of single family homes
under $150,000 stands at 49 days, down from 80 days a year ago.
Overall we have seen 4% 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 $
Feb 2015
$351,525
$263,872
$181,185
$265,743
Average $
Feb 2014
$334,909
$258,677
$180,238
$256,449
%
Change
+5.0%
+2.0%
+0.5%
+3.6%
Single Family
Median Sales Price
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Median $
Feb 2015
$296,285
$210,000
$145,000
$212,500
Median $
Feb 2014
$306,379
$205,000
$141,500
$195,000
%
Change
-3.2%
+2.4%
+2.5%
+9.0%
Single Family
Average Price per Sq Ft
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
$/SF
Feb 2015
$139.32
$133.21
$95.05
$130.48
$/SF
Feb 2014
$141.79
$135.14
$95.38
$126.53
%
Change
-1.7%
-1.4%
-0.3%
+3.1%
Townhouse / Condo
Average Sales Price
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Average $
Feb 2015
$313,320
$176,911
$95,029
$174,983
Average $
Feb 2014
$288,759
$159,055
$108,821
$156,000
%
Change
+8.5%
+11.2%
-12.7%
+12.2%
Townhouse / Condo
Median Sales Price
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
Median $
Feb 2015
$244,400
$140,750
$89,350
$139,900
Median $
Feb 2014
$277,000
$125,000
$82,150
$122,000
%
Change
-11.8%
+12.6%
+8.8%
+14.7%
Townhouse / Condo
Average Price per Sq Ft
New Home Sales
Non-distressed Re-sales
Distressed Re-sales
All Sales
$/SF
Feb 2015
$194.30
$137.48
$82.04
$135.82
$/SF
Feb 2014
$170.96
$124.56
$91.49
$122.19
%
Change
+13.7%
+10.4%
-10.3%
+11.2%
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 that average price per sq. ft. went down for all three categories, yet
went up for the combined total. This is caused by changes in the mix away from distressed sales which
always sell for substantially less than non-distressed re-sales or new homes. Overall pricing for single
family homes has been very stable over the last year..
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 strong.
At the moment we are seeing demand start to strengthen while supply remains weak. Given 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 for single family homes. The average for the period March 2014 to February
2015 is compared with the average for the period March 2013 to February 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
Last
Month
3
1
2
4
5
14
6
7
8
29
15
11
12
18
16
17
10
22
23
24
13
21
19
9
25
32
27
20
26
28
31
34
30
City
Carefree
Gold Canyon
Apache Junction
Youngtown
Arizona City
Fountain Hills
Litchfield Park
Goodyear
Phoenix
Coolidge
Buckeye
Casa Grande
Queen Creek
Sun Lakes
San Tan Valley
Avondale
Laveen
Scottsdale
El Mirage
Surprise
Tolleson
Tempe
Sun City
Florence
Maricopa
Eloy
Glendale
Wittmann
Paradise Valley
Mesa
Cave Creek
Sun City West
Waddell
% Change in
Annual $/SF
18%
15%
14%
12%
12%
11%
11%
11%
10%
9%
9%
9%
9%
9%
8%
8%
8%
8%
8%
8%
8%
8%
8%
7%
7%
7%
6%
6%
6%
6%
6%
6%
5%
Annual $/SF
Dec 2014
$257
$152
$105
$75
$60
$203
$111
$115
$128
$52
$95
$78
$115
$134
$91
$87
$87
$229
$81
$100
$80
$139
$93
$83
$75
$99
$104
$101
$343
$118
$176
$112
$98
34
35
36
37
38
39
40
41
33
40
35
36
38
37
39
41
Peoria
Rio Verde
Gilbert
Chandler
Anthem
Wickenburg
New River
Tonopah
5%
5%
5%
3%
3%
3%
1%
-2%
$122
$170
$127
$134
$125
$125
$117
$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 rose 5% between January and
February and they were 4% lower than a year earlier. The breakdown by county and property type is:
Foreclosure Starts
Maricopa County
Pinal County
Total
Single Family
713
117
830
Townhouse / Condo
86
3
89
Total
799
120
919
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 fell 5% between January and February and were down 36% from February 2014.
