MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – … · • Townhouse/condo prices were stable...

Michael J Orr, Director Center for Real Estate Theory and Practice W P Carey School of Business Arizona State University February 4, 2013 MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – DECEMBER 2012

Headlines:

• Single family home prices rose yet again between November and December and are dramatically higher than a year ago:

o The median sales price is up 33.9% from $122,500 to $164,000 o Average price per square foot is up 27.2% from $83.88 to $106.72

• Townhouse/condo prices were stable between November and December 2012 but are still showing very substantial increases over December 2011:

o The median sales price is up 42.7% from $70,000 to $99,900 o Average price per square foot is up 23.6% from $85.19 to $105.30

• Overall supply (excluding homes already under contract) was down 6% at the start of January 2013 compared with January 2012, and distressed supply was down 42% over the same time frame. However overall supply increased by 13% during the fourth quarter of 2012.

• Foreclosure starts on single family and condo homes fell by 4% between November and December 2012 and were down 40% from December 2011

• Recorded trustee deeds (completed foreclosures) on single family and condo homes fell 16% between November and December 2012, and were down 51% from December 2011.

• Sales of single family homes were 12% lower than in December 2011 while sales of townhouse/condos dropped by 13%.

• Residential properties purchased by investors remains high at 32.4% (including trustee sales) but this is now in a downward trend having peaked at 39.7% in July.

• Only 652 new single family home permits were issued in December but in contrast developers purchased 2,272 vacant lots and several tracts of undeveloped land.

• Single family home sales increased dramatically year on year for the most expensive sectors: o New homes (up 30%) o Normal re-sales (up 65%)

• Single family home sales reduced year on year for homes sold at discounts to full market value: o Investor flips (down 20%) o Short sales and pre-foreclosures (down 36%) o Bank owned homes (down 55%) o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 70%) o HUD sales (down 44%) o Third party purchases at trustee sale (down 51%)

Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.

Introduction

December home sales (single family, townhouse & condo) were almost level with November but down 13% when compared with December 2011. In the sections below we compare December 2012 data for Maricopa and Pinal County with that for December 2011. We have analyzed volumes and pricing for 8 different transaction types as well as for the overall totals. Individual statistics are also provided in the attached tables by county and city. This report concentrates on single family homes but detailed statistics for townhouse/condo properties are shown in the attached tables.

Demand

Single family home sales fell 0.6% compared with November 2012. With prices having moved substantially higher, it is not surprising that buyer interest has eased a little. We still see multiple bid situations for a large percentage of resale listings, but demand is not as strong as is in the spring of 2012.

The large real estate investment companies were still very busy during December, with the Blackstone Group by far the largest single buyer, with more than 3 times as many acquisitions as the next most active company. Some investment groups are focusing on buying homes wholesale in bulk from other investors, now that the retail market has become so competitive. Investors attempting to purchase homes for fix and flips tend to be losing out to the buy and hold investors.

Many lenders are demanding higher prices before they will approve short sales, acutely aware of how much they are realizing for homes that go through foreclosure and are sold as REOs. This is impacting the short sale success rate, causing short sale prices to rise and short sale volumes to drop.

Foreclosures are much lower than a year ago, and so fewer foreclosed homes have been added to the REO inventory. As a result, subsequent REO sales have declined dramatically. These changes are illustrated in the bar chart below:

Note: ‘Reverted’ homes are excluded from ‘All Sales’.

Sales for townhouse / condo properties showed similar trends except that new sales remain very low and more properties revert to lenders than are auctioned to third parties, as shown in the chart below:

Supply

Our local Multiple Listing Service (ARMLS) had 19,952 active listings on January 1 across Greater Phoenix including listings under contract seeking backup offers. Some 19% of these listings already have a signed contract, typically waiting for the lender’s short sale approval before they stop soliciting backup offers. This percentage has fallen dramatically from 37% six months ago.

The number of active single family listings without an existing contract was 12,623 for the Greater Phoenix area as of January 1. This is a drop of 6.5% since December 1. However 76% of this supply is priced above $150,000 and 19% is priced over $500,000, so the scarcity of homes for sale remains most severe in the lower price ranges.

The inventory of single family homes for sale under $150,000 that have no existing signed contract has fallen to 37 days from 41 days last month. This is far below a normal supply level, but much higher than the 18 days we measured last June. The lower price ranges remain unbalanced with more buyers than sellers. At the higher price ranges over $500,000 supply remains adequate to meet demand, but not excessive.

Pricing

We can see that overall prices reached a low point in September 2011 and have risen dramatically since then. However the picture is more complex than that simple statement suggests.

The gap between distressed pricing and non-distressed pricing has been closing. When we look at the individual transaction types we find the following:

Single Family Average Sales Price

Average $ Dec 2012

Average $ Dec 2011

% Change

New Home Sales $280,797 $252,835 +11.1% Normal Re-sales $248,700 $229,507 +8.4% Investor Flips $181,913 $159,378 +14.1% Short Sales & Pre-foreclosures $178,236 $149,980 +18.8% Bank Owned Sales $211,892 $158,527 +33.7% GSE REO Sales $158,731 $129,066 +23.0% HUD Sales $108,622 $77,881 +39.5% Trustee Sales to 3rd Party $127,839 $109,611 +16.6% All Sales $217,837 $169,316 +28.7%

Single Family Median Sales Price

Median $ Dec 2012

Median $ Dec 2011

% Change

New Home Sales $251,463 $221,681 +13.4% Normal Re-sales $175,000 $151,500 +15.5% Investor Flips $150,000 $129,000 +16.3% Short Sales & Pre-foreclosures $140,000 $110,000 +27.3% Bank Owned Sales $135,350 $96,000 +41.0% GSE REO Sales $149,000 $115,000 +29.6% HUD Sales $105,000 $73,750 +42.4% Trustee Sales to 3rd Party $109,000 $82,283 +32.5% All Sales $164,000 $122,500 +33.9%

Single Family Average Price per Sq Ft

$/SF Dec 2012

$/SF Dec 2011

% Change

New Home Sales $115.21 $106.66 +8.0% Normal Re-sales $122.37 $112.08 +9.2% Investor Flips $96.95 $81.39 +19.1% Short Sales & Pre-foreclosures $87.16 $73.40 +18.7% Bank Owned Sales $102.43 $76.08 +34.6% GSE REO Sales $83.93 $67.59 +24.2% HUD Sales $62.90 $45.65 +37.8% Trustee Sales to 3rd Party $72.10 $58.69 +22.8% All Sales $106.72 $83.88 +27.2%

We believe that average price per sq. ft. gives the most useful guide to price changes in the market.

For the third time since we hit bottom in September 2011, every measure in the tables above is showing a positive percentage change. HUD sales are now the segment showing the largest percentage increase over the year, but they remain the cheapest homes based on average $ per sq. ft., median sales price and average sales price.

The significant annual price increase over the last 12 months has now spread to the vast majority of Greater Phoenix. Areas with small sales volumes (for example, Carefree, Eloy, Rio Verde, Tonopah, Wickenburg, Wittmann and Youngtown) will continue to show extreme volatility from month to month. In December, only one city was showing a negative percentage change and that is based on a very small number of sales.

The following table ranks the cities by the percentage increase in monthly average price per sq. ft. over the last 12 months (December 2011 to December 2012.

Rank Last Month

City % Change in $/SF

1 32 Carefree 50% 2 41 Tonopah 48% 3 34 Florence 46% 4 11 Youngtown 45% 5 6 Apache Junction 45% 6 12 Tolleson 44% 7 4 Maricopa 38% 8 9 Glendale 38% 9 7 El Mirage 37% 10 14 Laveen 37% 11 10 Phoenix 34% 12 29 Tempe 32% 13 23 Gold Canyon 30% 14 17 Surprise 29% 15 13 Avondale 28% 16 18 Mesa 27% 17 40 Rio Verde 25% 18 1 Eloy 25% 19 8 San Tan Valley 25% 20 24 Chandler 24% 21 2 Arizona City 23% 22 21 Peoria 22% 23 25 Goodyear 22% 24 31 Scottsdale 22% 25 16 Buckeye 22% 26 28 Gilbert 21% 27 36 New River 21% 28 39 Waddell 20% 29 35 Fountain Hills 20% 39 22 Queen Creek 20% 31 15 Wittmann 18% 32 26 Anthem 16% 33 19 Cave Creek 15% 34 20 Casa Grande 14% 35 33 Sun City 13% 36 30 Litchfield Park 11% 37 38 Sun City West 10% 38 37 Sun Lakes 8% 39 27 Paradise Valley 6% 40 5 Coolidge 5% 41 3 Wickenburg -11%

The large fall in transaction volumes among the lowest priced segments (trustee sales to third parties, HUD sales, bank owned sales and GSE REO sales), and the increase in volumes among the higher priced segments (new home sales and normal re-sales) has significantly amplified the change in prices over the last 12 months.

In the single month that elapsed between November and December 2012, average prices rose 4.0% from $209,528 to $217,837, while average price per sq. ft. rose 2.3% from $104.34 to $106.72 and the median sales price rose 0.9% from $162,500 to $164,000. These large increases were not primarily caused by changes in the mix but are largely due to price rises across the board.

We must remember that a percentage increase in average or median sales price is not the same as a percentage increase in home values, because of the changes in the transaction mix over the last year.

Foreclosure Starts

Foreclosure starts for single family and condo/townhouse homes fell 4.3% in December 2012 from the level of November 2012. Foreclosure starts were 40.4% below December 2011 levels. The breakdown by county is shown below.

Foreclosure Starts Single Family Townhouse / Condo Total Maricopa County 1,740 254 1,994 Pinal County 225 3 228 Total 1,965 257 2,222

Foreclosure levels are far below the peak levels of March 2009, which were 10,099 in Maricopa and 1,256 in Pinal. For comparison with “normal” levels of foreclosure notices, in 2002 we averaged 1,160 per month for Maricopa County. Since the population has grown by about 20% since 2002, we would consider 1,400 foreclosure notices per month a normal level for Maricopa County, so we were still at about 1.42 times the normal level in November. This is measure is declining fast – we were at 1.83 times normal just 3 months ago.

Foreclosure Completions

We see a drop in completed foreclosures when we compare December 2012 with December 2011.

