At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas. If you have a gay real estate story that you’d like to share with us, contact us at [email protected]. Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends on Arizona.
First off, the Arizona Daily Sun asks if Flagstaff real estate has finally become affordable again:
Notices of assessed home values started hitting mailboxes in Coconino County late last month. They show that the number of Flagstaff-area neighborhoods with median prices below $250,000 is growing, although many still remain out of reach. Last year’s notices featured double-digit drops in value as high as 25 percent and 30 percent in some neighborhoods. Swiss Manor had a median price drop of 21 percent and the region-wide drop in valuation was 14 percent. This year, values have stopped falling, and some neighborhoods– including Swiss Manor, Upper and Lower Greenlaw and Continental Country Club — saw single-digit increases.
Down in Phoenix, home prices were up an astonishing 36% in February over 2012, as BizJournals.com reports:
As the chronic shortage of homes for sale worsened last month, the greater Phoenix housing market kicked off home-buying season with dramatic price gains and a drop in investor interest, according to the latest report Thursday from Arizona State University. The supply problem shoved median Valley home prices to $170,000 in February — up by 36.5 percent year-over-year, and by nearly 5 percent from the previous month, the report showed. The average price per square foot — a metric commonly used by Realtors — was $110.44, up almost 31 percent year-over-year.
Down in Benson and Cochise county, the opposite was true, with home sales up but prices down in February. The Benson news-Sun reports:
Home sales in Cochise County were up last year, and prices were down, compared to 2011. In 2012, there were 1,286 homes sold in Cochise County by realtors listing property on the Southeast Arizona Multiple Listing Service or Tucson MLS, up 6.9 percent from 2011. Home sales countywide were up in three of four years from 2009 through 2012, following three consecutive years of double-digit declines. In 2011, sales volume was down 3.5 percent. Despite the increases in recent years, sales in 2012 remained nearly 40 percent below their 2005 peak.
In Tucson in February, home prices were up and foreclosures were down. The AZ Daily Star reports:
Tucson’s housing market held steady in February with gains in home prices and the lowest number of monthly foreclosures since March 2008. The median sales price last month was $149,000, an increase of more than 19 percent over February 2012, statistics from the Tucson Association of Realtors Multiple Listing Services show. Cash sales continued to increase and reached 40 percent last month, up from 36 percent in January.
Out on the California border, Yuma’s prices are projected to jump over the next five years, as the Yuma sun reports:
Yuma is among 15 cities in the nation expected to have the highest increases in housing prices over the next five years. The city’s annualized expected growth in housing prices is projected to be 7.7 percent from the second quarter of 2012 to the same period in 2017, according to the latest home price report by Fiserv Case-Shiller.
And the overall AZ real estate market is seeing price gains too, amid reports of low inventories. Cronkite News reports:
Where places elsewhere in the country are still seeing growth in the number of homes sold, Arizona is instead experiencing increased property value, he said. He was speaking in response to this week’s release of new national sales numbers from the association. “You’ve got a pretty decent volume of activity,” he said. “Sales have been pretty strong in Arizona, broadly speaking.” Arizona real-estate agents agreed with Molony and, with interest rates still low, they called it a “seller wins, buyer wins” market.