Contrary to what a lot of people are hearing and believing, the real estate market in Ahwatukee is much better than what most people perceive it to be.
The real estate market in the Phoenix area is doing much better than it was a few years ago.
Phoenix continues to show a much better percentage increase in the HPI (Home Price Index) from the S&P/Case-Shiller report compared to other cities. Phoenix came in third place, led only by Los Angeles and Las Vegas when measured on a month-to-month change for sales from October to December of 2012.
When measured on an annual basis, Phoenix was in the first position. The HPI measures the price of residential housing prices.
Most of the homes sold in Ahwatukee during the month of January 2013 were homes that sold as regular home sales, not short sale or foreclosures. In fact the number of foreclosures in the Phoenix area have reduced overall.
In January of this year, only about 10 percent of all homes sold in Ahwatukee was a foreclosure. About 13 percent were short sales and the rest were all regular home sales.
A total of 125 homes were sold in the three Ahwatukee Foothills ZIP codes 85044, 85045 and 85048, out of which 97 of these homes were normal regular sales.
We are seeing an increase in the number of regular home sales because homeowners are beginning to see some equity in their homes as compared to a few years ago when a lot more were underwater.
Also, the average price of homes sold in the Ahwatukee area was higher for normal regular homes for sale, not including foreclosures or short sales.
In Ahwatukee our average price of homes sold in January of 2013 was $268,032 compared to the average price of homes sold in the whole city of Phoenix, which was $204.068.
The median prices of home sold gives us a better understanding than the average sale price because the median shows us how much buyers are paying for homes in the middle of the market, taking into consideration the very high end and very low end.
Since 2001, the highest median price we have seen in all three Ahwatukee ZIP codes combined was $363,000 during the third quarter of 2006 after it had been falling till the first quarter of 2011. Since then we have been seeing a positive trend with increasing median price of homes in Ahwatukee.
In the fourth quarter of 2012 Ahwatukee saw a median price of $223,150 for all homes sold in the quarter, which was a little less than the previous quarter of $250,000.
This could mean a lot more of the higher end homes were sold during the summer months than during fall and the holidays.
Looking at all the trends, we are not exactly where we were during the housing boom but we are definitively better off than we were a few years ago.
The numbers of foreclosed homes are down and we are seeing more normal sales happening with homeowners having some equity in their homes than they did just a few months before.
As a home buyer, this means you may be getting less home for the same amount of money you would have gotten just a few months ago.
As a home seller you may be getting more competition down the line when more homeowners who are on fences begin to put their homes on the market.
• Ahwatukee Foothills resident Dorette Oppong-Takyi is a real estate agent serving Ahwatukee and surrounding areas. Reach her at (480) 442-0779 or www.luxurylivinginphoenix.com.