• The number of completed trustee deeds is down by 51% • The number of single family homes reverting to lenders is down by 52% • The number of single family homes purchased by third parties at the auction is down by 51%

For the second month in a row we have reported a significant percentage drop in the number of single family homes purchased at the trustee sales. This source of supply is continuing to dry up, although it still has some months to run. The number of pending foreclosures continues to fall each month and is now only slightly elevated over normal levels. We expect reversions and third party purchases to fall further over the next 12 months.

New Home Sales

Newly built single family home sales rebounded from a weaker November with 1,065 recorded sales, up 30% from a year earlier. Gilbert still leads the table with 202 new homes, but several other cities are now very active, including Goodyear (110), San Tan Valley (91), Peoria (85), Phoenix (79), Mesa (72), Buckeye (62), Chandler (60) and Queen Creek (57).

Among the larger cities, Scottsdale, Tempe and Avondale are the only ones not participating significantly in new home sales. Recent land purchases suggest that this will change in the future for Scottsdale and Avondale, but Tempe remains land-locked and new homes are likely to remain scarce there.

New construction purchases in Maricopa County during December were on average about 24% larger in livable sq. ft. than an average normal re-sale. However new homes in Pinal County were roughly the same size as existing Pinal County homes. New home sales have increased their market share from 9% to 13% of sales units over the last 12 months. Despite this, they still have a long way to go to recover their normal percentage of the market.

Normal Re-sales

Normal single family re-sales grew 65% from 2,073 in December 2011 to 3,413 in December 2012. Their pricing recovery was delayed, but they too have now joined in the overall price increases experienced by the other sectors of the market. The average sales price is up 8%, the median sales price is up 16% and average price per sq. ft. is up 9% over the year. Normal re-sales have almost doubled their market share to 43% from 23% a year ago and are now by far the most numerous type of sale.

Investor Flips

These are similar to normal re-sales in that there is no distressed owner, but we count them separately when the property was previously purchased with the obvious intent to resell at a higher price within a short period. Often the investor obtained a distressed property at a trustee sale (sometimes through a wholesaler), as an REO or, less frequently, as a short sale. The investor usually refurbishes and renovates the property and then sells the home somewhat below the price for normal sales in order to ensure it sells quickly.

Volume for investor flips is declining due to lack of supply, but prices have been increasing over the past year. Flips represent about 11% of total sales, down from 12% in December 2011.

Short Sales and Pre-foreclosures

Most lenders are encouraging homeowners facing financial hardship to use short sales as a preferred alternative to foreclosure. However many have been insisting on higher contract prices and these increased prices have dampened buyer enthusiasm, resulting in fewer sales being completed than in December last year. Short sales are down 19% in volume (35% in Pinal County), but average $/SF has risen by 19% since December 2011.

Short sales and pre-foreclosures represent about 15% of single family home sales, down from 21% in December 2011. Following recent price increases, short sales and pre-foreclosures are still priced lower than bank owned homes but they have remained above the average pricing for GSE-owned properties.

Bank Owned Sales

Often referred to as REO sales, these are properties owned by commercial lenders following a completed foreclosure. If there are no bidders at the trustee sale the trustee issues a deed in favor of the beneficiary, i.e. the foreclosing lender, who subsequently liquidates the asset by marketing the property as a “bank owned home”.

Between December 2011 and December 2012 these REO sales have declined in number by 55%. Sales $/SF pricing for the remaining bank owned single family REOs is up by 35 over the last 12 months. Bank owned REOs now represent only 4% of the market, down from 8% in December 2011.

Fannie Mae / Freddie Mac / VA REO Sales

Similar to Bank Owned Sales except the entity receiving the foreclosed home is a government sponsored enterprise (GSE) rather than a commercial lender. Between December 2011 and December 2012 these REOs have fallen 70% in volume. Sales $/SF pricing for GSE single family REOs is up by 24% over the last 12 months. GSE REOs now represent 3% of the market, down from the 10% we saw in December 2011.

HUD sales

If a bank receives a property through foreclosure where the loan had been insured by FHA, the lender will usually deed the property to HUD for disposal. Average price per square foot for HUD homes has increased by 38% over the last 12 months, but at an average $62.90 per sq. ft. they remains lower priced than most other sources of single family homes. Unfortunately for bargain hunters, HUD homes are no longer numerous and they currently represent less than 2% of sales, down from 3% in December 2011.

Third Party Purchases from Trustee Sales

Foreclosures provide a significant supply of homes for those willing to bid at the trustee auction. During December 2012, there were 639 single family homes purchased by third parties in this way, 571 in Maricopa and 68 in Pinal. The trustee sales remain busy but the number of auctioned properties is falling and the competition for them is intense. Average prices have risen 23% from $58.69 to $72.10 per sq. ft. for these homes over the last 12 months. They represent 8% of the market, down sharply from 14% in December 2011.

Reverted to Lender (i.e. Beneficiary)

If the lender sets an opening bid which is too high to attract any bids then the property fails to sell and it becomes the lender’s property to dispose of. The outstanding loan debt is removed usually with no recourse (under Arizona law) to the original borrower. Most other liens (but not necessarily all) are also eliminated at this time. When the lender is not interested in disposing of the property through the

trustee sale, the opening bid is often set to be the outstanding loan balance plus expenses, so this will usually be well in excess of the current market value. As such the bid has little to no relevance to us and we do not record it as a sale. However if the lender wishes to liquidate the home at the trustee sale, an opening bid is set which is low enough to attract the interest of third parties.

Over the last 12 months, the number of reversions to beneficiaries has dropped. There were 1,306 in December 2011 and only 621 in December 2012 for single family homes.

New Construction Permits

Permits reported by the US Census for single family home construction in Maricopa and Pinal Counties fell from 840 to 652 between November and December. This is the lowest monthly total this year, which is very surprising given the increase in new home closings. Indeed December 2012 is only 14% higher than December 2011 (573) and suggests that developers are not stepping up as strongly as they might to meet the shortage in supply. These permit numbers are extremely low compared with what we typically saw for any December prior to 2008. For example there were 2,127 single family permits in December 1996 and 4,441 in December 2003. The number of permits has been trending lower since peaking in May and unless we see these permit levels increase significantly, new single family homes supply may not be sufficient to meet coming demands in the short term.

Out of State Purchasers

The percentage of residences in Maricopa County sold to owners from outside Arizona was 17% in December 2012 by unit count, down substantially from the peak of 29% we saw in April 2012. Californians reduced their market share from 4.8% to 3.4% over the last month and relinquished their normal position as the largest group of out of state buyers. Canadians grew from 3.2% to 3.7% and took first place, even though they are still well below their peak month of April 2011 at 6.2%. Washington, Illinois and Colorado were the next most numerous locations for home buyers in December.

Cash Buyers

For some considerable time, cash purchases have been running at an unusually high level due to the volume of investor activity and most sellers’ preference for cash offers over financing. In Maricopa County the percentage of properties recording an Affidavit of Value and purchased without financing was 35.5% in December 2012 slightly down from 36.0% in December 2011. For comparison, in June 2007 we saw 8.3% of sales being completed by cash buyers. Cash purchases are most dominant at the lowest end of the market, but significant at the high end too, where jumbo loans can be harder to obtain. The largest percentage of financed purchases occurs in the mid-range:

• Under $150,000 49.5% cash (48.4% last month) • Between $150,000 and $500,000 24.3% cash (23.9% last month) • $500,000 and over 30.3% cash (31.8% last month)

This analysis excludes bulk sales between investors and third party purchases at trustee sales.

Investor Purchases

When someone buys real property in Arizona, an Affidavit of Value is usually recorded by the county. The new owner indicates whether the property will be occupied by the owner or a family member, or instead will be rented to someone other than a family member. Studying this information gives us some idea how many homes are being acquired by investors.

However affidavits are not required for HUD sales or trustee sales. HUD sales are usually oriented towards owner-occupiers while investors dominate trustee sales. We have therefore combined HUD sales with the owner-occupied purchases and combined trustee sales to third parties with the investor purchases to estimate the percentage of the total market represented by investors.

Please note that this method is different and intended to be more accurate than that used in previous reports. Because it now includes trustee sales it leads to higher percentages of investor sales.

The percentage of individual single family and townhouse/condo parcels acquired by investors in December 2011 and December 2012 are as follows:

Dec 2012 Dec 2011 Dec 2012 Dec 2011 Maricopa Maricopa Pinal Pinal

Investor % 33.0% 34.8% 26.5% 31.0% These percentages are much higher than the historical norm and indicate that investors are still active acquiring homes to rent to tenants, many of whom have lost their former homes to foreclosure or through a short sale. The percentage of homes acquired by investors rose significantly between 2011 and mid 2012 in both counties but the overall percentage for the combined counties has declined from 39.7% in July to 32.4% in December.

Lot Sales

Now that homebuilders are ramping up production it seems prudent to monitor their purchases of finished and partially improved lots. For several years since 2007 these properties have mainly been purchased by investors but since May 2012 the homebuilders have been scrambling to provide themselves with more lots on which to manufacture their products. In parallel, several have started to purchase raw land with the intention of subdividing.

