In the past month, there were only 162 new homes up for sale in Ahwatukee. Compared to 180 homes that came on the market in July of 2012, that is a 10 percent reduction in the number for homes priced up to $599,999.
However, Ahwatukee saw 21 more new homeowners in July than the same time last year. In the past month, 163 homes were successfully sold compared to 142 sold homes in July of 2012.
Ahwatukee also saw a 88.4 percent decrease in homes listed as short sales compared to the same time last year. This past month we had only five homes listed as short sale compared to 43 in July of 2012.
Only six homes out of the 162 homes that came up for sale were foreclosures, no change from July 2012.
As a homeowner looking to sell your home, you are most likely to find buyers making an offer to purchase your home using a loan or mortgage than you will find those who will be using cash to make the purchase.
This is likely because, just as we saw earlier in June, the number of homebuyers paying all cash reduced in July 2013 as well. The number of homebuyers using a loan or mortgage to purchase their new homes keeps increasing.
Ahwatukee real estate activity for July, grouped by listing price below $600,000:
• $99,999 and below. With only two homes priced in the price band coming up for sale last month and only three of them being sold, this price range seems to be a “dying price band.” The number of homes in the price range coming up for sale keeps dwindling.
In the new future, we may not be seeing any homes priced in Ahwatukee in this price range.
The days of getting a condo or townhouse for a steal below a $100,000 seem to be flying by so fast. Out of the three homes sold, one sold as high as $120,000 with the lowest one selling for $85,000.
• $100,000 to $199,999. This price band seems to becoming our new lower-end price range in Ahwatukee.
The average of the 27 homes that sold in this price range in Ahwatukee was $172,241 in July of 2013. The highest home sold for $205,000 and the lowest sold for $125,000. These homes sold the fastest with an average number of days it took to sell these homes being 26 days.
This could be attributed to the fact that almost half of these homes were paid for in cash, which reduced the number of days it took to get all the paperwork done to close the deals.
• $200,000 to $299,999. The highest number of homes sold last month in Ahwatukee was in this price range and 59 homes priced in the price band were successfully sold. Thirty-three of which were paid for with conventional loan, 10 with cash, six with an FHA loan, and eight with VA loans. Two were purchased with other methods or a combination.
A home sold for the highest amount, sold for $307,500. It was a four-bedroom, single-level home in Foothills Club West after just seven days on the market. It was a 1,900-square-foot home without a pool, but with a huge lot in a cul-de-sac.
• $300,000 to $399,999. With 47 homes selling last month in the price range, this price range was the second one with the most activity. Inventory of homes available for sale in this price range is beginning to shrink with only 30 of them coming up for sale.
Homes in the price range sold last month were on the market for an average of 48 days. The majority of them, a total of 35 homes, were bought using a type or kind of loan with only 12 being paid for with cash.
• $400,000 to $499,999. Fifteen homes sold in this price band in July of this year, with the highest selling for $482,500. The lowest sold for $337,000. It was a short sale home that was originally put on the market in April of 2012.
All homes sold in the price range were sold in Ahwatukee ZIP codes 85048 and 85045 after being on the market for an average of 62 days.
Two of the 20 new homes that were put up for sale this past month were foreclosures listed at $400,000 and $474,900, respectively.
• $500,000 to $599,999. Ahwatukee saw 12 new homes on the market for sale in July and also had 12 homes sold as well.
The highest amount paid was $595,000, which was $4,000 less than the asking price of $599,000. This home was previously listed for sale at $645,000 in November 2012, had the price reduced twice with no success.
The lowest one sold for $490,000, which was also $24,900 below the originally asking price, using an FHA loan.
Homes listed for sale in this price range took an average of 40 days to sell.
• 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.