The trend for foreclosure completions remains downward, but we expect them to stabilize close to this
low level over the next year.
New Home Sales
Newly built single family homes saw 688 closings in February, a 27% improvement over January and 8%
higher than February 2014. The total dollar value of single family new homes closed in February was up
13% from $214 million in 2014 to $242 million in 2015.
The average sq. ft. of a new single family home in January was 2,523 while the average sq. ft. of a nondistressed re-sale was 1,981. The fact that the average new home was 27% larger than the typical resale
confirms the extent to which homebuilders have abandoned the entry-level 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 100, but its nearest rival Peoria
was just behind with 83. Other cities that were active for new homes include Phoenix (61), Mesa (60),
Buckeye (50), Goodyear (49), Queen Creek (40), San Tan Valley (38), Chandler (28) and Surprise (24).
Builders were also busy in Florence (14), Scottsdale (14), Maricopa (15) and Laveen (15).
The market share for new single family homes was 12%, the same as February 2014.
New townhouse / condo sales were weaker than last month with 40 in total, but much higher than the
27 we saw in February 2014. They represent only 4% of all townhouse/condo sales.
Non-distressed Re-sales
This category includes normal re-sales and investor flips, but excludes newly built homes
Non-distressed single family re-sales rose 15% from February 2014 to February 2015. The increasing
share of the market for non-distressed sales (78%) compared with last year (74%) 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
86%, up slightly from 83% a year ago.
Non-distressed townhouse and condo re-sales rose 5% from February 2014 to February 2015. Nondistress townhouse and condo re-sales represented 87% of the attached home transactions, up from
84% in February 2015.
Excluding investor flips, the percentage of normal townhouse and condo re-sales that went through the
MLS was 82%, down from 83% 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 596, down 23% from February 2014
and a far cry from the 5,006 we saw in February 2011. The total number of distressed townhouse /
condo sales in January was 90, down 30% from February 2014 and a long way below the 812 we saw in
February 2011.
New Construction Permits
Permits reported by the Census Bureau for single family homes in Maricopa and Pinal Counties totaled
1,029 in February. This was 12% higher than February 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 985, up from 975. The annual rate is
now 11,820.
Multi-family permits have been on a strong upward trend recently although they are very volatile. They
totaled a modest 567 in February, causing the rolling annual rate to fall for the first time since May last
year. Nevertheless it remains elevated compared to historic levels at 8,392.
Out of State Purchasers
The percentage of residences in Maricopa County sold to owners from outside Arizona was 16.8% in
February, down from 18.7% in January and well below the 19.6% we saw in February 2014.
Californians have increased their market share from 4.4% to 3.5% over the last year but easily retained
their normal position as the largest group of out of state buyers.
Canadian demand has dropped from 1.7% to 1.3% over the last 12 months, but this represents a
recovery from the lows (1.1%) over the summer period. Next in line come Washington (1.2%), Illinois
(1.2%) and Colorado (1.1%). Minnesota, New York, Wisconsin, Texas and Iowa were the next most
numerous home locations for out of state home buyers in Greater Phoenix during February.
Cash Buyers
Though they are down from their peak of 42%, cash purchases have been running at an unusually high
level between 20% and 30% since July 2013.
In Maricopa County the percentage of properties recording an Affidavit of Value and purchased without
financing was 26.3% in February 2015, down from 27.7% in January. It is also down from 29.2% in
February 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.
Though demand improved in February, we still see the low availability of finance as a significant
constraint, especially for first time home buyers.
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.
Affidavits are not required for HUD sales or trustee sales. HUD sales are usually oriented towards owneroccupiers 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
February 2014 and February 2015 are as follows:
Investor %
February 2015
Maricopa
14.5%
February 2014
Maricopa
20.5%
February 2015
Pinal
10.9%
February 2014
Pinal
15.3%
Because of the surge in owner-occupier activity in February, the investor percentages were expected to
be lower than January. However, there were only 896 investor purchases in Maricopa County during
February, the lowest total since we started monitoring in January 2011.