During December 2012 we saw the following finished and partially improved lot purchases by developers recorded at the county:

County City ZIP Lots Subdivision Developer $ per Lot Maricopa Avondale 85323 64 Del Rio Ranch Richmond American $36,000 Maricopa Avondale 85323 42 Del Rio Ranch Courtland $36,857 Maricopa Avondale 85323 108 Desert Springs Village Lennar $25,000 Maricopa Buckeye 85326 114 Blue Horizons Lennar $26,000 Maricopa Buckeye 85326 143 Sundance D R Horton $25,000 Maricopa Cave Creek 85331 1 Old Stage Road Alta West $74,900 Maricopa Chandler 85286 1 Stonefield Maracay $50,000

Maricopa Chandler 85249 4 Bela Flor at Riggs Trend Homes $128,875 Maricopa Chandler 85249 25 Victoria Manor K Hovnanian $88,000 Maricopa Chandler 85286 17 Artesian Ranch Maracay $90,000 Maricopa Chandler 85249 6 Avian Trails T3 Homes $132,250 Maricopa El Mirage 85335 33 3 Js Country Estates Lennar $26,000 Maricopa El Mirage 85335 2 Thompson Ranch Lennar $16,468 Maricopa Gilbert 85296 8 Cooley Station T3 Homes $40,000 Maricopa Gilbert 85296 11 Cooley Station Fulton Homes $22,992 Maricopa Gilbert 85298 1 San Tan Estates K Hovnanian $75,000 Maricopa Gilbert 85298 206 Bridges at Gilbert Ashton Woods $23,786 Maricopa Gilbert 85298 133 Bridges at Gilbert Pulte $18.045 Maricopa Glendale 85302 1 Beacon Heights Garrett Walker $44,300 Maricopa Goodyear 85338 56 Canyon Trails Richmond American $46,429 Maricopa Goodyear 85338 85 Travis Park Richmond American $58,500 Maricopa Goodyear 85338 6 Estrella Mountain Ranch AV Homes $30,000 Maricopa Goodyear 85395 1 Palm Valley Weekley Homes $90,000 Maricopa Goodyear 85395 9 Palm Valley Beazer Homes $47,833 Maricopa Goodyear 85395 2 Palm Valley Standard Pacific $56,000 Maricopa Laveen 85339 26 Estates at Sierra Vista VIP Custom Homes $42,308 Maricopa Laveen 85339 81 Paseo Pointe Richmond American $58,000 Maricopa Laveen 85339 83 Laveen Farms Richmond American $35,000 Maricopa Litchfield Park 85340 20 Savannah Richmond American $75,000 Maricopa Mesa 85212 125 Desert Place at Morrison Ranch Lennar $20,220 Maricopa Mesa 85212 125 Desert Place at Morrison Ranch Ashton Woods $27,263 Maricopa Mesa 85212 92 Desert Place at Morrison Ranch Pulte $26,598 Maricopa Mesa 85213 1 Hermosa Groves South Amberwood $200,000 Maricopa Peoria 85383 2 Travata K Hovnanian $40.853 Maricopa Peoria 85383 1 Blackstone at Valencia Taylor Morrison $102,000 Maricopa Peoria 85383 3 Rock Springs Courtland $60.000 Maricopa Peoria 85383 5 Rock Springs Lennar $60,000 Maricopa Phoenix 85085 42 Dynamite Mountain Ranch Taylor Morrison $42,500 Maricopa Phoenix 85041 70 Southern Views / Laveen Village Richmond American $50,000 Maricopa Phoenix 85042 67 Blossom Hills Two Standard Pacific $91,250 Maricopa Queen Creek 85142 3 Crismon Heights Mint Construction $110,135 Maricopa Queen Creek 85142 75 Ocotillo Heights Richmond American $75,000 Maricopa Queen Creek 85142 1 Casa Rica T3 Homes $142,000 Maricopa Scottsdale 85255 1 Pinnacle Peak Place K Hovnanian $275,000 Maricopa Scottsdale 85255 1 Estates at Miramonte Luxor Homes $370,000 Maricopa Scottsdale 85262 4 Mirabel Village Taylor Morrison $172,000 Maricopa Sun City 85373 8 Rio Sierra K Hovnanian $57,622 Maricopa Sun City 85373 1 Rancho Silverado Courtland $65,000 Maricopa Surprise 85379 48 Greer Ranch North KB Homes $52,200 Maricopa Surprise 85387 5 Greer Ranch Courtland $55,000 Maricopa Surprise 85379 83 Marley Park Richmond American $58,500 Maricopa Surprise 85379 52 Marley Park Mattamy $53,000 Maricopa Surprise 85379 25 Marley Park Mattamy $35,000 Maricopa Tolleson 85353 1 Farmington Glen Garrett Walker $35,000

Pinal San Tan Valley 85140 140 Milagro Mattamy $28,137 Pinal San Tan Valley 85143 2 Circle Cross Ranch Highland $40,000

Note: A few of the prices were estimated because the lots were only part of a larger transaction

December’s total of 2,272 lots is much higher than we have seen for several years and represents more than twice the current sales rate for new single family homes. Even if permits in December were surprisingly low it seems that builders are certainly investing in vacant lots to allow them to build more homes in 2013 and 2014. The lots mentioned above vary from high density “cluster” lots through regular

lots to larger custom lots, although there are only a handful of the latter. Some are fully finished lots ready for construction while others are only partially improved and still need a lot of work. This makes for a wide range of prices.

Developers also made several purchases of unimproved land in December which will create a pipeline of additional subdivisions for the medium term. Such land purchases were rare until recently but are now becoming much more frequent.

The average price per lot paid by developers was $38,288. Although there are still some purchases being made by investors, they now tend to be the sellers rather than buyers in the majority of finished lot transactions.

Outlook

Following our usual seasonal pattern, supply fell during December as some sellers prefer not to show their home during the holidays. We still have a long-term supply shortage with only about 50% of the active listings (without contracts) that we would expect to see in a normal market. Consequently prices continue to rise at a brisk pace across most sectors.

Comparison using the average price per sq. ft. between December 2011 and December 2012 give us an increase of 27.2% for single family homes (26.9% for Maricopa County and 30.2% for Pinal). For townhouse/condos we are measuring a 23.6% increase.

Between Christmas and the Super Bowl is always a quiet time for home sales in Greater Phoenix, with ordinary home buyers much less active than average. However investors tend to keep active all year round, focusing on the lower price ranges. This means we expect to see prices hold steady or even fall slightly between December 2012 and January 2013. This is a seasonal pattern that tends to happen most years.

Higher prices would normally encourage more sellers to enter the market. We did see some uptick in the second half of 2012 but as we start 2013 the number of active listings being added is at the lowest rate since 2001. It seems many potential sellers are either locked in by negative equity and/or are waiting for prices to rise further. Investor purchases are declining slowly having peaked in July and August and we anticipate they will decline further. Investors (as opposed to speculators) tend to react to rising prices by reducing their appetite for homes.

Although this is a quiet period for sales, most homes below $500,000 that are priced realistically are still attracting multiple offers within a short time, and offers will often exceed the asking price for homes under $200,000. Although it is still much quieter in the market over $800,000 and in the active adult sector, demand is increasing here too and prices are joining in the general trend upwards.

With the recent sharp increase in pricing over the last 4 months, appraisals have become a problem again, preventing some transactions from completing. The appraisal industry has a hard time allowing for month to month price changes of 2-3% or more, and those that attempt to add a factor for the dynamics of the market sometimes get pushback from lenders’ underwriters. Their lives are easier if

they make no allowance for monthly rises. Homes sold more than one month ago represent sales at lower market prices and sometimes lead to valuations below current market levels.

Although the supply situation eased a little during the fall, we are entering the peak buying season with even less supply than we had last year. There are also far fewer distressed homes in the available inventory. Demand from investors remains fairly strong even though it has declined from the extremes of last year. The situation for the average home buyer remains difficult despite extremely low interest rates and cheap prices by historical standards. Well-funded investors are still here in sufficient numbers to provide serious competition with multiple all-cash offers and few strings attached. Many ordinary buyers continue to come away empty handed after submitting multiple offers.

This difficult situation is continuing to drive potential home buyers to the developers’ sales offices. The number of new homes closed in December represented a 30% growth over December 2011.

The number of active subdivisions is down to a 12 year low (at least) and vacant developed lots remain in very strong demand as home builders try to put themselves in a position to build more homes in the near future. The price of these finished lots continues to rise each month, especially in the most popular areas (e.g. Peoria, Gilbert and Chandler). We anticipate strong demand for new homes in the peak spring season and expect new home prices will rise substantially over the next year. Construction labor costs are also rising as subcontractors struggle to attract additional people into their workforce. The increase in new home costs will create a vacuum which will tend to pull resale prices higher while the inventory shortage prevails.

The surprisingly low number of single family permits issued in December may be a short term and temporary phenomenon. It is certainly nowhere near high enough to replace the new homes sold in December. We believe that developers do understand the need for ramping up construction and this is confirmed by the scale of land and lot purchases in December. When these come into production we may see some improvement in the housing supply, but at the moment Spring 2013 looks like it will continue to experience much lower supply than demand. Based on the principles of Economics 101, this is likely to lead to further price rises once January is behind us.

Source & Acknowledgement

The sales and foreclosure transaction data used in this report was compiled by the Information Market LLC (www.theinformationmarket.com). ASU wishes to thank them for their extensive cooperation in creating this report. We would also like to thank ARMLS Inc. for permission to use the active listing statistics from their monthly STAT report and Belfiore Real Estate Consulting for data related to new home construction and sales.

Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average

Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt

Anthem 47 $263,977 $249,000 $108.94 1 $428,000 $428,000 $135.02 30 $255,683 $239,000 $115.42 4 $247,875 $233,250 $102.09 8 $277,741 $273,214 $98.54

Apache Juntion 74 $146,635 $127,811 $92.83 14 $135,478 $133,246 $90.37 23 $162,687 $150,000 $104.79 12 $149,033 $129,950 $106.07 10 $126,470 $101,300 $74.80

Arizona City 26 $62,081 $56,875 $45.16 6 $59,667 $55,500 $41.17 4 $82,500 $87,000 $60.07

Avondale 148 $131,310 $130,000 $68.20 64 $135,657 $135,500 $74.53 10 $164,780 $131,000 $79.27 41 $126,755 $126,000 $61.63

Buckeye 217 $163,276 $129,405 $76.13 62 $231,384 $223,331 $104.35 61 $163,503 $124,900 $79.13 19 $136,281 $112,500 $63.09 25 $119,284 $103,700 $52.24

Carefree 6 $925,817 $780,000 $272.59 6 $925,817 $780,000 $272.59

Casa Grande 83 $121,029 $109,285 $63.65 2 $217,823 $217,823 $136.35 28 $134,595 $103,500 $72.65 16 $135,850 $137,500 $65.29 16 $107,806 $108,893 $53.66

Cave Creek 72 $351,678 $341,550 $152.06 20 $383,668 $372,811 $150.72 33 $369,794 $357,500 $165.49 3 $232,667 $285,000 $128.55 9 $312,222 $282,000 $128.29

Chandler 423 $260,131 $223,500 $116.55 60 $364,491 $366,541 $127.03 199 $262,078 $222,500 $119.56 40 $239,815 $190,000 $117.48 70 $240,228 $177,750 $105.23

Coolidge 24 $78,399 $81,251 $42.02 9 $68,656 $76,500 $43.75 4 $105,225 $105,975 $47.09 5 $82,696 $82,501 $39.17

