Current Real Estate Market Trends:
Average price per square foot for Phoenix AZ was $142, an increase of 82.1% compared to the same period last year. The median sales price for homes in Phoenix AZ for Feb 10 to Apr 10 was $105,000 based on 9,290 home sales. Compared to the same period one year ago, the median home sales price increased 23.5%, or $20,000, and the number of home sales increased 5.1%.
The average listing price for homes for sale in Phoenix AZ was $241,882 for the week ending May 12, which represents a decrease of 1%, or $2,445, compared to the prior week. Popular neighborhoods in Phoenix include Camelback East and Paradise Valley, with average listing prices of $427,613 and $237,635.
History of Phoenix:
The capital of Arizona and seat of Maricopa County, is the largest city in the state. It is located in the center of Arizona, on the Salt River.
The prehistoric Hohokam Indians first settled the area about 300 B.C. and dug a system of extensive irrigation canals for farming. The Indian culture mysteriously broke up in the 1400s.
The site was permanently resettled by Jack Swilling and “Lord Darrell” Duppa about 1867. Because the city was founded on the ruins of the ancient civilization, it was named Phoenix after the legendary bird that could regenerate itself. The irrigation canals were restored for farming, and ranching and prospecting began in the surrounding area. The city quickly grew as an important trading center. Phoenix was incorporated as a city in 1881 and was made the territorial capital in 1889. It became the state capital when Arizona was admitted to the Union in 1912.
Partly owing to its warm, dry climate, the city developed rapidly in the decades after World War II. Between 1950 and 1990 the population increased from 100,000 to 980,000. And Phoenix continues to be one of the fastest-growing cities in the U.S.; between 1990 and 2000, its population increased another 34%, to 1.3 million.
Phoenix is a commercial and manufacturing center in an agricultural region. Major industries include government, agricultural products, aerospace technology, electronics, air-conditioning, leather goods, and Indian arts and crafts. Mining, timbering, and tourism also contribute to the economy.