Anthem Median home Prices Starting to Level Off

anthemMedianSalesAnthem home median prices are starting to level off, as measured by the median home price statistic. At $249,000, the median home price still rose from $232,900 during the 3rd quarter in 2012 representing a 6.9% increase.  But compared to the double digit gains we saw in past quarters, these gains are closer to normal.  Though Anthem home inventory has risen in the last few months (mirroring the rest of the valley), it is now at normal levels (4.9 months of inventory) and far from any bubble territory. More homes for sale give buyers a chance to have a choice of homes now, rather than fighting with other buyers over few properties.

As an interesting contrast, the average price per square foot for the 231 sold homes in Anthem during the 3rd quarter was $122, up 20% from $101 during the 3rd quarter in 2012.  Why the huge jump in price per square foot? I think this is because the lower end home price “deals” – severely discounted short sales and bank-owned homes –  have all but disappeared now.  Lenders would rather wait for a higher offer than agree to sell their inventory for less than appraisal value.

December is typically a slow month for sales, which gives current buyers some advantage in more inventory and, potentially, lower pricing.  Jay and I are seeing a larger than usual number of listings over 3000 square foot in the Anthem Country Club.