Pinal investor buys did not set a new low, because they were slightly higher than January in absolute
terms, but we are running at only one third of typical activity between 2011 and the middle of 2013.
Second Homes
In February 2015, 15.2% 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 (21.9%)
than in Maricopa County (14.5%). Second home purchases made up 15.5% of sales in February 2014, so
we are now seeing roughly the same 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 3,037 as of
March 1, 2015. This is down 18% from a month earlier and represents 1.1 months of supply. Rental
demand remains quite strong and supply is very constrained for properties below $1,300 a month.
There were 4,122 active rental listings as of March 1, 2014 one year earlier, which also represented 1.1
months of supply.
The average time on market for a leased home (excluding vacation rentals) stood at 39 days, down from
41 days last month but much lower than the 50 days we saw last year. With relatively fast turnover and
low vacancy rates, rents have been increasing in the most popular locations. We are currently seeing a
6.0% 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 March 1 we had 26 days of single family rental supply and 45 days of
condo supply.
Outlook
Last month we described January as the calm before the storm, and February did not disappoint us.
Demand surged quite suddenly as soon as the month began and kept building all through February
giving March an excellent start, especially for single family homes. We expect to be reporting even more
impressive sales numbers when next month’s report is published.
Demand is up in the lowest price ranges, but nothing like as much as in the ranges above $175,000.
Sellers have the advantage below $175,000, but this is because of unusually low supply rather than high
demand. Supply is below normal between $175,000 and $600,000, but demand has recovered faster in
these ranges and is almost back to normal. Activity is much higher than last year and if it continues for a
few more months, as seems likely, we will start to see significant upward pressure on pricing again.
In the luxury price ranges, demand remains above normal, but supply is plentiful, so upward price
pressure is moderating rather than increasing.
February saw the single-family market fight back and retake some of the ground lost to townhomes and
condos in December and January. Historically February has always been a weak month for the condo
market, so we still think there is an underlying trend favoring attached homes. However, there was little
additional evidence to support that theory in February.
As demand has grown we see a significant part coming from boomerang buyers who have repaired their
credit after foreclosure or short sale several years ago. We also anticipate more Millennials buying
homes for the first time as lending rules get a little more accommodating, but the relatively weak
demand in entry level price ranges suggests this is more of a future trend than a present one.
After a year of slow price movements, we expect a little more excitement in the rest of 2015, though still
not dramatic. Supply remains relatively low except at the high end, and with the economy still
improving, demand from both in-state 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, if and when this trend
emerges. In February the sales mix moved in favor of mid-range homes and this is a trend that is likely to
continue during the whole of the spring season.
It is clear that the second quarter of 2015 will see a much 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 now gone and the opposite is much more likely. On top of that, most observers
seem to believe interest rates must rise at some point. A potential combination of rising prices and rising
interest rates is likely to mean home purchasing will get more expensive over the next twelve months.
We will have to wait and see if this suppresses demand or causes people to move faster to lock down
lower prices and rates.
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.