El Mirage 85 $99,858 $98,000 $64.86 2 $149,250 $149,250 $92.90 31 $107,648 $105,000 $71.35 10 $106,475 $99,350 $66.57 12 $93,423 $86,500 $58.23

Eloy 12 $197,888 $217,757 $99.01 7 $270,793 $279,348 $123.84 1 $210,000 $210,000 $124.85 1 $110,000 $110,000 $59.14

Florence 67 $139,034 $132,000 $72.77 26 $203,899 $179,598 $96.53 15 $95,487 $104,000 $55.54 8 $103,575 $99,950 $55.64 3 $82,333 $76,000 $61.49

Fountain Hills 48 $499,516 $365,000 $167.73 30 $461,302 $385,000 $172.23 3 $461,079 $321,360 $135.44 7 $621,214 $284,000 $165.92

Gilbert 586 $253,481 $234,000 $108.45 202 $296,404 $278,208 $112.76 186 $244,404 $211,500 $113.02 36 $244,709 $234,500 $111.13 95 $215,756 $200,000 $93.13

Glendale 427 $159,431 $138,000 $85.33 19 $286,301 $219,764 $108.02 171 $166,496 $146,500 $89.12 64 $170,841 $150,500 $91.77 84 $138,801 $121,250 $76.07

Gold Canyon 43 $273,402 $225,000 $129.64 26 $312,558 $243,000 $146.69 2 $287,500 $287,500 $152.16 10 $218,260 $167,250 $98.53

Goodyear 274 $217,554 $210,088 $96.49 110 $260,149 $238,838 $102.33 94 $201,260 $183,950 $97.23 11 $238,295 $227,500 $95.61 27 $171,419 $144,000 $77.67

Laveen 110 $146,504 $141,950 $70.25 22 $179,363 $168,400 $93.92 29 $148,565 $145,000 $69.42 8 $166,113 $137,500 $78.93 28 $119,629 $117,050 $56.30

Litchfield Park 69 $216,812 $226,050 $89.64 27 $254,262 $248,432 $99.39 24 $193,096 $166,000 $85.13 5 $231,660 $237,900 $87.65 5 $120,340 $124,700 $62.17

Maricopa 154 $134,633 $132,750 $61.86 18 $175,270 $155,324 $93.21 49 $139,202 $130,000 $59.43 29 $132,099 $135,000 $63.94 29 $128,597 $134,000 $56.24

Mesa 724 $186,682 $156,000 $97.94 72 $284,329 $258,869 $115.69 343 $191,644 $157,500 $103.34 78 $190,236 $163,750 $103.76 112 $150,276 $130,750 $80.32

New River 16 $295,138 $310,531 $107.89 8 $330,777 $321,305 $108.21 5 $281,400 $282,000 $109.96 1 $320,000 $320,000 $107.31 2 $174,500 $174,500 $98.64

Paradise Valley 46 $1,181,672 $917,500 $282.50 35 $1,157,654 $925,000 $289.66 2 $712,000 $712,000 $189.34 4 $737,750 $737,500 $238.81

Peoria 344 $226,940 $199,250 $106.65 85 $319,137 $298,395 $132.10 131 $218,615 $180,000 $106.48 27 $210,607 $198,500 $99.44 51 $174,446 $145,000 $84.00

Phoenix 1,954 $173,073 $122,311 $99.36 79 $343,377 $310,190 $131.49 866 $202,644 $139,950 $114.30 280 $141,853 $114,500 $90.77 316 $150,237 $113,000 $84.91

Queen Creek 135 $242,348 $214,383 $91.62 57 $254,081 $242,573 $91.30 38 $251,907 $200,000 $99.39 6 $299,933 $296,000 $108.12 19 $184,274 $160,000 $78.11

Rio Verde 10 $361,000 $364,250 $132.55 7 $386,071 $100,000 $138.15 3 $302,500 $284,000 $118.29

San Tan Valley 347 $154,350 $142,000 $76.69 91 $204,246 $184,000 $103.09 99 $142,889 $132,900 $72.99 63 $147,559 $145,000 $68.84 39 $127,083 $117,500 $62.44

Scottsdale 455 $560,393 $445,000 $206.35 5 $2,037,988 $945,000 $511.52 300 $606,164 $482,750 $215.74 53 $378,676 $329,900 $176.34 59 $449,615 $392,000 $161.60

Sun City 106 $128,904 $120,650 $75.04 3 $198,882 $201,157 $88.97 68 $124,754 $119,500 $77.44 8 $158,031 $164,700 $89.73 8 $148,650 $164,500 $89.93

Sun City West 94 $193,912 $174,950 $104.98 78 $198,679 $192,500 $107.03 4 $178,100 $189,200 $99.51 4 $203,200 $134,900 $99.56

Sun Lakes 53 $199,432 $165,000 $112.17 45 $205,524 $166,000 $113.76 4 $184,350 $184,950 $117.98 2 $148,676 $148,676 $89.94

Surprise 350 $172,666 $155,000 $84.86 34 $182,272 $173,736 $89.02 162 $192,361 $162,500 $95.39 28 $181,915 $166,625 $87.65 63 $143,676 $140,000 $68.50

Tempe 132 $210,707 $177,500 $115.20 62 $220,440 $187,500 $119.70 21 $193,407 $192,000 $117.39 27 $188,725 $170,000 $102.36

Tolleson 80 $123,291 $120,006 $64.39 11 $173,559 $173,471 $79.03 17 $127,542 $127,000 $68.81 9 $120,589 $126,500 $66.59 20 $103,850 $110,000 $53.14

Tonopah 4 $87,880 $90,450 $45.30 2 $82,000 $82,000 $44.06 1 $65,900 $65,900 $39.37

Waddell 28 $197,582 $175,299 $80.81 17 $200,851 $181,334 $88.00 2 $231,950 $231,950 $94.31 4 $156,250 $148,000 $65.55

Wickenburg 16 $161,307 $121,250 $104.74 12 $171,375 $121,250 $110.72 1 $175,000 $175,000 $130.21

Wittmann 10 $147,995 $148,050 $75.62 3 $166,667 $120,000 $87.32 2 $161,520 $161,520 $74.26

Youngtown 10 $94,850 $93,800 $57.39 4 $104,750 $118,000 $62.12 4 $81,150 $82,300 $55.76

Maricopa County 7,092 $225,912 $170,000 $110.26 896 $294,104 $262,893 $116.60 3,143 $256,309 $179,000 $125.78 735 $190,063 $157,500 $102.90 1,113 $183,045 $144,000 $89.63

Pinal County 867 $151,787 $135,000 $76.75 169 $210,244 $182,864 $105.88 270 $160,132 $133,450 $81.28 141 $139,426 $135,000 $68.71 111 $130,011 $115,000 $62.76

Total 7,959 $217,837 $164,000 $106.72 1065 $280,797 $251,463 $115.21 3,413 $248,700 $175,000 $122.37 876 $181,913 $150,000 $96.95 1,224 $178,236 $140,000 $87.16

December 2012 - Recorded Sales - Single Family

All Sales New Home Sales Normal Resales Short Sales & Pre-foreclosuresInvestor Flips


Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt

Anthem 1 $237,000 $237,000 $75.57 1 $269,000 $269,000 $100.04 2 $294,500 $294,500 $95.42 1 $212,035 $212,035 $97.26

Apache Juntion 6 $126,671 $102,664 $80.46 4 $239,725 $247,700 $105.18 5 $88,097 $67,500 $56.01 6 $231,678 $248,574 $131.29

Arizona City 5 $46,600 $44,000 $37.30 4 $68,175 $61,850 $51.17 3 $63,500 $63,000 $41.28 4 $57,475 $49,550 $42.86 4 $80,720 $75,346 $44.89

Avondale 6 $121,717 $131,500 $60.23 3 $117,333 $108,000 $80.05 1 $84,000 $84,000 $60.48 23 $119,165 $123,000 $60.34 13 $147,363 $130,809 $87.52

Buckeye 7 $111,550 $106,000 $59.04 6 $127,808 $134,525 $62.51 11 $100,027 $90,200 $54.91 26 $111,231 $106,600 $49.69 15 $164,343 $145,427 $88.67

Carefree

Casa Grande 7 $76,657 $65,000 $46.22 5 $137,206 $142,000 $70.50 3 $73,067 $61,700 $36.48 6 $83,467 $80,650 $47.27 19 $119,824 $121,000 $63.26

Cave Creek 4 $282,100 $246,450 $134.51 2 $289,581 $289,581 $144.21 1 $228,700 $228,700 $107.27 3 $303,682 $303,000 $152.30

Chandler 16 $191,988 $160,500 $96.92 16 $200,983 $184,700 $114.92 3 $141,667 $150,000 $110.76 19 $152,189 $135,100 $94.10 28 $261,902 $264,407 $121.65

Coolidge 1 $75,000 $75,000 $22.87 1 $88,500 $88,500 $58.26 2 $71,500 $71,500 $37.58 2 $61,400 $61,400 $47.97 10 $118,265 $124,038 $59.42

El Mirage 4 $111,800 $113,825 $58.25 5 $92,200 $95,000 $66.02 4 $86,625 $87,250 $60.29 17 $83,047 $81,000 $55.95 10 $132,901 $119,274 $77.29

Eloy 2 $34,050 $34,050 $20.80 1 $91,000 $91,000 $48.92 1 $38,000 $38,000 $26.10

Florence 4 $130,975 $135,950 $61.41 3 $46,033 $41,500 $34.43 8 $105,500 $89,600 $53.26 4 $127,398 $127,471 $54.35

Fountain Hills 4 $747,250 $634,500 $176.53 4 $354,250 $342,501 $153.31 1 $180,000 $180,000 $125.44

Gilbert 15 $224,380 $175,000 $113.11 16 $197,400 $186,000 $97.62 5 $171,302 $165,000 $93.26 31 $210,326 $178,400 $99.09 26 $245,957 $224,513 $119.90

Glendale 21 $147,010 $129,000 $74.81 12 $145,463 $135,000 $83.25 10 $110,590 $119,999 $64.24 46 $122,493 $117,800 $74.00 32 $174,054 $159,058 $93.96

