Average Sales Price Per Sq Ft Arizona Cities

October 19, 2010 at 7:55 am Leave a comment

Average Monthly Sales Price Per Square Foot
October 18, 2010

Anthem – $94.33
Apache Junction – $70.12
Avondale – $57.12
Buckeye – $56.59
Casa Grande – $48.45
Cave Creek – $131.90
Chandler – $97.45
El Mirage – $45.44
Fountain Hills – $141.15
Gilbert – $91.05
Glendale – $70.60
Gold Canyon – $97.60
Goodyear – $71.54
Laveen – $56.28
Litchfield – $84.30
Maricopa – $48.51
Mesa – $79.73
Paradise Valley – $246.77
Peoria – $77.53
Phoenix – $80.43
Queen Creek – $56.74
Scottsdale – $159.83
Sun City – $68.60
Sun City West – $96.72
Sun Lakes – $110.17
Surprise – $66.78
Tempe – $100.02
Tolleson – $49.91

Source: Cromford Report

Real Estate Analysis and Forecast
By: Maria Hass
Full-Time Realtor

For the monthly period ending October 17, we are currently recording a sales $/SF across all areas and types of $83.17 averaged for all areas and types – down 1.5% from $84.39 on September 17. We hit a low point of $81.96 on October 11 and bounced back up a little in the following week. Our forecast range was $80.56 to $83.84 and prices have stayed within that range since September 20.
Today the pending listings for all areas & types show an average list $/SF of $86.66. This statistic has shown a general upward trend since mid September and suggests that we will see some improvement in pricing over the next month. Our mid-point forecast for the average monthly sales $/SF on November 16 is currently $84.04, which is 1.1% above today’s actual reading of $83.17, and we have a 91% confidence that it will fall within ± 2% of this mid point, i.e. in the range $82.36 to $85.72. The actual price change we see will depend very much on the mix between lender owned, short-sales, pre-foreclosures and normal sales which has seen some large fluctuations in recent months. In particular, short sales have lost market share to REOs. At the same time REOs and normal sales have seen their average sales price fall while short sales have edged upwards.
Today’s market offers opportunities for investors who are looking to buy and hold. Significant sales of homes are coming from foreign investors or out of state and local investors who find the value in today’s distressed real estate market. Many short sale or lender owned properties could easily turn into a positive cashflow for investors buying a home to rent. Rental market remained strong and in some areas have appreciated as many people leave their homes due to foreclosure or short sale. If you have cash or significant reserves, investing in real estate offers great opportunity than the unpredictable stock market.
*Information taken from Cromford Report

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate. Tags: , , .


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