February 2015 - Recorded Sales - Single Family
All Sales
Qty
Sold
Average
Sale Price
New Home Sales
Median
Sale Price
Average
$/SqFt
Normal Resales
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
2
$189,140
$189,140
$101.83
5
50
4
5
11
28
$244,080
$232,650
$722,592
$176,387
$626,693
$382,975
$237,000
$209,392
$712,813
$174,055
$552,830
$382,610
$105.98
$116.06
$221.98
$98.29
$178.30
$142.08
9
2
14
2
100
3
$183,071
$298,770
$222,418
$1,002,500
$366,185
$240,379
$185,000
$298,770
$227,230
$1,002,500
$332,793
$222,450
$100.82
$142.03
$109.66
$259.35
$133.17
$119.51
49
15
10
15
60
10
1
83
61
40
$298,471
$214,488
$434,743
$203,910
$344,514
$327,902
$2,690,000
$336,421
$379,608
$347,290
$277,990
$209,026
$418,187
$189,628
$322,625
$312,686
$2,690,000
$301,840
$314,854
$308,124
$126.20
$98.46
$131.74
$102.80
$133.87
$123.55
$466.12
$129.16
$167.82
$122.09
38
14
$264,434
$1,355,286
$249,773
$1,060,354
$116.12
$314.82
24
1
6
$265,385
$340,000
$204,899
$261,063
$340,000
$208,857
$102.59
$188.37
$97.03
7
$267,608
$251,500
$116.87
Investor Flips
Qty
Sold
Average
Sale Price
Median
Sale Price
28
45
12
63
107
3
64
46
244
18
30
8
26
36
281
219
39
94
42
46
85
409
17
16
173
1,043
40
6
136
294
82
102
39
207
88
34
2
7
10
8
10
$253,059
$173,291
$105,042
$176,775
$185,771
$704,667
$160,875
$441,419
$281,811
$98,337
$130,318
$100,125
$153,596
$497,544
$272,631
$209,157
$248,048
$243,724
$190,262
$254,991
$157,745
$229,531
$295,076
$1,560,641
$262,765
$244,195
$278,270
$133,667
$180,318
$652,348
$164,715
$222,203
$247,813
$210,822
$256,694
$164,292
$155,000
$280,343
$209,940
$191,250
$106,120
$237,400
$150,000
$95,250
$173,500
$159,000
$735,000
$143,500
$412,250
$249,950
$101,250
$130,000
$54,500
$123,450
$429,000
$250,000
$185,000
$239,500
$225,000
$175,000
$219,950
$149,000
$195,000
$295,000
$1,559,500
$246,000
$196,000
$238,850
$367,500
$166,080
$444,250
$145,750
$191,596
$239,900
$192,000
$228,750
$162,750
$155,000
$258,400
$211,500
$210,000
$90,750
$126.24
$114.79
$70.53
$86.85
$94.90
$269.92
$82.44
$182.07
$135.30
$58.35
$83.38
$64.95
$75.39
$198.19
$127.72
$109.41
$143.93
$112.19
$84.70
$112.15
$75.30
$122.36
$117.94
$343.13
$121.22
$138.21
$121.56
$181.02
$87.74
$241.00
$96.55
$116.67
$132.59
$105.75
$139.15
$80.99
$83.85
$116.44
$130.11
$88.02
$73.98
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
30
56
14
88
167
7
82
64
301
23
54
12
46
40
428
287
40
162
71
62
127
556
29
22
296
1,385
89
6
205
345
100
106
43
262
110
52
2
17
10
10
11
$254,455
$163,647
$103,179
$178,146
$198,059
$714,909
$159,374
$459,706
$285,864
$91,133
$138,998
$147,045
$171,043
$510,637
$293,229
$196,906
$245,595
$253,245
$195,565
$279,841
$160,244
$232,988
$304,184
$1,567,789
$273,728
$234,487
$302,038
$431,875
$191,912
$656,292
$160,343
$219,386
$250,744
$211,099
$248,760
$165,294
$155,000
$257,215
$209,940
$181,080
$104,654
$237,400
$134,250
$95,250
$171,500
$180,000
$735,000
$146,500
$420,750
$259,900
