Phoenix solar home sales jump in September 2016

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Phoenix Solar Home Sales September 2016

Phoenix area solar home sales rebounded from their typical summer chill in Phoenix according to recent data from the Arizona Regional Multiple Listing Service (ARMLS) from September 1, 2016 to September 30, 2016.

[Download the PDF version of the Solar Home Informer Here]

Phoenix Solar Sales in General

There were a total of 156 verified solar home sales in Maricopa County for the month of September, up by one from the 133 confirmed sales in August. Homes with a solar leases (whether monthly lease payments or prepaid monthly solar leases) accounted for 114 of the 156 sales (73.1%) while homes with solar owned electric systems accounted for the balance of 42 (26.9%) of the Phoenix area solar home sales in September 2016.

Median Price for Phoenix Solar Homes

The median price for a solar home in Phoenix increased 1.9% to $275,000, up from the $270,000 in August. Leased solar homes had a median price of $262,450 (up slightly from the median of $255,700 in August) while the median price for a solar owned home bounced back to $310,000 from the $278,000 we saw in August. The median price for a single family residence under $500,000 in Maricopa County in September was $243,000, up slightly from the $242,500 in August 2016.

Marketing Time for Solar Homes

The median days on the market for a resale home in Maricopa County was 43 days in September 2016. Solar in general stayed within reach of the average market with an median time to sell at 45 days (down from 50 in August). Phoenix homes with a solar owned system took a little less time with an average of 43 days while Phoenix area homes with solar leases were slower than the market with 45 days. The average days on the market for a solar home in Maricopa County was 73 days versus a market average of 59 days (solar leases had an average market time of 72 days while solar owned was 78 days).

Solar Sales By Phoenix Utility Companies

Two-thirds of the total solar home sales in Maricopa County were in APS territory (69.2%) while the remaining 30.8 percent of the solar homes were within SRP territory. SRP solar homes sold in 37 days versus solar homes selling in 50 days in APS territory. The median price for a solar home in APS territory was $272,250 and SRP territory was $274,250.

Impact of Mortgages on September Solar Home Sales in Phoenix

Mortgages helped finance 85.9 percent of all solar sales in the Phoenix area in September, down slightly from the previous month. Conventional financing (Fannie Mae and Freddie Mac mortgages) accounted for 57.1 percent of the total solar home sales in the Phoenix area (the highest percentage we have seen in over a year) while FHA and VA financing total 14.1 percent and 14.7 percent respectively. Cash home buyers purchased 14.1 percent of the total Phoenix solar homes for sale in September. Sellers contributed towards buyer’s closing costs in almost one-third of all sales (28.8 percent).

Typical Solar Home Sold in Phoenix

The typical solar home sold in the Phoenix area in September was a 4 bedroom, 2 bath home with 2,114 square feet on a 8,070 square foot lot. The solar home was built in 2002 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!

NOTE: Only resale single family residences that sold during the month of September 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 19.9 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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