Phoenix Historic Districts Home Sales Overview

December 08, 2009

Historic home sales ranged from the price of a decent car to a ragged Rolls Royce in need of a tune up.

Historic Phoenix real estate

This is the first report for historic homes. I've been meaning to do this for a while and this is just a start. It's not easy to compile this data so the expanded version going back 2 years will come in a week or two.

In November 38 homes sold.
The median price: $121,000
The low was $26,000 and the high $590,000

The least expensive is a a one bedroom one bath home just under 1,000 s.f. for $26,000 a lender owned cash sale.

The most expensive, not surprisingly, sold in in Encanto-Palmcroft for $590,000 a home that was on the market for 285 days and off an on the market for the last 2 years and a starting price of $850,000 and a fix-up by the way, though with some major square footage at 4,250 s.f.

On average homes sold in just over 3 months: that's is a respectable number. Furthermore they sold for 96% of the asking price, meaning that most prices are on the mark and in tune with the market forces.

Since sales were at 38 and active homes as 146 that brings the supply to a decent 3.8 months which is theoretically a seller's market. At the time of writing there were 23 homes in purgatory, i.e. active with some type of contingency which is mostly likely the approval of a short sale by a bank.

There were also 46 homes pending. Considering the season those are strong numbers.

Of the homes that sold: 15 were lender owned and 6 were short sale.

Of the 146 active noted above 27 or 18.5% were bank owned REOs, a number below the Greater Phoenix average and reflective of the more stable Central Phoenix market.

Overall the Historic Districts have held up better, that is in part due to scarcity, quality, and location and I don't foresee that changing in the near future.

As soon as I get to it I'll post past data for a better comparison of the trends in Historic home sales.

If you have any questions please give us a call. We'd love to hear from: Joanna 602.358.1392

We've got a comprehensive and extensive historic neighborhoods page for your amusement and exploration and if you're considering selling take a look at our services.

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