Saturday, February 19, 2005

Valley Home Sales Off to Sizzling Start in 2005 A new record high was established in January with 9,360 recorded home sales, a gain of almost 4,300 sales over the previous year. Median home prices also showed an increase of 24%, in data recently released by the Arizona Real Estate Center at Arizona State University. Valleywide, from 2004 to 2005, other significant data included: Phoenix sales increased from 1,460 to 2,685 transactions, with the median sales price rising from $127,000 to $154,000. In Scottsdale, the resale market jumped from 515 to 785 sales, as the median price moved upward from $350,000 to $458,690. Glendale sales increased from 390 to 640 recordings, while the median price went from $148,950 to $171,450. In fast-devoping Gilbert, resale activity rocketed from 260 sales to 565; the median price rose from $190,000 to $244,000. Likewise, Chandler's resales ramped-up from 325 to 625 home sales, with the median price moving from $165,000 to $219,000. Surprise evidenced another strong showing as recorded sales increased from 170 to 370; the median price accelerated from $145,115 to $195,000. See the Business Journal of Phoenix for a more detailed listing of Valley home sales in January. 8:28:21 PM    comment []

Island Councils Look to Cut Taxes on Homeowners The Honolulu City Council is reviewing a series of measures designed to reduce property taxes on homeowners, according to the Honolulu Advertiser. The provisions of those bills range from exempting a higher portion of a home's value from taxation, to restructuring the tax and offering credits for those below a certain income level. Such measures are in line with various efforts across Hawaii in the wake of rising property taxes as home values reach record highs. For example, Oahu's residential properties skyrocketed 26 percent in a year, meaning higher tax bills for homeowners unless tax rates are reduced. Councilwoman Ann Kobayashi, who heads the City's Budget Committee, said the council is studying one proposal that would limit property tax amounts to 3 percent of a family's income. Another proposal, akin to California's Proposition 13, would only allow the tax rate to increase by a set amount each year. Meanwhile, on neighboring Kauai, the Mayor and County Council said they would seek their own property tax relief measures. This action comes after 5th Circuit Judge George Masuoka invalidated a voter-approved amendment to roll back property taxes to 1998-99 levels. 3:45:30 PM    comment []