ASU: Phoenix home values up 25% from a year ago
Phoenix Business Journal by Kristena Hansen, Reporter
Date: Thursday, May 31, 2012, 12:19pm MST – Last Modified: Thursday, May 31, 2012, 5:54pm MST
A new housing report from Arizona State University released today shows the metro Phoenix housing market continues making strides toward recovery, yet is still tussling to regain its balance.
Median single-family home prices last month in Maricopa and Pinal counties were up 25 percent from the same time last year, while the average price per square foot also rose 16.5 percent, according to the study byMichael Orr, a real estate expert at ASU’s W.P. Carey School of Business in Tempe.
For example, a home valued $112,000 in April 2011 was worth $140,000 by last month, the report said.
Certain areas of the Valley that took a particular beating during the recession, such as El Mirage, Glendale, Maricopa and Tolleson, are now seeing some of the greatest rebounds. The pricing boost also applies to condominiums and townhomes, Orr said in a statement, with their values up 23 percent year-over-year.
Although prices continue on the upswing, the “unusual lack of supply” of resales on the market is instigating a large imbalance of buyers and sellers, Orr said.
Total inventory in April dropped by more than half (or 56%) from last year’s figures, and therefore played a major role in the 12 percent year-over-year decline home sales saw that same month.
“Demand remains strong in the market, as evidenced by multiple-bid situations for the majority of resale home listings,” Orr said. “Most homes priced well are attracting multiple offers within a couple of days. Up to 20 or 30 offers for a home are becoming common, and often, many offers exceed the asking price.”
And while metro Phoenix’s foreclosures were down 62 percent from last April, the report said, “one note of concern” was the 4.7 percent increase in homeowners who received foreclosure notices from their mortgage lenders, Orr said. Banks, however, continue enticing struggling homeowners to short sale in lieu of foreclosure.
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