Just like most real estate markets, the Phoenix real estate market is dynamic and changes very often. We are going to discuss how much home you buy with a budget of $300,000 in the Phoenix real estate market today.
How much home in Phoenix, can you buy with a budget of $300,000 today?
How much home in Phoenix could $300,000 get you in 2013?
First let’s compare what you could have purchased last year around this time with a budget of $300000.
In Feb 2013, with exactly $300,000 you could buy a home with an average size of 2533 sq. ft.
You would have paid about 102% of the original asking price meaning you would have paid for more than what the seller was asking for.
We were in a market where the number of homes available for sale was less than the number of people looking to buy a home.
Examples of homes you could have bought last year with this budget included a 3 bedroom townhouse in Portland subdivision in Phoenix, a single level 4 bedroom with 3 1/2 bath home in Ahwatukee or a 5 bedroom with 3 1/2 bath in Valley Vista around Happy Valley Road.
How much home in Phoenix could $300,000 get you in 2013?
Now let’s go back a bit further into 2012 and see what you could have purchased in Phoenix with $300,000.
Comparing to 2013, you could have bought a much bigger home with the same amount of money. With a budget of $300000 in Feb 2012, you could buy a home with an average size of 2916 sq. ft. which is 383 sq. ft. bigger than in 2013.
You could also have paid about 2 % below the original asking price. This is because in the city of Phoenix, most of the homes sold in Feb 2012, were below $100,000. Most of the real estate activity and competition was among homes priced $99,999 or less with 825 out of the 1514 homes that sold in Feb 2012, priced $99,999 or less.
What about this year with a budget of $300,000?
We are still in the first quarter of the year, so the market can change again before the year ends but so far in the first quarter here is what you are most likely going to be able to buy with a budget of $300,000.
This year the home prices have gone up compared to the last 2 years so you can get a home with an average of 1971 sq ft in size, almost a 1000 sq. ft. less than in 2012.
You could also be able to purchase it for about an average of 5% below the original asking price, depending on how well it’s priced.
Our market in Phoenix is stabilizing after the frenzy and chaos of the past few years.
One thing to keep in mind is that the city of Phoenix has lots of neighborhoods with different amenities to offer.
Today’s discussion is a general overview of the entire City of Phoenix. When it comes to specific neighborhoods or subdivisions, there may be a deviation because each neighborhood is also ruled not just by demand and supply and also what it has to offer prospective new home buyers and their current needs and desires.