Phoenix area solar home sales continued to climb 12.94 percent month over month according to recent data from the Arizona Regional Multiple Listing Service (ARMLS) from December 1, 2015 to December 31, 2015.
There were a total of 85 verified solar home sales in Maricopa County for the month of December, up from the 74 confirmed sales in November. Homes with a solar leases (whether monthly lease payments or prepaid monthly solar leases) accounted for 54 of the 85 sales (63.5%) while homes with solar owned electric systems accounted for the balance of 31 Phoenix area solar home sales in December 2015.
The median price for a solar home in Phoenix jumped to $270,000, up from $247,500 in November. Leased solar homes had a median price of $252,806 (up from the median of $237,500 in November) while the median price for a solar owned home increased to $315,000. The median price for a single family residence under $500,000 in Maricopa County in December was $228,000, up from November 2015.
The median days on the market for a resale home in Maricopa County was 45 days in December 2015. Solar in general stayed within reach of the average market with an median time to sell at 47 days. Phoenix homes with a solar owned system took less time with an average of 47 days while Phoenix area homes with solar leases took 47 days as well. The average days on the market for a solar home in Maricopa County was 63 days versus a market average of 63 days (solar leases had an average market time of 59 days while solar owned was 69 days).
Two-thirds of the total solar home sales in Maricopa County were in APS territory (71.8%) while the remaining 28.2 percent of the solar homes were within SRP territory. SRP solar homes sold in 47 days versus solar homes selling in 47 days in APS territory. The median price for a solar home in APS territory was $267,000 and SRP territory was $282,250.
Mortgages helped finance 76.5 percent of all solar sales in the Phoenix area in December, down from the previous month. Conventional financing (Fannie Mae and Freddie Mac mortgages) accounted for 51.8 percent of the total solar home sales in the Phoenix area while FHA and VA financing total 15.3 percent and 8.2 percent respectively. Cash home buyers purchased 23.5 percent of the total Phoenix solar homes for sale in December. Sellers contributed towards buyer’s closing costs in one-fifth of all sales (20 percent).
The typical solar home sold in the Phoenix area in December was a 3 bedroom, 2 bath home with 2,119 square feet on a 8,378 square foot lot. The solar home was built in 2002 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!