A suburban community near to the city of Phoenix, the Fountain Hills, Arizona, community is home to about 25,000 in Maricopa County. The community neighbors two Native American nations, and it was the eighth-fastest growing community in the state in the previous decade. It real estate market is varied and has suffered along with many others since 2008, when the U.S. began to experience financial problems that eventually spread to nearly every housing market nationwide.
In March, the Fountain Hills real estate saw sales activity spike, to 65 homes sold, a more than 50% increase from February, when there were just 31 sales, and up from just 40 sales one year ago. In addition, inventory was beginning to clear out, as the number of active listings fell. There were 359 active listings in April, down from 379 one month prior and down from 477 one year ago.
Sales prices of Fountain Hills homes for sale per square foot have taken a mostly steady course, with only slight increases and decreases over the past year. In March, the average price per square foot of a home for sale was $238, only slightly changed from February’s $239 and down from $282 from a year earlier. The average price per square foot of sold homes in March was $165, up from $164 in February and down from $166 a year ago.
Despite some of these signs of progress, foreclosures are still plaguing the Fountain Hills real estate market. In March there were 31 foreclosure notices filed, the highest figure since June and constant with last year’s 30. There were 19 foreclosure trustee sales in March, up from 13 a month earlier and matching January’s mark for the highest figure in a year. In March 2009, there were only six foreclosure trustee sales in Fountain Hills.