$90,000
$135,500
$72,000
$144,950
$429,000
$273,500
$175,000
$237,250
$236,562
$183,000
$237,500
$153,800
$200,000
$305,971
$1,434,500
$259,737
$185,000
$281,914
$367,500
$174,500
$447,000
$144,048
$190,596
$255,000
$191,500
$226,250
$160,000
$155,000
$251,500
$211,500
$210,000
$90,000
$123.60
$109.53
$70.46
$87.52
$100.39
$239.98
$80.44
$177.82
$134.14
$55.29
$84.97
$86.97
$82.77
$200.70
$127.46
$105.46
$143.32
$114.55
$87.17
$114.84
$76.18
$121.84
$118.45
$331.88
$121.30
$134.08
$119.51
$181.02
$91.02
$240.68
$95.30
$116.01
$133.64
$103.54
$137.57
$80.23
$83.85
$108.04
$130.11
$86.23
$73.70
Maricopa County
Pinal County
5,217
675
$277,052
$178,333
$220,500
$162,000
$135.29
$91.45
593
95
$365,833
$262,217
$306,903
$233,107
$141.50
$122.82
3,829
471
$279,646
$172,610
$220,000
$155,500
Total
5,892
$265,743
$212,500
$130.48
688
$351,526
$296,285
$139.32
4,300
$267,922
$212,000
Average
$/SqFt
Short Sales & Pre-foreclosures
Qty
Sold
Average
Sale Price
Median
Sale Price
$113.20
$69.96
$90.79
$106.76
1
$96,000
$96,000
$80.27
5
3
$156,680
$147,767
$150,500
$145,000
$87.26
$69.05
$163,500
$359,750
$215,000
$80.10
$160.66
$124.05
$122,100
$41,000
$116,000
$253,000
$269,375
$158,328
$122,000
$41,000
$116,000
$253,000
$242,225
$155,750
$82.82
$31.18
$53.98
$127.78
$136.55
$98.73
2
1
4
1
2
1
$161,650
$181,783
$239,000
$30,055
$140,500
$325,000
$161,650
$181,783
$267,500
$30,055
$140,500
$325,000
$65.55
$84.00
$103.03
$34.35
$67.03
$133.53
21
14
$274,457
$143,205
$260,000
$134,250
$110.41
$80.00
3
3
1
9
30
$198,333
$255,333
$170,000
$169,833
$194,040
$195,000
$280,000
$170,000
$161,000
$170,200
$94.96
$95.81
$75.56
$75.62
$123.31
4
3
$144,600
$138,500
$130,000
$135,500
$87.96
$76.48
8
13
$130,106
$207,731
$127,500
$180,000
$62.29
$97.38
2
13
119
2
$848,625
$201,988
$180,841
$225,050
$848,625
$188,000
$150,000
$225,050
$307.81
$108.90
$123.99
$115.23
1
10
43
3
$3,992,108
$169,672
$192,391
$230,350
$3,992,108
$126,500
$157,500
$257,000
$305.79
$93.47
$110.56
$88.70
5
19
4
1
2
8
8
3
$164,980
$407,263
$191,225
$229,700
$317,500
$164,960
$244,769
$159,667
$162,000
$356,500
$207,450
$229,700
$317,500
$158,639
$257,500
$156,000
$80.86
$191.36
$113.54
$125.93
$173.31
$107.78
$146.52
$77.72
5
6
3
$179,350
$382,592
$117,000
$175,000
$361,000
$122,000
$90.73
$154.78
$78.45
6
5
2
$140,483
$197,860
$130,000
$138,450
$199,000
$130,000
$79.74
$115.34
$81.48
2
$163,500
$163,500
$75.66
Qty
Sold
Average
Sale Price
Median
Sale Price
2
2
6
3
$117,500
$92,000
$194,167
$209,100
$117,500
$92,000
$184,000
$134,900
4
4
11
$184,400
$350,875
$241,564
5
1
2
1
12
20
Average
$/SqFt
Average
$/SqFt
1
1
$27,000
$90,000
$27,000
$90,000
$21.60
$70.53
1
$253,800
$253,800
$107.27
$138.95
$90.53
282
26
$212,775
$148,288
$177,250
$148,200
$127.20
$74.70
152
18
$224,214
$150,664
$165,400
$143,775
$109.87
$75.27
$133.90
308
$207,331
$172,750
$122.02
170
$216,426
$160,000
$106.27
February 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
