I’m sure by now you’ve heard that we have a short supply of homes to sell. As I have been saying, this shortage is pushing up the price of homes that do go onto the market.
In Ahwatukee ZIP codes 85044, 85045 and 85048, the median sales price in March was $248,000, up from $216,750 in January and $185,000 in March of 2012. That is quite a gain!
The average sales price in March was $267,000, up from $255,614 in January and $233 in March of 2012.
In March, 203 new listings hit the MLS compared to 180 new listings in January and 150 in March of 2012. Average days on the market (DOM) has been pretty consistent with 46 DOM in March, 43 DOM in January and 49 in March of 2012.
The selling price per square foot was $129 for March, up from $121 in January and $109 for March of 2012. In the same time frame homes have been selling for an average of 98.2 percent of list price for March, 97.7 percent for January and 98.3 percent for March of 2012.
The supply of inventory has been steady since January at 2.6 months, and March at 2.4 months. However, we have greatly improved since March of 2012, when we were at a low of 1.6 months of supply.
Regardless, we are still very low on inventory and the homes that are coming on the market now, if priced correctly, are selling in a matter of days, and many with multiple offers.
Since the prices are rising, many homeowners who could not sell their homes during the past few years due to lack of equity, are able to sell their homes without doing a short sale or incurring financial hardship.
We have fewer bank owned properties dragging the prices down and more traditional sales coming on the market.
All in all these trends continue to indicate a much healthier market for sellers in the Ahwatukee and Foothills areas.
• Linda Berg is branch manager and designated real estate agent for the Ahwatukee/Tempe office of Coldwell Banker Residential Brokerage. She has been a Realtor since 1978 and past-president of the Southeast Valley Association of Realtors. Reach her at (480) 753-3122 or www.azmoves.com/Linda.Berg.