Phoenix Solar Home Sales August 2016
Phoenix area solar home sales continued their typical summer chill in Phoenix according to recent data from the Arizona Regional Multiple Listing Service (ARMLS) from August 1, 2016 to August 30, 2016.
Phoenix Solar Sales in General
There were a total of 133 verified solar home sales in Maricopa County for the month of August, up by one from the 132 confirmed sales in July. Homes with a solar leases (whether monthly lease payments or prepaid monthly solar leases) accounted for 82 of the 133 sales (61.7%) while homes with solar owned electric systems accounted for the balance of 51 (38.3%) of the Phoenix area solar home sales in August 2016.
Median Price for Phoenix Solar Homes
The median price for a solar home in Phoenix bounced back to June levels of $270,000. Leased solar homes had a median price of $255,700 (up slightly from the median of $252,400 in July) while the median price for a solar owned home dropped back to $278,000 from the $317,500 we saw in July. The median price for a single family residence under $500,000 in Maricopa County in August was $242,500, up slightly from the $238,000 in July 2016.
Marketing Time for Solar Homes
The median days on the market for a resale home in Maricopa County was 42 days in August 2016. Solar in general stayed within reach of the average market with an median time to sell at 50 days. Phoenix homes with a solar owned system took a little less time with an average of 44 days while Phoenix area homes with solar leases were slower than the market with 54 days. The average days on the market for a solar home in Maricopa County was 61 days versus a market average of 59 days (solar leases had an average market time of 69 days while solar owned was 69 days).
Solar Sales By Phoenix Utility Companies
Almost three-quarters of the total solar home sales in Maricopa County were in APS territory (71.4%) while the remaining 28.6 percent of the solar homes were within SRP territory. SRP solar homes sold in 47 days versus solar homes selling in 50 days in APS territory. The median price for a solar home in APS territory was $272,500 and SRP territory was $249.950.
Impact of Mortgages on August Solar Home Sales in Phoenix
Mortgages helped finance 87.2 percent of all solar sales in the Phoenix area in August, up from the previous month. Conventional financing (Fannie Mae and Freddie Mac mortgages) accounted for 46.6 percent of the total solar home sales in the Phoenix area while FHA and VA financing total 27.1 percent and 12.8 percent respectively. Cash home buyers purchased 12.8 percent of the total Phoenix solar homes for sale in August. Sellers contributed towards buyer’s closing costs in one-third of all sales (31.6 percent).
Typical Solar Home Sold in Phoenix
The typical solar home sold in the Phoenix area in August was a 4 bedroom, 2 bath home with 2,051 square feet on a 7,646 square foot lot. The solar home was built in 2004 and had a 7 kW solar array on the roof.
Considering selling a home with solar? Want to know how much additional value solar adds to your home? Give Rob, the Solar Home Broker, a call at 480-888-1234!