April 2014 – Real Estate Stats – Gold Canyon Arizona at a glance
- April 2014 home sales shows 41 homes sold. Of these 41 sales, only 1 of them was “distressed” when the sale occurred.
- Average price per square foot for sold homes in April 2014 was $141.88.
- Average price of homes sold in Gold Canyon Arizona in April 2014 was $296.911.
- Average price per square foot for “distressed” homes sold in April 2014 was $211,799.
- Number of homes on market in Gold Canyon Arizona during April 2014 – there were 335 homes on the MLS.
- Based on 335 homes on the MLS, at the current rate of home sales this is an 7 month inventory of homes.
Phoenix area new home construction update
Information was recently released about Phoenix area March permit counts. They tell us a lot about what is going on with new home construction.
The single family permits totaled 1,003, breaking down as follows:
- •Maricopa County = 862, down 14% from 997 in March 2013
- •Pinal County = 141, down 37% from 223 in March 2013
Since very few investors buy new homes, the numbers illustrate that the fall in demand cannot be explained away as purely because of the departure of a large number of investors. Clearly the developers are cutting back on production in the light of reduced home buyer demand when compared with last year. The 12 month rolling average is falling now, and currently stands at 12,480 single family permits per year. It has been at, or close to, this mark throughout the last year. Single family permits are only at one third of the rate we saw in 2002.
Fewer Foreclosures and Distressed Sales
Trustee sales continue to become less important in the Greater Phoenix housing market. The rate at which new notices are arriving in Maricopa County is now lower than 11 of the last 13 years. The 2 exceptions are 2006 and 2007. There is little on the horizon to prevent the rate from falling still further over the next 18 months and it looks possible than 2015 will be the lowest year for foreclosures in the first 15 years of this millennium.
(Real estate data taken from Phoenix Multiple Listing Service. Information is deemed accurate, but not guaranteed.)