Phoenix Solar Homes Hold Pace in October 2016

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Phoenix Solar Home Sales October 2016

Phoenix area solar home sales continued their normal pace in the Phoenix area according to recent data from the Arizona Regional Multiple Listing Service (ARMLS) from October 1, 2016 to October 31, 2016.

Phoenix Solar Sales in General

There were a total of 141 verified solar home sales in Maricopa County for the month of October, down slightly from the 156 confirmed sales in September. Homes with a solar leases (whether monthly lease payments or prepaid monthly solar leases) accounted for 98 of the 141 sales (69.5%) while homes with solar owned electric systems accounted for the balance of 43 (30.5%) of the Phoenix area solar home sales in October 2016.

Median Price for Phoenix Solar Homes

The median price for a solar home in October in Phoenix dropped to $260,000, from the $275,000 in September. Leased solar homes had a median price of $252,500 (down as well from the median of $262,450 in September) while the median price for a solar owned home dropped to $290,000 from the $310,000 we saw in September. The median price for a single family residence under $500,000 in Maricopa County in October was $240,000, down slightly from the $243,000 in September 2016.

Marketing Time for Solar Homes

The median days on the market for a resale home in Maricopa County was 43 days in October 2016. Solar in general stayed within reach of the average market with an median time to sell at 42 days (down from 45 in September). Phoenix homes with a solar owned system took a little less time with an average of 38 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 60 days versus a market average of 59 days (solar leases had an average market time of 62 days while solar owned was 54 days).

Solar Sales By Phoenix Utility Companies

Three-quarters of the total solar home sales in Maricopa County were in APS territory (74.5%) while the remaining 25.5 percent of the solar homes were within SRP territory. SRP solar homes sold in 31 days versus solar homes selling in 45 days in APS territory. The median price for a solar home in APS territory was $255,000 and SRP territory was $287,000.

Impact of Mortgages on October Solar Home Sales in Phoenix

Mortgages helped finance 84.4 percent of all solar sales in the Phoenix area in October, down slightly from the previous month. Conventional financing (Fannie Mae and Freddie Mac mortgages) accounted for 56 percent of the total solar home sales in the Phoenix area while FHA and VA financing total 17.7 percent and 10.6 percent respectively. Cash home buyers purchased 15.6 percent of the total Phoenix solar homes for sale in October. Sellers contributed towards buyer’s closing costs in almost one-third of all sales (33.3 percent).

Typical Solar Home Sold in Phoenix

The typical solar home sold in the Phoenix area in October was a 3 bedroom, 2 bath home with 2,002 square feet on a 7,667 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 October 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 20.6 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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