Gold Canyon 1 $140,299 $140,299 $94.35 2 $210,000 $210,000 $105.66 1 $175,000 $175,000 $83.37 1 $136,900 $136,900 $76.52 3 $349,869 $318,146 $144.97

Goodyear 2 $145,875 $145,875 $72.22 10 $181,155 $167,125 $80.66 6 $131,605 $94,060 $65.22 14 $138,040 $267,401 $69.44 14 $205,396 $185,943 $96.21

Laveen 7 $132,657 $129,900 $61.33 7 $171,388 $190,500 $73.88 5 $108,320 $106,000 $56.80 4 $128,174 $132,298 $63.40 15 $191,673 $183,600 $91.99

Litchfield Park 1 $320,000 $320,000 $113.15 3 $214,667 $130,000 $81.54 4 $184,175 $174,750 $75.50 3 $245,148 $252,293 $90.63

Maricopa 3 $135,967 $149,900 $48.18 6 $133,567 $120,750 $56.86 6 $100,165 $104,000 $48.90 14 $99,090 $89,651 $54.45 19 $175,448 $169,015 $84.28

Mesa 23 $181,458 $152,400 $81.33 22 $154,368 $151,500 $92.62 15 $139,409 $128,501 $81.41 59 $129,185 $118,000 $75.67 53 $193,396 $178,238 $113.35

New River 2 $298,775 $298,775 $124.91

Paradise Valley 4 $1,834,750 $1,905,000 $268.28 1 $2,125,001 $2,125,001 $400.64 1 $1,436,400 $1,436,400 $208.14

Peoria 15 $190,060 $149,000 $83.75 13 $144,400 $149,900 $87.07 2 $83,572 $83,572 $56.87 20 $141,198 $117,650 $78.32 19 $208,996 $165,610 $110.55

Phoenix 86 $149,730 $105,500 $89.67 77 $147,870 $128,700 $83.36 37 $96,185 $82,000 $60.15 213 $96,498 $78,000 $63.07 161 $252,943 $160,000 $153.63

Queen Creek 4 $321,725 $276,000 $97.11 4 $178,475 $172,000 $76.40 1 $137,100 $137,100 $67.14 6 $203,865 $215,550 $76.22 6 $308,222 $321,118 $103.95

Rio Verde

San Tan Valley 6 $137,961 $93,500 $70.64 11 $144,400 $140,000 $62.85 14 $107,108 $106,500 $60.79 24 $110,788 $108,000 $55.15 33 $163,998 $142,500 $78.03

Scottsdale 17 $593,284 $455,000 $200.87 5 $278,350 $285,000 $138.41 1 $260,000 $260,000 $124.16 15 $306,990 $261,555 $141.71 16 $448,004 $388,270 $180.25

Sun City 6 $86,617 $82,500 $50.51 5 $138,320 $86,100 $69.77 1 $82,000 $82,000 $82.16 7 $119,584 $121,300 $65.10 10 $109,380 $93,835 $65.06

Sun City West 4 $184,141 $138,763 $89.84 1 $100,000 $100,000 $96.43 3 $123,025 $115,000 $86.09 3 $142,090 $154,700 $83.30

Sun Lakes 1 $115,000 $115,000 $74.43 1 $171,001 $171,001 $93.29 2 $205,070 $205,070 $106.17

Surprise 13 $146,975 $144,375 $77.44 14 $150,021 $155,000 $77.81 8 $127,104 $120,665 $63.43 28 $139,300 $127,599 $67.36 38 $209,337 $196,706 $88.86

Tempe 8 $358,012 $177,250 $133.24 6 $183,233 $178,750 $101.37 1 $132,500 $132,500 $94.91 7 $127,557 $152,000 $97.79 17 $204,285 $207,744 $125.14

Tolleson 3 $132,040 $131,620 $71.92 5 $140,014 $140,570 $67.84 2 $112,506 $112,506 $68.66 13 $100,184 $99,300 $56.57 9 $176,330 $130,095 $91.50

Tonopah 1 $121,620 $121,620 $51.47 2 $90,234 $90,234 $48.87

Waddell 1 $105,000 $105,000 $25.87 2 $146,757 $146,757 $81.49 2 $315,200 $315,200 $83.51 1 $176,000 $176,000 $73.98

Wickenburg 2 $57,210 $57,210 $53.79 1 $235,000 $235,000 $90.52 5 $164,180 $112,198 $101.99

Wittmann 1 $20,000 $20,000 $26.67 2 $156,175 $156,175 $70.57 1 $182,000 $182,000 $85.05 1 $142,300 $142,300 $65.34 2 $83,750 $83,750 $63.35

Youngtown 1 $124,900 $124,900 $56.01 1 $80,000 $80,000 $46.22 2 $89,178 $89,178 $83.81

Maricopa County 280 $225,007 $144,688 $106.78 237 $161,547 $150,000 $86.95 117 $114,719 $108,000 $67.26 571 $131,233 $111,418 $74.52 512 $225,486 $178,620 $120.11

Pinal County 32 $97,132 $84,183 $56.07 40 $142,046 $132,450 $68.04 36 $88,806 $95,525 $49.43 68 $99,345 $91,933 $53.03 109 $151,205 $134,000 $76.35

Total 312 $211,892 $135,350 $102.43 277 $158,731 $149,000 $83.93 153 $108,622 $105,000 $62.90 639 $127,839 $109,000 $72.10 621 $212,448 $173,089 $112.08


Bank Owned Sales Fannie Mae / Freddie Mac Sales HUD Sales No Bidders at Auction - Reverted to LenderForeclosure - Trustee Sold to 3rd Party



Anthem 4 $118,500 $111,000 $89.70 1 $146,000 $146,000 $94.13 1 $114,000 $114,000 $94.68 1 $108,000 $108,000 $81.51

Apache Juntion 2 $48,250 $48,250 $56.60 1 $33,499 $33,499 $44.55

Arizona City

Avondale

Buckeye

Carefree 3 $172,300 $180,000 $119.65 3 $172,300 $180,000 $119.65

Casa Grande 4 $97,750 $93,000 $67.25 3 $106,667 $115,000 $69.69 1 $71,000 $71,000 $58.10

Cave Creek 6 $239,274 $255,840 $157.49 3 $273,715 $272,034 $175.68 2 $204,750 $204,750 $149.45 1 $205,000 $205,000 $120.45

Chandler 50 $114,381 $94,250 $95.20 2 $275,310 $275,310 $151.85 24 $110,669 $96,250 $92.57 4 $110,600 $112,200 $102.38 9 $124,267 $105,000 $95.06

Coolidge

El Mirage

Eloy

Florence

Fountain Hills 20 $157,524 $135,050 $115.67 13 $161,569 $140,500 $116.97 1 $190,000 $190,000 $124.43 1 $140,000 $140,000 $127.39

Gilbert 37 $125,413 $116,000 $93.33 19 $139,305 $135,000 $102.31 2 $117,000 $117,000 $108.53 5 $112,450 $109,000 $81.34

Glendale 47 $55,982 $50,000 $48.20 21 $59,981 $50,000 $49.68 5 $70,330 $72,000 $59.78 11 $41,192 $30,000 $39.99

Gold Canyon 1 $400,000 $400,000 $177.86 1 $400,000 $400,000 $177.86

Goodyear 4 $144,680 $129,610 $118.32 1 $147,300 $147,300 $122.44 2 $159,750 $159,750 $122.51

Laveen 2 $104,600 $104,600 $74.63

Litchfield Park 9 $126,381 $121,500 $96.95 2 $136,490 $136,490 $117.11 3 $139,933 $141,300 $86.02 1 $172,000 $172,000 $119.69 1 $86,150 $86,150 $71.43

Maricopa

Mesa 157 $96,095 $83,500 $83.77 6 $227,933 $217,472 $155.21 80 $108,194 $97,500 $92.16 14 $80,600 $75,000 $75.68 17 $84,715 $75,116 $74.40

New River

Paradise Valley 6 $282,917 $264,250 $181.34 5 $311,700 $383,500 $187.61 1 $139,000 $139,000 $131.88

Peoria 26 $87,773 $80,500 $71.44 18 $83,794 $74,750 $70.68 1 $90,000 $90,000 $59.13

Phoenix 389 $105,098 $80,000 $88.90 7 $146,395 $148,227 $116.08 202 $110,091 $80,000 $94.68 29 $130,710 $112,000 $100.37 58 $95,976 $91,500 $78.66

Queen Creek

Rio Verde

San Tan Valley

Scottsdale 249 $233,338 $176,000 $166.17 9 $704,489 $657,000 $372.46 172 $236,774 $195,250 $164.21 19 $198,621 $169,900 $158.68 28 $145,715 $132,000 $114.12

Sun City 67 $64,978 $62,500 $52.82 53 $70,199 $65,000 $54.86 1 $63,000 $63,000 $60.52

Sun City West 23 $95,987 $100,000 $72.89 21 $97,848 $102,000 $73.98

Sun Lakes 3 $146,667 $150,000 $100.50 2 $160,000 $160,000 $100.31

Surprise 17 $74,721 $75,000 $83.80 1 $76,900 $76,900 $91.55 11 $80,727 $75,000 $95.59 2 $46,750 $46,750 $47.53

Tempe 58 $125,862 $107,350 $105.20 2 $317,500 $317,500 $271.83 30 $131,738 $116,250 $112.46 2 $109,250 $109,250 $73.67 11 $103,900 $85,000 $82.59

Tolleson

Tonopah

Waddell

Wickenburg 1 $129,900 $129,900 $75.35 1 $129,900 $129,900 $75.35

Wittmann

Youngtown

Maricopa County 1,178 $130,938 $99,700 $105.33 33 $340,507 $245,279 $226.22 683 $140,887 $105,000 $111.20 81 $133,610 $114,000 $108.49 145 $102,628 $95,000 $84.15

Pinal County 9 $146,444 $115,000 $101.68 5 $150,100 $135,000 $96.39 3 $168,166 $71,000 $119.46

Total 1,187 $131,056 $99,900 $105.30 33 $340,507 $245,279 $226.22 688 $140,954 $105,450 $111.06 84 $134,844 $113,000 $108.94 145 $102,628 $95,000 $84.15

December 2012 - Recorded Sales - Townhouse / Condo

All Sales New Home Sales Normal Resales Investor Flips Short Sales & Pre-foreclosures



