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.
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!