For month ending March 2010 the Gold Canyon Arizona real estate market had some significant points of interest. Let’s see what happened.
March 2010 – Real Estate Stats – Gold Canyon Arizona at a glance
- Snow-birds and tax incentive increase sales. March stats for Gold Canyon Arizona show the results of two things —-
1- snow-bird buying flurry as the seasonal visitors who visit Gold Canyon and the East Phoenix Arizona Valley during the winter months were motivated to consider buying this year, before heading back to their summer homes, seeking to take advantage of the low Arizona home prices and
2- buying activity motivated by the soon to end government tax incentive program for home buyers
- Increase in number of homes sold. All this activity resulted in 75 homes in the Gold Canyon Arizona area selling in March. This is a large increase in home sales for a 30 day period over February 2010 when only 46 homes sold. In March 2009 only 35 homes sold. So you can see what a large increase 75 home sales was compared to the past.
- Price per square foot for sold homes declines. All this activity also had the effect of driving down the average price per square foot for Gold Canyon Arizona homes sold a bit. The average Gold Canyon Arizona sales price per sq foot in March 2010 was down from the February 2010 averages. The average price per square foot of sold homes in March 2010 in Gold Canyon was $111.95 – in February 2010 it was $118.94.
- Average price of homes sold. The average price of sold homes in March 2010 in Gold Canyon Arizona was $248,648. The average price of homes sold in February 2010 was $274,759.
- Distressed properties. Of the 75 sold in the Gold Canyon Arizona area in March 2010, 35 of the properties were “distressed”***. A year ago, March 2009 saw 35 homes sold with 15 of those being “distressed”. The number of Gold Canyon homes sold in a 30 day period continues to be better than a year ago, but the number of properties being sold that are “distressed” is still on the rise.
- Number of homes on market. During March 2010 there were 394 homes on the MLS in Gold Canyon Arizona. March 2009 saw 479 homes on the market, as comparison. Based on current sales activity the 394 homes currently on the market are considered to be a 5 month inventory of homes in the area. However, while none of us have a crystal ball, this trend is likely to change as the tax incentive dries up and the show-birds are pretty much gone for the year.
(** A “distressed” home means either a home is a “short-sale” or one that has foreclosed.)
(Real estate data taken from Phoenix Multiple Listing Service. Information is deemed accurate, but not guaranteed.)