Homes prices in 85226 continued their strong recovery in July with another 3% price gain over the previous month. Since the market low two years ago in the summer of 2011, home prices have appreciated a whopping 80% in the 85226 zip code.

The other noteworthy fact in the numbers this month is the increase in inventory of homes for sale. The inventory increased substantially for the second straight month. This is not uncommon in the summer months, but it could mean a slight cooling off in sale prices over the coming months.

Pertinent real estate stats for 85226 in July

• Median Sales Price: $225K versus $180K last year – up 5% and up 3.2% from $217,996 last month.
• Number of Sales: 53 versus 65 last year – down 18.5% – and down 24.3% from 70 last month.
• New Contracts: 54 versus 61 last year – down 11.5% – and down 11.5% from 61 last month.
• Active Listings: 69 versus 36 last year – up 47.8% – and up 25.5% from 55 last month
• New Listings: 65 versus 48 last year – up 35.4% – and down 4.4% from 68 last month.
• Average Days on the Market: 48 versus 49 last year – down 2.0% – and up 2.1% from 47 last month.
• Sold to list price ratio: 98.1% versus 103% last year – and 99.4% last month.

If you are one of the many homeowners who was hit hard by the recent real estate market crash, you may be very surprised to see that your home has regained much of its value.

Many homeowners, who were unable to move and/or facing foreclosure, are now surprised to find that they once again have equity in their home. Of course with equity you are once again free to make the choices that best fit your family’s needs.

Are you curious how much your home is worth? Contact The Lucas Group today for a free, no obligation market analysis.