Median
Sale Price
Fannie Mae / Freddie Mac Sales
Average
$/SqFt
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
HUD Sales
Qty
Sold
Average
Sale Price
Median
Sale Price
Foreclosure - Trustee Sold to 3rd Party
Average
$/SqFt
1
2
$185,000
$96,250
$185,000
$96,250
$101.26
$75.28
2
$123,250
$123,250
$72.25
3
2
$148,275
$125,163
$153,825
$125,163
$75.39
$73.73
2
1
$171,000
$130,000
$171,000
$130,000
$88.03
$69.85
1
1
8
$150,150
$257,000
$207,285
$150,150
$257,000
$162,750
$45.12
$148.73
$103.87
1
$136,500
$136,500
$74.47
3
$123,500
$126,250
$93.47
2
2
2
$240,000
$82,700
$148,500
$240,000
$82,700
$148,500
$119.28
$52.81
$73.61
3
$104,533
$98,000
$54.16
1
$215,000
$215,000
$59.72
1
12
$316,000
$172,622
$316,000
$134,300
$103.27
$86.98
6
5
1
2
18
1
$199,063
$160,340
$194,000
$159,950
$144,015
$196,000
$183,500
$165,000
$194,000
$159,950
$136,950
$196,000
$89.47
$74.36
$93.13
$53.98
$98.28
$109.50
4
9
1
3
1
1
2
12
1
$244,707
$169,878
$149,900
$219,188
$373,500
$329,900
$150,000
$154,571
$330,000
$249,465
$163,000
$149,900
$250,500
$373,500
$329,900
$150,000
$158,750
$330,000
$104.32
$103.68
$112.88
$102.79
$117.42
$112.71
$56.31
$96.67
$91.34
6
55
1
$155,245
$132,856
$285,000
$130,410
$99,900
$285,000
$93.02
$86.07
$93.41
4
21
$296,875
$162,524
$280,000
$174,000
$108.40
$91.96
10
$122,438
$121,513
$79.70
9
7
3
$163,125
$532,329
$161,367
$144,000
$437,500
$130,100
$65.77
$200.45
$105.56
2
$126,500
$126,500
$68.30
2
$116,489
$116,489
$79.16
8
4
1
$198,206
$195,125
$172,900
$158,950
$167,550
$172,900
$93.39
$112.79
$80.12
6
2
1
4
2
$116,767
$137,751
$260,000
$174,250
$203,150
$123,050
$137,751
$26,000
$162,000
$203,150
$74.99
$82.71
$130.20
$86.31
$115.69
2
1
$143,000
$115,000
$143,000
$115,000
$75.48
$51.09
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
1
2
$363,000
$108,932
$363,000
$108,932
$95.35
$78.37
2
$149,176
$149,176
$74.72
$108,645
$380,001
$222,400
$65,271
$129,900
$95,000
$380,001
$217,000
$65,271
$119,100
$58.47
$144.10
$119.72
$36.63
$70.33
No Bidders at Auction - Reverted to Lender
Qty
Unsold
Average
Opening Bid
Median
Opening Bid
Average
$/SqFt
1
6
2
3
7
$218,900
$143,234
$71,518
$175,262
$148,865
$218,900
$131,875
$71,518
$185,000
$137,153
$120.94
$97.67
$51.38
$111.47
$84.53
17
$141,145
$141,000
$68.10
4
1
2
2
3
$302,372
$109,250
$128,704
$174,745
$134,702
$231,749
$109,250
$128,704
$174,745
$101,059
$142.70
$47.77
$67.83
$101.13
$61.14
1
$141,000
$141,000
$93.50
5
1
3
2
3
4
$244,625
$226,750
$100.55
1
5
10
$255,900
$200,960
$121,364
$255,900
$198,000
$116,850
$152.14
$85.07
$78.53
8
14
$366,272
$158,766
$301,750
$147,000
$119.25
$91.66
1
1
$126,473
$118,000
$126,473
$118,000
$93.41
$79.84
1
$149,500
$149,500
$79.44
2
1
3
6
13
$169,348
$202,100
$193,067
$115,799
$144,162
$169,348
$202,100
$182,100
$106,291
$131,100
$82.59
$59.42
$92.98
$62.36
$97.72
1
3
3
5
14
$209,207
$176,217
$299,364
$165,593
$174,528
$209,207
$188,000
$325,000
$134,300
