NoPho Home Sales Remain Sluggish

february 2018 real estate sales summary

Sales of existing homes in NoPho, the I-17 corridor from Norterra to New River, declined 30 percent in February compared to the same month last year, continuing a softness that began last month and was echoed nationwide. Even so, prices generally continued a long-running upward trend, according to the latest analysis by North Phoenix News and In&Out Magazine.

The number of existing homes sold in NoPho was 107 in February, up slightly from 101 in January. The general softness can be attributed at least partly to relatively few homes on the market. Though inventory rose in four of five zones compared to January, going down only in Country Club, it remained below a six-month supply in all zones except Desert Hills and New River. Less than six months is considered a “seller’s market.”

monthly home sales in nophoPrices rose in three of five zones compared to February 2017, and price per square foot rose in four of five zones. This long-running trend of rising prices mirrors what’s happening nationally. Across the country, the median price for existing home sales was up 5.8 percent in January (the most recent month reported) compared to January 2017.


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Details By Zone

Click any zone for historical graphics and a complete list of homes sold in February:

New River & Desert Hills: Compared to February 2017, the number of homes sold in this zone was down 37 percent, average sales price declined 3 percent, and price per square foot was up 7 percent. Inventory in this zone is the highest in NoPho.

Anthem ParksideCompared to February 2017, the number of homes sold in this zone was down 25 percent, average sales price increased 8 percent, and price per square foot was up 11 percent. Inventory in this zone is the lowest in NoPho.

Anthem Country ClubCompared to February 2017, the number of homes sold in this zone was up 13 percent, average sales price rose 24 percent, and price per square foot was up 16 percent. The hikes can be attributed to the relatively small numbers involved, along with the sale of two high-priced homes (over $700,000) and a handful of homes that fetched more than $200 per square foot. Inventory in this zone is among the highest in NoPho.

Tramonto & Sonoran Foothills Area: Compared to February 2017, the number of homes sold in this zone was down 48 percent, average sales price rose 9 percent, and price per square foot was up 4 percent. Inventory, which rose notably, is in the middle of the pack compared to other NoPho zones.

Norterra Area Real Estate Data: Compared to February 2017, the number of homes sold in this zone was down 33 percent, average sales price declined 8 percent, and price per square foot was down 6 percent (the only zone in which this latter figure declined). Inventory, which rose notably, is middle-of-the-pack compared to other NoPho zones.

Robert Roy Britt
NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.
Robert Roy Britt on Email

Robert Roy Britt

NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.

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