Anthem 1 $106,000 $106,000 $88.04

Apache Juntion 1 $63,000 $63,000 $66.11

Arizona City

Avondale

Buckeye

Carefree

Casa Grande 1 $63,299 $63,299 $69.87

Cave Creek

Chandler 3 $112,133 $88,900 $98.39 1 $63,978 $63,978 $73.54 7 $78,743 $77,000 $74.65 5 $101,925 $96,127 $97.61

Coolidge

El Mirage

Eloy

Florence

Fountain Hills 3 $154,963 $88,000 $106.41 1 $130,100 $130,100 $120.91 1 $125,100 $125,100 $103.30 2 $163,768 $163,768 $166.35

Gilbert 3 $136,667 $134,900 $81.46 1 $135,000 $135,000 $110.11 2 $115,058 $115,058 $79.35 5 $84,420 $82,500 $75.07 5 $180,331 $181,000 $148.47

Glendale 1 $45,000 $45,000 $43.86 1 $55,250 $55,250 $44.92 8 $58,318 $60,101 $47.74 10 $101,343 $105,818 $85.83

Gold Canyon

Goodyear 1 $111,899 $111,899 $103.61

Laveen 1 $115,000 $115,000 $81.27 1 $94,200 $94,200 $67.87

Litchfield Park 2 $93,250 $93,250 $99.31

Maricopa

Mesa 3 $52,667 $55,000 $44.98 11 $60,234 $55,000 $64.58 3 $85,925 $86,726 $77.57 23 $61,601 $57,500 $54.48 13 $97,881 $97,681 $87.07

New River

Paradise Valley

Peoria 2 $87,482 $87,482 $68.83 1 $110,000 $110,000 $106.28 1 $95,000 $95,000 $91.79 3 $101,280 $119,600 $67.93 1 $66,400 $66,400 $57.19

Phoenix 24 $80,440 $65,750 $76.37 22 $122,648 $87,600 $104.36 10 $76,933 $75,803 $67.58 37 $77,421 $72,100 $63.47 42 $121,872 $116,635 $111.96

Queen Creek

Rio Verde

San Tan Valley

Scottsdale 6 $157,217 $129,500 $140.00 1 $285,000 $285,000 $162.67 14 $139,543 $140,900 $117.73 11 $232,579 $216,614 $154.23

Sun City 1 $50,000 $50,000 $37.94 7 $35,779 $33,000 $41.36 2 $71,326 $71,326 $46.94 3 $42,301 $48,001 $40.26 7 $59,239 $60,100 $49.28

Sun City West 1 $94,900 $94,900 $68.92 1 $58,000 $58,000 $50.97 4 $90,060 $91,837 $87.39

Sun Lakes 1 $120,000 $120,000 $82.30

Surprise 2 $65,175 $65,175 $73.11 1 $81,500 $81,500 $63.77 1 $65,480 $65,480 $69.22

Tempe 2 $66,250 $66,250 $62.09 4 $139,063 $124,125 $122.85 1 $104,618 $104,618 $72.05 6 $93,017 $91,300 $79.81 9 $107,347 $92,900 $90.90

Tolleson

Tonopah

Waddell

Wickenburg

Wittmann

Youngtown

Maricopa County 48 $97,750 $82,500 $83.78 57 $99,050 $79,000 $92.03 23 $82,366 $87,652 $67.90 108 $81,915 $72,650 $69.40 110 $123,405 $104,390 $106.33

Pinal County 1 $63,000 $63,000 $66.11 1 $63,299 $63,299 $69.87

Total 49 $97,041 $82,000 $83.78 57 $99,050 $79,000 $92.03 23 $82,366 $87,652 $67.90 108 $81,915 $72,650 $69.40 111 $122,864 $104,051 $106.07


Bank Owned Sales Fannie Mae / Freddie Mac Sales HUD Sales Foreclosure - Trustee Sold to 3rd Party No Bidders at Auction - Reverted to Lender



Anthem 48 $216,576 $190,000 $93.71 9 $281,167 $287,000 $109.00 11 $265,650 $261,750 $99.55 18 $176,206 $156,750 $84.05

Apache Juntion 78 $97,279 $68,400 $64.03 2 $192,278 $192,278 $106.26 15 $173,048 $168,000 $94.06 12 $60,139 $57,498 $56.72 17 $108,093 $75,000 $63.28

Arizona City 41 $52,721 $49,700 $36.78 8 $62,046 $56,000 $44.32 10 $58,450 $58,500 $42.40 3 $53,600 $50,900 $36.70

Avondale 207 $105,205 $97,000 $53.19 11 $138,915 $134,990 $70.53 24 $109,949 $105,339 $55.14 26 $129,304 $124,250 $63.53 54 $101,100 $96,500 $49.46

Buckeye 268 $125,954 $103,951 $62.69 70 $175,901 $160,663 $91.94 31 $141,523 $117,000 $70.87 18 $161,392 $141,500 $67.41 51 $94,029 $73,000 $47.72

Carefree 10 $556,583 $355,000 $182.20 5 $715,700 $591,000 $239.01 2 $335,000 $335,000 $145.02

Casa Grande 117 $108,824 $98,000 $56.00 6 $192,651 $193,042 $114.26 23 $143,253 $138,000 $70.15 19 $95,900 $101,500 $51.53 28 $101,190 $92,750 $50.73

Cave Creek 81 $331,458 $320,000 $131.83 8 $420,405 $424,988 $153.26 21 $337,847 $360,000 $137.77 12 $335,367 $321,000 $133.56 13 $349,800 $300,000 $136.71

Chandler 536 $206,551 $175,000 $94.03 65 $323,806 $309,319 $115.95 114 $245,471 $212,500 $108.44 53 $207,067 $160,000 $96.04 131 $175,247 $155,000 $83.63

Coolidge 35 $66,106 $56,948 $40.05 9 $52,322 $50,000 $35.34 6 $98,975 $69,250 $65.39 8 $54,985 $55,000 $28.82

El Mirage 104 $71,890 $69,225 $47.22 17 $72,162 $69,250 $51.75 10 $79,337 $80,380 $51.01 25 $65,688 $65,000 $42.43

Eloy 9 $129,953 $110,000 $79.25 2 $238,990 $238,990 $120.95 3 $176,667 $205,000 $93.97 1 $88,000 $88,000 $66.37

Florence 57 $98,770 $76,900 $49.72 16 $168,091 $157,990 $89.37 5 $57,680 $60,500 $34.51 10 $70,960 $70,650 $40.31 6 $82,617 $64,000 $35.85

Fountain Hills 47 $343,543 $270,500 $140.10 24 $383,163 $383,950 $157.54 3 $402,500 $340,000 $160.96 8 $181,250 $172,250 $99.53

Gilbert 632 $207,041 $175,000 $89.58 181 $231,297 $192,143 $95.79 88 $244,754 $214,750 $105.22 54 $217,673 $194,500 $92.96 130 $179,989 $152,000 $80.86

Glendale 541 $109,864 $90,000 $61.97 7 $162,411 $165,000 $81.38 113 $132,665 $110,000 $72.30 74 $136,958 $110,000 $75.36 93 $99,959 $88,000 $55.73

Gold Canyon 49 $196,875 $158,000 $99.59 3 $161,129 $149,992 $81.30 21 $214,250 $208,000 $120.12 6 $207,133 $155,000 $113.88 6 $178,167 $114,750 $94.16

Goodyear 251 $182,335 $168,000 $79.14 68 $267,749 $269,096 $107.01 31 $189,081 $195,000 $89.31 30 $173,615 $166,944 $73.69 61 $140,718 $117,000 $63.94

Laveen 133 $111,849 $103,000 $51.16 10 $180,161 $159,346 $76.10 16 $110,843 $97,500 $53.25 11 $117,023 $119,173 $55.35 37 $105,314 $93,000 $47.40

Litchfield Park 81 $212,134 $177,600 $80.91 16 $191,958 $192,510 $80.04 7 $582,643 $350,000 $144.69 7 $170,700 $163,000 $71.35 20 $202,057 $148,650 $72.63

Maricopa 230 $100,094 $93,000 $44.85 16 $140,030 $130,690 $71.67 33 $121,952 $120,000 $54.10 30 $113,237 $101,950 $48.93 53 $90,243 $84,000 $39.32

Mesa 813 $143,588 $115,000 $76.93 46 $305,250 $296,642 $114.32 193 $171,517 $135,000 $90.44 111 $135,531 $130,000 $76.03 163 $131,455 $108,500 $69.34

New River 20 $217,420 $177,500 $89.41 1 $204,483 $204,483 $106.72 5 $288,111 $165,000 $118.06 3 $248,333 $255,000 $94.42 3 $160,333 $153,000 $75.94

Paradise Valley 41 $1,317,751 $1,220,000 $266.08 25 $1,361,740 $1,300,000 $296.32 2 $1,387,500 $1,387,500 $295.06 10 $1,161,750 $1,037,500 $226.97

Peoria 412 $180,365 $148,500 $87.37 75 $307,472 $296,836 $126.93 73 $186,484 $153,000 $93.84 46 $185,092 $169,500 $85.11 67 $143,439 $131,000 $71.57

Phoenix 2,367 $129,523 $88,500 $74.01 91 $284,955 $233,288 $117.20 573 $162,207 $115,000 $92.61 317 $127,434 $97,000 $75.96 485 $125,463 $85,000 $69.56

Queen Creek 84 $205,594 $183,250 $76.59 8 $270,515 $268,347 $93.27 12 $282,250 $230,000 $98.85 14 $170,407 $170,450 $71.52 26 $185,625 $164,500 $114.09

Rio Verde 7 $280,589 $190,000 $105.90 5 $301,024 $190,000 $117.18 1 $290,000 $290,000 $98.94

San Tan Valley 343 $126,236 $101,000 $61.49 54 $251,306 $213,401 $120.96 41 $125,226 $109,000 $57.07 57 $120,077 $119,900 $58.19 84 $96,253 $87,750 $46.86

Scottsdale 465 $469,262 $362,000 $169.66 5 $734,506 $686,111 $205.96 201 $569,918 $434,000 $198.70 62 $352,476 $336,000 $145.11 98 $400,724 $332,500 $145.24

