The state of metro Phoenix’s residential property market heads toward a record period for 2017, as sales rose 9% year over year for the first half. First-time buyers partly drive the increase in homes that changed possession during the six-month period, with a total of 49,181 sold units.
Elsewhere in Maricopa County, the state of the housing market translate could also be linked to senior citizens that sell their homes, in exchange for retirement living facilities in Tolleson, AZ such as legacyavondale.com.
Making the Switch
Increasing rental prices in Phoenix have led most buyers, particularly millennials, to buy homes as it makes more sense to own a house than pay hefty rental fees. From an investor’s perspective, houses that bought for $100,000 after the market’s collapse in 2011 have become a profitable venture.
These homes now fetch for less than $500,000. Meanwhile, the current median home price in metro Phoenix rose 6.5% for the year, amounting to $245,000. This figure still amounted to around 7% lower than the peak price in 2006, when it reached $264,800.
Home sales and prices also picked up in other areas such as Cochise County. In the second quarter of 2017, the county recorded an 8.6% increase in transactions year over year, as sellers offloaded 503 homes in the area compared to 463 in the previous year.
Cochise County’s median home price between April and June also rose 10.8% to $138,500. At the same time, foreclosures only accounted for 11.5% of all home sales during the three-month period, down from 14% in the year-ago period.
Home sales in Phoenix and other areas in Arizona signify a growing demand for more homes, amid the increasing rate of rental costs. For renters and buyers, do you have a timeline for acquiring your own property?