Wednesday, March 13, 2013

Fountain Hills Home Prices Showing Gains

It isn't your imagination! Home prices are climbing in Fountain Hills, AZ!

2013 is off to a good start for much of the Arizona housing market. Here is a look at the latest trends!

According to Trulia, the median sales price for homes in Fountain Hills from December 2012 to February 2013 was $297,444.

This is an increase of 31.3% compared to the same period one year ago, or a gain of $70,944 in market value.

Shrinking home inventory is influencing the price trend. The actual number of home sales are down by 21.3%.

Another positive factor is the reduction of foreclosures on the market. Out of the 523 homes listed for sale, 179 of those are in some stage of foreclosure. This is still a higher ratio of distressed inventory than historical norms, but we have seen consistent reduction in distressed inventories.

It's an excellent sign that we are seeing more equity sales in the market. As home sellers recover equity, they are empowered to sell, and this is freeing up some of the pressure on home inventory. We are seeing high-quality homes come to market in the mid-to-upper price ranges. At the end of February 2013, the average listing price in Fountain Hills was $601,813.

In other areas of Arizona, home inventories remain a bit higher. Tucson in particular has more homes on the market today than at this same point last year. This is holding their market back from enjoying the level of price gains we are seeing in Fountain Hills.

Please remember that home price trends will vary one neighborhood to another, depending on recent comparable sales and the presence of any distressed homes. If you are interested in obtaining the current market value of your home, I would be happy to help you!

If you are thinking about selling your Fountain Hills home, my 30+ years of experience in Fountain Hills real estate will be your advantage! I will provide you with a complete home sale consultation to help you price your home correctly, and net top dollar from the sale.

Why wait? Contact me today for expert assistance!


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