Sun City 109 $116,535 $109,000 $66.13 9 $207,499 $183,643 $74.57 57 $112,211 $100,000 $72.56 5 $149,571 $129,950 $64.65 10 $111,595 $109,674 $55.40

Sun City West 94 $174,325 $159,950 $95.69 3 $203,718 $202,000 $83.38 75 $183,461 $160,000 $98.27 3 $107,500 $109,000 $77.04 3 $129,000 $162,000 $76.69

Sun Lakes 46 $197,242 $180,000 $104.19 41 $202,958 $180,000 $106.57 2 $193,800 $193,800 $106.16

Surprise 369 $136,142 $123,000 $65.73 16 $177,175 $176,604 $78.38 79 $169,460 $152,500 $90.52 49 $150,564 $145,000 $68.34 107 $120,306 $110,000 $56.65

Tempe 132 $147,494 $125,000 $87.13 29 $194,645 $160,000 $107.31 17 $141,035 $159,900 $91.55 30 $136,249 $117,000 $84.55

Tolleson 123 $88,138 $84,000 $44.61 6 $144,839 $142,342 $71.13 15 $92,041 $89,900 $44.85 8 $106,869 $107,500 $49.28 40 $80,536 $80,000 $41.34

Tonopah 6 $61,517 $57,000 $30.69 3 $55,667 $54,000 $34.31

Waddell 22 $194,887 $182,750 $67.18 6 $197,574 $204,503 $85.90 2 $251,880 $251,880 $126.89 4 $141,250 $110,000 $54.71

Wickenburg 9 $225,709 $199,000 $117.34 4 $244,500 $184,500 $127.41 3 $214,000 $212,000 $124.37

Wittmann 12 $129,700 $136,000 $64.19 3 $120,500 $122,000 $70.52 5 $159,000 $169,000 $67.90

Youngtown 15 $55,883 $41,811 $39.55 1 $38,500 $38,500 $37.71 2 $82,368 $82,368 $53.96 3 $67,000 $78,000 $36.71

Maricopa County 8,095 $175,745 $126,500 $86.90 702 $257,514 $228,276 $105.99 1,897 $237,704 $155,500 $115.70 950 $167,884 $135,000 $85.37 1,705 $156,412 $115,000 $76.67

Pinal County 1,000 $117,272 $95,000 $58.97 118 $224,994 $189,916 $111.44 176 $141,152 $120,000 $71.50 151 $105,861 $100,000 $55.56 204 $96,227 $84,000 $46.46

Total 9,095 $169,316 $122,500 $83.88 820 $252,835 $221,681 $106.66 2,073 $229,507 $151,500 $112.08 1,101 $159,378 $129,000 $81.39 1,909 $149,980 $110,000 $73.40





Anthem 3 $223,533 $271,600 $102.46 4 $178,652 $170,000 $80.25 3 $128,697 $123,751 $74.56 3 $258,365 $226,010 $85.33

Apache Juntion 5 $92,060 $87,500 $55.60 8 $69,425 $73,500 $56.26 7 $59,029 $65,000 $40.73 12 $51,614 $49,901 $35.97 15 $154,283 $155,289 $90.60

Arizona City 10 $43,088 $42,190 $28.61 6 $58,717 $55,250 $38.70 1 $34,000 $34,000 $28.31 3 $34,239 $34,382 $25.44 12 $68,246 $50,200 $48.82

Avondale 20 $97,597 $81,625 $49.72 27 $115,278 $114,900 $56.33 8 $87,085 $84,600 $43.00 37 $81,841 $81,000 $45.97 29 $171,904 $141,163 $88.77

Buckeye 22 $106,746 $89,950 $50.80 39 $109,647 $97,500 $52.21 9 $65,478 $69,000 $36.14 28 $76,457 $67,063 $39.19 33 $146,525 $124,063 $67.88

Carefree 2 $519,100 $519,100 $133.82 1 $279,129 $279,129 $87.28

Casa Grande 12 $90,583 $77,750 $45.61 11 $106,768 $94,000 $57.39 6 $61,833 $66,000 $34.92 12 $82,819 $87,050 $41.14 29 $117,857 $120,400 $60.60

Cave Creek 9 $427,300 $370,000 $132.63 9 $237,489 $237,000 $117.49 9 $203,907 $249,163 $93.49 12 $318,556 $307,456 $136.32

Chandler 47 $165,899 $124,900 $78.30 48 $166,019 $145,000 $86.13 9 $99,616 $116,000 $63.79 69 $160,663 $127,200 $77.57 72 $193,070 $167,301 $105.73

Coolidge 3 $52,333 $50,000 $32.84 3 $42,750 $55,500 $29.59 3 $56,459 $50,377 $27.91 3 $118,149 $56,948 $72.13 11 $117,871 $80,636 $74.39

El Mirage 5 $74,100 $72,000 $45.05 14 $105,014 $91,250 $60.80 5 $63,237 $58,000 $39.53 28 $59,189 $60,501 $41.47 14 $135,935 $133,648 $70.88

Eloy 2 $26,300 $26,300 $19.60 1 $21,000 $21,000 $18.13 3 $24,435 $23,800 $17.72

Florence 3 $79,300 $57,000 $36.86 8 $78,381 $74,275 $32.45 2 $57,244 $57,244 $30.11 7 $66,757 $59,500 $33.92 6 $124,697 $137,444 $71.69

Fountain Hills 7 $165,899 $366,101 $78.30 2 $220,000 $220,000 $122.63 3 $200,500 $199,000 $99.98 4 $202,850 $178,100 $102.45

Gilbert 34 $216,601 $195,500 $85.04 53 $173,459 $158,000 $85.01 7 $150,457 $160,000 $71.23 85 $172,342 $156,000 $75.69 70 $212,755 $186,804 $100.06

Glendale 54 $101,079 $82,500 $53.20 72 $113,823 $102,950 $62.69 17 $75,763 $73,000 $48.16 111 $80,501 $71,101 $50.63 83 $160,583 $160,284 $90.46

Gold Canyon 6 $190,867 $127,150 $93.72 3 $170,171 $175,500 $61.71 4 $174,175 $137,850 $65.06 4 $218,411 $197,947 $128.18

Goodyear 9 $127,702 $88,000 $54.79 25 $147,884 $147,500 $64.84 3 $71,967 $76,000 $44.10 24 $118,457 $94,663 $51.99 26 $234,442 $227,114 $101.29

Laveen 6 $111,450 $107,500 $47.22 24 $117,179 $114,700 $51.09 9 $82,944 $78,000 $40.57 20 $94,476 $49,900 $46.41 18 $182,119 $174,450 $81.18

Litchfield Park 7 $134,107 $115,000 $57.07 12 $190,333 $178,800 $77.00 1 $97,650 $97,650 $54.13 11 $134,237 $95,000 $57.90 11 $201,651 $158,162 $87.95

Maricopa 9 $92,900 $92,500 $36.69 26 $103,698 $85,000 $46.73 18 $76,029 $72,200 $37.85 45 $81,769 $76,500 $36.83 35 $137,811 $127,287 $63.77

Mesa 68 $103,086 $91,937 $61.22 82 $120,765 $115,500 $69.79 33 $74,941 $73,200 $49.79 117 $117,402 $83,100 $63.67 125 $160,919 $133,926 $92.27

New River 2 $171,028 $171,028 $94.67 1 $67,000 $67,000 $44.22 5 $213,660 $223,000 $70.45 1 $231,800 $231,800 $72.44

Paradise Valley 4 $1,397,950 $1,395,000 $201.56 3 $2,078,952 $1,500,000 $438.20

Peoria 32 $150,908 $90,750 $70.98 49 $129,378 $112,500 $71.47 9 $82,620 $71,400 $54.83 61 $124,586 $104,100 $63.80 57 $155,337 $135,749 $89.42

Phoenix 204 $113,831 $68,050 $64.26 234 $109,679 $96,000 $63.93 78 $65,750 $56,150 $43.51 385 $84,222 $57,500 $51.45 375 $146,962 $121,500 $92.01

Queen Creek 4 $193,569 $178,650 $73.11 6 $203,700 $206,450 $65.88 2 $137,000 $137,000 $60.21 12 $186,359 $226,300 $68.44 18 $212,378 $191,642 $87.71

Rio Verde 1 $169,000 $169,000 $60.97

San Tan Valley 13 $109,058 $91,500 $57.48 25 $101,587 $92,000 $50.47 20 $85,319 $82,750 $42.96 49 $81,651 $80,500 $41.19 45 $169,345 $167,300 $89.23

Scottsdale 34 $532,854 $415,750 $159.31 24 $350,359 $240,450 $147.61 1 $226,000 $226,000 $124.79 40 $302,618 $123.05 54 $492,794 $383,256 $175.19

Sun City 8 $89,800 $92,600 $61.24 7 $83,700 $83,000 $55.89 4 $119,700 $129,750 $49.91 9 $87,990 $100,000 $51.55 9 $88,286 $75,000 $58.02

Sun City West 3 $162,167 $184,000 $100.83 6 $119,950 $106,700 $85.31 1 $85,175 $85,175 $60.36 6 $186,115 $161,755 $92.10

Sun Lakes 1 $162,750 $162,750 $80.45 2 $100,750 $100,750 $60.66 1 $169,471 $169,471 $114.05

Surprise 22 $127,548 $120,375 $57.19 40 $131,534 $121,000 $59.82 9 $99,995 $92,000 $54.27 47 $102,057 $98,000 $52.45 72 $164,674 $153,564 $81.92

Tempe 13 $146,964 $136,100 $76.24 22 $129,805 $115,125 $81.63 1 $91,397 $91,397 $66.04 20 $124,091 $116,500 $71.15 18 $194,397 $177,756 $110.03

Tolleson 4 $87,175 $80,750 $39.54 18 $96,071 $94,500 $46.95 7 $79,371 $76,000 $42.78 25 $75,255 $80,000 $40.81 13 $115,860 $93,375 $56.82

Tonopah 2 $56,100 $56,100 $23.73 1 $89,900 $89,900 $37.00 1 $111,018 $111,018 $73.42

Waddell 3 $287,233 $293,200 $67.72 5 $171,200 $133,500 $53.36 1 $125,000 $125,000 $41.09 1 $190,600 $190,600 $48.71 4 $277,136 $275,705 $79.80

