The number of homes that have been sold or leased since the tax holiday, which is slated to end on July 1, has risen more than 30% from a year ago.
That’s a sign that some people are making the transition to a more financially prudent way to spend their money, said Jim Stolz, president of the Phoenix condo association.
“We know we can get a condo out in less time than we would have had before, and we know that’s not going to be the case any longer,” Stolwz said.
“The fact that it’s taking less time to do the paperwork and get the permits, it’s going to make it easier for people to make that transition.”
The number that’s been sold in Phoenix rose nearly 18% from 2016, according to the Phoenix Association of Realtors.
The number leased has grown 10% since 2016.
Phoenix has seen a surge in the number of condos and townhomes being sold and leases issued in recent months, said Michael Riedl, president and chief executive of the association.
In March, the association sold 1,721 homes, and the next month sold 1.1 million homes, according the association’s latest data.
More: How much does it cost to buy a home in Phoenix?
“We’ve seen a lot of people who are thinking of moving here and are now seeing the tax credits, but there’s a big gap between the number that is available and the number we are able to offer,” Rieds said.
In 2017, more than 4,000 condos were sold in the city, which ranked No. 2 in the country.
That number jumped to 5,851 in 2018.
The average price per square foot in Phoenix, according TOEFL-accredited listing website Trulia, jumped 13.3% last year.
A condo is a one- or two-bedroom apartment built to accommodate up to six people and has a maximum of four bedrooms.
The median price in the City of Phoenix was $921,000 in 2017, according census data.
It rose to $1,819,000 last year, according ToeFL.
That increase was driven by a sharp increase in listings in the market, according Riedz.
More recently, the condo association has seen an increase in sales and a corresponding rise in new sales.
The Phoenix area has seen the most condo and townhome listings since the holiday, according data from Trulia.
“It’s a very good time to be in the Phoenix area,” said Ried.
“That’s why we’ve seen this increase.
We’ve had a lot more people moving in and out of the market and condos and homes are being built in the area, and that’s creating a lot in the pipeline.”