$167,303
$144.68
$77.42
$80.73
$93.91
$109.09
2
7
33
3
$581,874
$171,524
$156,803
$144,267
$581,874
$191,500
$109,600
$150,200
$169.08
$88.72
$93.04
$89.57
1
6
52
1
$2,170,019
$142,787
$176,121
$330,586
$2,170,019
$154,373
$136,114
$330,586
$465.97
$71.78
$105.66
$110.67
8
5
2
1
1
5
2
6
$136,804
$379,327
$113,550
$85,000
$222,300
$170,680
$150,150
$144,677
$130,039
$203,000
$113,550
$85,000
$222,300
$152,000
$150,150
$142,750
$63.80
$175.42
$70.81
$83.01
$104.71
$73.89
$125.33
$62.09
6
3
3
1
$160,922
$324,381
$129,792
$159,000
$168,678
$348,500
$155,927
$159,000
$76.25
$120.22
$92.36
$86.13
5
$177,817
$187,000
$92.75
1
1
$162,000
$193,600
$162,000
$193,600
$60.29
$101.15
1
$80,000
$80,000
$62.75
1
$210,000
$210,000
$64.26
Maricopa County
Pinal County
149
23
$174,589
$122,622
$135,000
$134,300
$98.34
$57.65
78
14
$182,595
$117,907
$164,950
$123,750
$96.51
$63.84
22
2
$152,221
$116,489
$138,000
$116,489
$82.44
$79.16
112
26
$178,493
$111,284
$145,150
$111,501
$95.48
$57.83
135
46
$206,279
$139,609
$164,304
$127,195
$108.10
$74.37
Total
172
$167,640
$134,650
$91.99
92
$172,751
$161,250
$91.64
24
$149,243
$131,000
$82.22
138
$165,830
$138,000
$88.22
181
$189,335
$159,000
$99.63
February 2015 - Recorded Sales - Townhouse / Condo
All Sales
New Home Sales
Normal Resales
Investor Flips
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
$115.07
$75.89
2
1
$145,500
$68,000
$145,500
$68,000
$115.07
$75.89
$95,000
$295,000
$282,500
$60,950
$305,000
$141,500
$70.90
$149.44
$179.10
$69.50
$171.43
$120.66
1
4
4
4
34
$295,000
$303,750
$83,975
$170,875
$151,404
$295,000
$282,500
$60,950
$141,000
$146,500
$149.44
$179.10
$69.50
$138.70
$123.76
$198,686
$197,403
$145.88
3
$198,686
$197,403
$145.88
23
18
30
4
3
$257,294
$166,228
$68,163
$276,763
$208,907
$189,900
$163,250
$60,389
$246,500
$187,622
$176.71
$124.05
$64.09
$157.56
$148.69
3
3
$773,623
$193,303
$853,360
$190,970
$292.48
$143.83
20
13
21
4
1
$179,845
$165,531
$73,648
$276,763
$105,000
$176,000
$156,500
$65,000
$246,500
$105,000
$140.76
$123.49
$69.29
$157.56
$90.67
6
$163,067
$157,500
$114.98
5
$165,680
$165,000
$117.25
132
$125,560
$115,500
$105.77
$161.75
107
$121,081
$115,000
$102.44
6
$140,708
$148,000
6
15
304
$165,650
$128,227
$148,214
$136,000
$95,000
$124,500
$145.16
$98.23
$124.13
$179.98
5
12
234
$168,380
$140,808
$156,023
$120,000
$122,500
$125,500
$145.51
$105.57
$131.33
1
17
$79,500
$104,165
1
$370,000
$370,000
$172.09
1
$370,000
$370,000
$172.09
227
71
29
6
6
43
$284,408
$94,841
$118,290
$186,983
$67,733
$169,536
$228,000
$89,900
$124,900
$192,450
$57,500
$145,030
$192.47
$72.94
$92.37
$123.67
$92.11
$136.37
208
70
26
5
5
38
$291,012
$94,839
$119,977
$196,380
$74,480
$176,467
$242,950
$89,450
$127,000
$199,900
$80,000
$145,750
$195.27
$73.22
$95.60
$127.65
$96.68
$138.37
1
1
$55,000
$55,000
$69.44
1
$55,000
$55,000
$69.44
1
$33,000
$33,000
$45.33
1
$33,000
$33,000
$45.33
Maricopa County
Pinal County
977
15
