January Solar Home Sales in Phoenix Off to Slow Start

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Phoenix area solar home sales dropped about 30 percent month over month according to recent data from the Arizona Regional Multiple Listing Service (ARMLS) from January 1, 2016 to January 31, 2016.

There were a total of 65 verified solar home sales in Maricopa County for the month of January, down from the 85 confirmed sales in December.  Homes with a solar leases (whether monthly lease payments or prepaid monthly solar leases) accounted for 45 of the 65 sales (69.2%) while homes with solar owned electric systems accounted for the balance of 20 (30.8%) of the Phoenix area solar home sales in January 2016.

The median price for a solar home in Phoenix jumped to $285,000, up from $270,000 in December.  Leased solar homes had a median price of $280,000 (up from the median of $252,806 in December) while the median price for a solar owned home dropped 2.2 percent to $308,000. The median price for a single family residence under $500,000 in Maricopa County in January was $225,000, down from December 2015.

The median days on the market for a resale home in Maricopa County was 50 days in January 2016.  Solar in general stayed within reach of the average market with an median time to sell at 55 days.  Phoenix homes with a solar owned system took less time with an average of 51 days while Phoenix area homes with solar leases took 56 days as well. The average days on the market for a solar home in Maricopa County was 68 days versus a market average of 65 days (solar leases had an average market time of 70 days while solar owned was 62 days).

Two-thirds of the total solar home sales in Maricopa County were in APS territory (66.2%) while the remaining 33.8 percent of the solar homes were within SRP territory.  SRP solar homes sold in 63 days versus solar homes selling in 54 days in APS territory.  The median price for a solar home in APS territory was $284,000 and SRP territory was $287,450.

Mortgages helped finance 70.8 percent of all solar sales in the Phoenix area in January, down from the previous month.  Conventional financing (Fannie Mae and Freddie Mac mortgages) accounted for 43.1 percent of the total solar home sales in the Phoenix area while FHA and VA financing total 20 percent and 7.7 percent respectively. Cash home buyers purchased 29.2 percent of the total Phoenix solar homes for sale in January.  Sellers contributed towards buyer’s closing costs in one-third of all sales (30.8 percent).

The typical solar home sold in the Phoenix area in January was a 3 bedroom, 2 bath home with 2,183 square feet on a 8,213 square foot lot.  The solar home was built in 2002 and had a 8 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!

NOTE:  Only resale single family residences that sold during the month of January 2016 in Maricopa County with a sales price of $500,000 or less were used in the analysis (non-luxury market).  Properties priced over $500,000 fall into the luxury category and were not used in this analysis. All sales were verified to have a solar electric (solar PV) system that was owned outright by the home owner or had a solar lease.  While all attempts were made to ensure quality and accurate data, I am limited by the data reported (for example, only 14.1 percent of listing Realtors actually inputted the size of the solar system).  Homes with only solar water heaters or solar thermal pool systems that did not have a solar electric system on the roof were not included due to the extreme differences in these types of systems.
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