March Solar Home Sales Double in Metro Phoenix

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Phoenix area solar home sales jumped for the first time this year according to recent data from the Arizona Regional Multiple Listing Service (ARMLS) from March 1, 2016 to March 31, 2016.

There were a total of 124 verified solar home sales in Maricopa County for the month of March, up from the 60 confirmed sales in February. Homes with a solar leases (whether monthly lease payments or prepaid monthly solar leases) accounted for 80 of the 124 sales (64.5%) while homes with solar owned electric systems accounted for the balance of 44 (35.5%) of the Phoenix area solar home sales in March 2016.

The median price for a solar home in Phoenix increased to $259,950, up from $250,000 in February. Leased solar homes had a median price of $245,000 (down from the median of $252,000 in February) while the median price for a solar owned home increased $294,250 in March from $213,000 the month before. The median price for a single family residence under $500,000 in Maricopa County in March was $230,000, up slightly from February 2016.

The median days on the market for a resale home in Maricopa County was 45 days in March 2016. Solar in general stayed within reach of the average market with an median time to sell at 45 days. Phoenix homes with a solar owned system took slightly more time with an average of 47 days while Phoenix area homes with solar leases took only 44 days. The average days on the market for a solar home in Maricopa County was 69 days versus a market average of 67 days (solar leases had an average market time of 63 days while solar owned was 82 days).

Two-thirds of the total solar home sales in Maricopa County were in APS territory (68.6%) while the remaining 31.4 percent of the solar homes were within SRP territory. SRP solar homes sold in 43 days versus solar homes selling in 46 days in APS territory. The median price for a solar home in APS territory was $259,900 and SRP territory was $268,000.

Mortgages helped finance 85.5 percent of all solar sales in the Phoenix area in March, up slightly from the previous month. Conventional financing (Fannie Mae and Freddie Mac mortgages) accounted for 49.2 percent of the total solar home sales in the Phoenix area while FHA and VA financing total 19.4 percent and 16.9 percent respectively. Cash home buyers purchased 14.5 percent of the total Phoenix solar homes for sale in March. Sellers contributed towards buyer’s closing costs in one-third of all sales (33 percent).

The typical solar home sold in the Phoenix area in March was a 3 bedroom, 2 bath home with 1,989 square feet on a 7,574 square foot lot. The solar home was built in 2001 and had a 6 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 March 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 13.7 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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