The Phoenix Business Journal is today reporting that a new report from Arizona State University shows that the average Phoenix home is up in value 25% in the past 12 months. The Phoenix and Scottsdale real estate markets have seen a huge surge in the past year, but home prices are still at a huge discount from 2005-2006 prices. The real estate markets are starting their comeback, but have a long way to go. The study by Michael Orr of the ASU WP Carey School of Business indicates that single family homes in Maricopa and Pinal counties showed a 25% increase in the past 12 months. The average price per square foot rose 16.5 percent in the same time frame. As an example, a home that was previously valued at $112,000 in April 2011 was worth $140,000 in April 2012. The prices of condominiums and townhomes were also significantly up, rising 23% in the past 12 months.
Check out more information about current market trends on our website. We provide charts, graphs and articles about the Phoenix and Scottsdale real estate market. Please call Carmen at (602) 791-0536 with any questions.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260