Excerpt from: Greater Phoenix trends and statistics
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| November 10, 2008 | | A newer homes for under $100,000 was a fantasy just a year ago but now it's a reality. |
There has been a mushrooming of homes available under $100,000 in Greater Phoenix. The quality of these homes depends on the location but there is quite a large variety available. It's amazing how the availability of these homes has increased over last year. In 10/2007, 19 homes sold in the price range of $100,000 or less while 824 sold in October 2008. 1,094 such homes are pending a strong sign a very vibrant market. Because these, often very nice, are so affordable and financing available they are selling quite fast compared to the market. The average days on the market is only 90. The total supply is only 6.6 months. A balanced market is considered 6 months. In the price range of $100,000 to $125,000 it's 5.6 months and 7.3 months for $125,000 to $150,000.
SFR >$100,000 | 11/1/08 | Active | 5,457 | Pending | 1,094 | Sold | 824 | Days on Market | 90 | Active $/SF | $59.00 | Sold $/SF | $58.00 | Avg. SF | 1,315 |
(ARMLS Data Crunched by The Cromford Report) So what can you buy for under $100,000 in Greater Phoenix? It depends on the location. The close you get into town the less you get for your money. Urban homes in this price range often need lots of work and are older: In an upcoming area in Phoenix a 3 bedroom and 1 bath home with 2,100sf. The further out you go the better they get. In fact, in places like Surprise, Goodyear, Avondale, Queen Creek you can buy almost new homes: a 3 bedroom, 2 bath home with 1,400 sf built in 2004 is typical but usually the homes are smaller but newer. Financing also readily available for buyers with FHA loans being the most popular requiring very little money down. Ready to start looking? Check out our Phoenix map based home search or give us a call and we'll help you with the buying process.
Below are 20 of the newest homes for sale under $100,000.
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