Wickenburg 1 $94,500 $94,500 $84.38 1 $316,881 $316,881 $94.48 2 $250,789 $250,789 $147.09

Wittmann 3 $96,967 $81,000 $50.98 1 $109,000 $109,000 $63.89 4 $204,162 $213,759 $86.16

Youngtown 3 $39,937 $39,000 $31.85 1 $24,500 $24,500 $25.52 5 $57,940 $62,500 $41.84 1 $104,342 $104,342 $82.48

Maricopa County 637 $164,707 $101,000 $78.56 830 $132,930 $117,900 $69.87 214 $79,067 $73,350 $47.91 1,160 $112,915 $83,050 $61.03 1,144 $186,837 $149,387 $99.52

Pinal County 62 $95,033 $84,950 $48.71 95 $95,313 $85,000 $48.36 60 $73,649 $74,500 $38.67 134 $81,006 $76,650 $40.15 162 $137,414 $134,125 $73.29

Total 699 $158,527 $96,000 $76.08 925 $129,066 $115,000 $67.59 274 $77,881 $73,750 $45.65 1,294 $109,611 $82,283 $58.69 1,306 $180,706 $146,402 $96.27





Anthem 4 $95,117 $94,583 $65.95 1 $113,000 $113,000 $72.86 1 $93,500 $93,500 $60.28

Apache Juntion 1 $57,000 $57,000 $81.20 1 $57,000 $57,000 $81.20

Arizona City

Avondale 5 $67,000 $78,000 $78.82 1 $23,000 $23,000 $28.12

Buckeye

Carefree 3 $228,333 $150,000 $135.24 1 $385,000 $385,000 $161.90 1 $150,000 $150,000 $118.67

Casa Grande 4 $67,875 $49,450 $51.04 1 $145,600 $145,600 $113.57 2 $49,450 $49,450 $39.32

Cave Creek 5 $202,840 $199,000 $122.77 2 $243,750 $243,750 $129.00 1 $199,000 $199,000 $116.92

Chandler 51 $81,309 $68,401 $69.03 11 $101,849 $90,000 $84.67 2 $77,250 $77,250 $87.44 15 $82,541 $67,000 $68.28

Coolidge

El Mirage

Eloy

Florence

Fountain Hills 30 $169,457 $134,250 $109.84 14 $183,214 $143,000 $130.87 3 $87,167 $88,500 $75.25 2 $322,000 $322,000 $118.60

Gilbert 27 $89,143 $85,000 $76.60 5 $103,280 $89,500 $92.63 2 $94,950 $94,950 $79.16 12 $82,096 $82,500 $70.93

Glendale 57 $38,296 $30,000 $33.26 13 $47,468 $35,000 $42.92 4 $35,125 $33,500 $29.31 10 $33,250 $26,750 $28.14

Gold Canyon

Goodyear 2 $45,100 $45,100 $38.71

Laveen 3 $86,900 $89,000 $62.61

Litchfield Park 7 $127,269 $120,000 $92.58 4 $108,220 $111,495 $105.53 2 $156,000 $156,000 $81.57 1 $146,000 $146,000 $86.08

Maricopa 2 $116,750 $116,750 $83.90 1 $134,400 $134,400 $97.46

Mesa 204 $72,500 $54,900 $62.49 15 $168,490 $148,648 $103.17 57 $95,671 $79,500 $79.81 19 $52,889 $46,500 $50.40 39 $52,183 $48,000 $48.11

New River

Paradise Valley 9 $297,267 $215,000 $187.16 7 $354,286 $220,000 $197.77 1 $140,000 $140,000 $132.83

Peoria 40 $78,234 $54,250 $67.26 15 $106,591 $112,900 $85.52 1 $32,000 $32,000 $39.51 7 $59,875 $69,000 $56.92

Phoenix 481 $80,604 $57,000 $69.91 13 $208,365 $214,900 $134.56 121 $106,952 $61,000 $88.46 36 $82,831 $57,963 $70.95 126 $69,492 $58,990 $61.34

Queen Creek

Rio Verde 1 $535,000 $535,000 $213.40 1 $535,000 $535,000 $213.40

San Tan Valley

Scottsdale 262 $189,684 $134,500 $138.08 15 $559,811 $479,000 $304.09 114 $203,258 $156,700 $138.93 19 $171,174 $133,000 $122.41 48 $141,265 $90,000 $113.50

Sun City 66 $56,671 $49,000 $46.39 46 $61,087 $51,000 $51.03 4 $47,725 $43,950 $38.66 4 $49,375 $49,250 $38.00

Sun City West 16 $82,375 $75,000 $66.66 11 $79,091 $68,000 $65.32 2 $125,500 $125,500 $91.41

Sun Lakes 6 $186,833 $179,000 $115.01 4 $204,750 $203,000 $124.22

Surprise 7 $52,829 $43,900 $72.18 4 $72,225 $88,700 $87.28 1 $43,900 $43,900 $63.35

Tempe 67 $113,964 $79,900 $93.29 4 $480,250 $512,500 $243.38 15 $117,017 $131,500 $97.62 2 $90,500 $90,500 $84.70 14 $84,571 $74,250 $76.07

Tolleson

Tonopah

Waddell

Wickenburg 3 $78,833 $86,000 $63.44 3 $78,833 $86,000 $63.44

Wittmann

Youngtown 1 $34,465 $34,465 $38.29

Maricopa County 1,357 $104,296 $70,000 $85.30 51 $313,473 $245,498 $189.79 448 $131,917 $91,250 $101.84 97 $92,477 $65,500 $77.97 280 $82,195 $65,175 $70.45

Pinal County 7 $80,286 $67,900 $63.83 3 $112,333 $134,400 $100.21 2 $49,450 $49,450 $39.32

Total 1,364 $104,173 $70,000 $85.19 51 $313,473 $245,498 $184.68 451 $131,786 $92,500 $101.83 99 $91,608 $65,500 $77.15 280 $82,195 $65,175 #DIV/0!




Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sols Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt

Anthem 1 $95,665 $95,665 $72.20 1 $78,301 $78,301 $58.35 1 $95,850 $95,850 $61.80

Apache Juntion 1 $25,425 $25,425 $21.97

Arizona City 10 $97,950 $97,950 $98.80

Avondale 4 $78,000 $78,000 $90.91

Buckeye

Carefree 1 $150,000 $150,000 $105.41 1 $225,675 $225,675 $114.56

Casa Grande 1 $27,000 $27,000 $17.74

Cave Creek 1 $152,000 $152,000 $114.63 1 $175,700 $175,700 $120.84 1 $269,606 $269,606 $158.41

Chandler 3 $77,300 $85,500 $70.83 10 $80,600 $71,000 $67.12 3 $73,650 $87,000 $54.68 7 $53,563 $50,001 $49.22 14 $88,553 $77,108 $87.02

Coolidge

El Mirage

Eloy

Florence

Fountain Hills 5 $209,080 $255,000 $96.81 2 $52,750 $52,750 $49.44 4 $115,575 $109,150 $95.40 5 $168,185 $165,000 $120.74

Gilbert 3 $105,933 $74,900 $86.03 2 $82,050 $82,050 $73.16 3 $77,833 $86,500 $64.47 2 $127,202 $127,202 $100.40

Glendale 7 $28,457 $29,000 $23.56 11 $46,373 $34,100 $41.09 6 $25,367 $28,250 $23.48 6 $38,550 $28,500 $31.68 18 $70,154 $63,962 $66.24

Gold Canyon 1 $165,286 $165,286 $91.57

Goodyear 2 $45,100 $45,100 $38.71

Laveen 1 $89,200 $89,200 $64.27 1 $89,000 $89,000 $64.12 1 $82,500 $82,500 $59.44

Litchfield Park

Maricopa 1 $99,100 $99,100 $70.58

Mesa 17 $51,451 $38,500 $44.46 25 $59,660 $51,000 $53.90 8 $43,275 $38,200 $43.47 24 $44,038 $34,051 $40.16 40 $82,725 $87,408 $79.62

New River

Paradise Valley 1 $55,400 $55,400 $79.03 4 $174,793 $102,781 $158.08

Peoria 6 $39,792 $41,000 $37.57 9 $85,240 $83,000 $68.28 2 $36,728 $36,728 $35.59 7 $90,565 $92,972 $89.19

Phoenix 53 $73,701 $48,000 $63.18 47 $64,750 $60,500 $56.37 14 $43,375 $45,000 $38.25 71 $53,888 $41,900 $53.37 111 $91,499 $78,227 $84.51

Queen Creek

Rio Verde

San Tan Valley

Scottsdale 14 $186,161 $122,000 $131.45 21 $117,290 $103,000 $105.01 2 $109,500 $109,500 $97.68 29 $96,804 $89,300 $83.32 25 $176,836 $177,077 $144.59

Sun City 2 $32,500 $32,500 $23.52 8 $43,438 $42,450 $35.11 2 $64,700 $64,700 $46.80 9 $46,840 $30,000 $44.64

Sun City West 3 $65,667 $72,000 $53.16 1 $75,000 $75,000 $61.88

Sun Lakes 1 $124,000 $124,000 $89.86 1 $178,000 $178,000 $100.34

Surprise 1 $18,000 $18,000 $32.14 1 $19,000 $19,000 $33.93 3 $101,256 $33,600 $120.45

Tempe 8 $60,338 $52,000 $55.71 11 $111,332 $83,750 $82.25 2 $39,975 $39,975 $38.94 11 $73,368 $64,000 $63.70 15 $155,470 $129,249 $138.17

Tolleson

Tonopah

Waddell

Wickenburg

Wittmann

Youngtown 1 $34,465 $34,465 $38.29

Maricopa County 122 $84,383 $52,375 $68.64 155 $75,757 $66,000 $64.87 36 $47,446 $39,125 $42.65 168 $63,773 $54,950 $58.92 257 $103,272 $88,110 $94.14

Pinal County 1 $27,000 $27,000 $17.74 1 $99,100 $99,100 $70.58 12 $97,518 $97,950 $90.88

Total 122 $84,383 $52,375 $68.64 155 $75,757 $66,000 $64.87 37 $46,893 $36,250 $41.74 169 $63,982 $55,000 $59.01 269 $103,015 $90,000 $94.00



MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – … · • Townhouse/condo prices were stable...

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Transcript of MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – … · • Townhouse/condo prices were stable...