Are We On The Road To Recovery?

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Our housing market is getting NATIONAL ATTENTION! Here are some current market data I wanted to share with you. (Data compiled from February STAT from Arizona MLS and Michael Orr’s ASU Monthly Report.)

  • Median sales price rose 3.3% in February to $160,000, a level last seen in October-November 2008. Over the last 12 months, median sales price rose 23.17%.   February’s average sales price was $216,500, representing a 19.87% rise since March 2012.

 

  • Distressed sales as a percentage of total sales, dropped below 30% for the first time since STAT began tracking distress in October 2010, when its high was 74.1%. February’s distressed percentage of total sales fell to 28.8%.

 

  • Single family home prices went down slightly between December 2012 and January 2013, but are dramatically higher when compared with this time last year:
    • The median sales price is up 33.5%, from $120,500 to $163,000
    • Average price per square foot is up 28.5%, from $82.62 to $106.20

 

  • Townhouse/condo prices continued to increase between December 2012 and January 2013, and have moved even further than single family home prices over the last year:
    • The median sales price is up from $70,000 to $101,500
    • Average price per square foot is up 37.3% from $84.44 to $115.97
  • According to Michael Orr, the average price per sq. ft. gives the most useful guide to price changes in the market.  For the FOURTH time since the market hit bottom in September 2011, every measure in the tables above is showing a positive percentage change.