$174,958
$176,634
$139,500
$177,500
$136.05
$122.35
37
3
$322,614
$198,686
$282,500
$197,403
$197.58
$145.88
818
11
$179,296
$171,223
$141,875
$177,500
Total
992
$174,983
$139,900
$135.82
40
$313,319
$244,400
$194.30
829
$179,189
$142,000
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
Average
Sale Price
Median
Sale Price
Average
$/SqFt
2
1
$145,500
$68,000
$145,500
$68,000
1
1
4
4
9
38
$95,000
$295,000
$303,750
$83,975
$263,057
$146,330
3
Qty
Sold
4
2
8
13
4
Average
Sale Price
$338,504
$260,861
$233,622
$249,128
$513,143
Median
Sale Price
$323,508
$260,861
$213,297
$227,290
$547,041
Average
$/SqFt
$191.30
$170.66
$234.23
Short Sales & Pre-foreclosures
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
1
$95,000
$95,000
$70.90
1
1
$330,000
$98,000
$330,000
$98,000
$182.93
$91.16
2
$104,900
$104,900
$89.01
2
$85,750
$85,750
$82.10
2
$45,389
$45,389
$46.58
1
$150,000
$150,000
$103.88
$117.53
1
$155,000
$155,000
$135.73
$79,500
$112,000
$81.45
$90.47
1
10
$78,210
$111,440
$78,210
$68,000
$68.37
$82.39
$145,000
$145,000
$133.27
5
$133,300
$137,000
$112.66
1
$124,900
$124,900
$109.75
1
$120,800
$120,800
$136.65
2
$85,250
$85,250
$88.85
$139.08
$118.93
32
1
$118,117
$170,000
$113,000
$170,000
$101.74
$98.15
24
$109,799
$94,000
$89.64
$138.78
33
$119,689
$114,000
$101.58
24
$109,799
$94,000
$89.64
February 2015 - Recorded Sales - Townhouse / Condo
Bank Owned Sales
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
Fannie Mae / Freddie Mac Sales
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
1
$105,000
$105,000
$99.06
1
$125,000
$125,000
$92.05
Qty
Sold
Average
Sale Price
Median
Sale Price
Average
$/SqFt
2
$55,000
$55,000
$56.35
7
$72,514
$61,000
$68.86
2
$85,500
$85,500
$86.93
1
1
11
$152,000
$76,000
$82,855
$152,000
$76,000
$52,500
$143.26
$52.27
$70.66
7
$92,786
$99,000
$74.47
5
$137,090
$138,000
$128.07
1
1
1
1
$151,000
$95,000
$94,900
$140,000
$151,000
$95,000
$94,900
$140,000
$74.02
$57.23
$53.02
$101.45
2
$146,500
$146,500
$133.61
1
$34,000
$34,000
HUD Sales
Qty
Sold
1
1
5
Average
Sale Price
$135,300
$38,000
$71,606
Median
Sale Price
$135,300
$38,000
$68,700
Foreclosure - Trustee Sold to 3rd Party
Average
$/SqFt
$103.68
$35.71
$65.85
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
3
$117,355
$128,354
$124.89
2
$44,000
$44,000
$34.76
3
$144,094
$127,046
$118.50
1
$71,400
$71,400
$71.40
3
$141,149
$130,000
$97.41
7
$72,131
$56,000
$74.03
1
15
$73,000
$138,359
$73,000
$109,077
$71.22
$143.45
3
$109,899
$110,100
$143.78
1
$91,200
$91,200
$57.83
7
3
1
$281,335
$103,496
$117,000
$233,000
$85,178
$117,000
$178.04
$86.34
$82.45
2
$115,647
$115,647
$95.14
$60.71
Maricopa County
Pinal County
28
$92,730
$78,500
$83.45
17
$100,259
$95,000
$78.53
7
$75,904
$68,700
$68.07
14
$77,515
$81,300
$76.31
38
$157,482
$127,413
$133.54
Total
28
$92,730
$78,500
$83.45
17
$100,259
$95,000
$78.53
7
$75,904
$68,700
$68.07
14
$77,515
$81,300
$76.31
38
$157,482
$127,413
$133.54