The Ahwatukee housing market made great strides in 2013 and we expect this trend to continue heading into next year. However, the pace of growth and appreciation may be at a slower rate in 2014 compared to the two previous years. The housing market has been through turbulent conditions since 2002. A market that is slower paced, non-distressed and balanced with normal conditions may be a relief for those operating in it and preventing dangerous and fragile conditions.
Time has shown us that the housing market in Phoenix can be volatile and may still show us a surprise or two in the next few quarters. Let’s take a look at some housing statistics for our Valley and also
Ahwatukee over the last few years
• Valleywide as of Dec. 1, 2013 we had 34 percent more active listings than at the start of Dec. 1, 2012 with the distressed supply down 24 percent over the last 12 months.
• The average price for Ahwatukee homes in 2013 was $292,844.00 compared to a dismal $215,910 in 2011. The 2012 numbers show the average price of homes was $253,722.00.
• The median sales price in 2013 for single-family homes in the Ahwatukee Foothills area was $259,513 compared to $173,327 in 2011. In 2012 median sales price was $219,124.00
• The average square foot price was $140 for the year 2013 compared to $109 in year 2011; an increase of $31 per square foot. The 2012 numbers show the average square foot price was $122 for the year with an increase of $18 per square foot from 2012-2013.
• There were a total of 14 closings in 2013 for homes over $1 million with an average of 102 days on market and a square foot price of $231 compared to 2012 with 10 closings and a square foot price of $251.
Supply and demand show 508 properties for sale in December 2013 with an average of 69 days on market and 111 closed. In December 2012, there were 109 closed with an average of 70 days on market.
Mortgage rates update
The average interest for a 30-year fixed-rate mortgage fell to 4.41 percent, giving homeowners the opportunity to still get a low cost mortgage falling from the previous week where mortgages averaged 4.51 percent. Compared to a year ago, interest rates have risen over 1 percent, up from the record-low average of 3.38 percent. Rates rose for a 15-year fixed-rate mortgage as well, down to 3.45 percent from the previous week’s average of 3.56 percent. During the same time last year, rates were around 2.66 percent.
According to Mike Salyer, managing broker, Keller Williams Sonoran Living, here in Ahwatukee we’re currently in a balanced market, which means we have an even mix of buyers and sellers. We look forward to spring, which is historically our best selling season for more good real estate numbers here in the Ahwatukee Foothills.
• Bonny Holland is with Keller Williams, Sonoran Living in Ahwatukee Foothills. Reach her at (602) 369-1085, www.leadingluxuryexperts.com or on Facebook and Twitter.