| | Median Sale Price | Median Sale Price | % Change | | | June. '06 | June. '07 | | | VALLEY | $ 267,000 | $ 263,145 | -1.44% | | Phoenix | $ 225,000 | $ 227,390 | 1.06% | | Scottsdale | $ 640,000 | $ 612,750 | -4.26% | | Glendale | $ 253,000 | $ 243,480 | -3.76% | | Mesa | $ 247,600 | $ 235,000 | -5.09% | | Tempe | $ 298,500 | $ 289,000 | -3.18% | | Gilbert | $ 330,000 | $ 297,000 | -10.00% | | Chandler | $ 295,000 | $ 288,000 | -2.37% | | El Mirage | $ 215,000 | $ 195,500 | -9.07% | | Peoria | $ 272,900 | $ 255,000 | -6.56% | | Sun City | $ 258,950 | $ 217,500 | -16.00% | | Surprise | $ 254,900 | $ 230,000 | -11.21% | | Avondale | $ 259,050 | $ 239,000 | -7.74% | | Goodyear | $ 290,000 | $ 299,000 | 3.10% |
Complied by Artur Ciesielski from data by ASU Polytechnic The Phoenix Valley real estate market looks stabilized. In June 4,910 homes sold, compared to 5,460 last year and 5,220 in May 2007. In May 2006 the median price for the valley was $262,000 and $263,145 in June, while it was $267,000 in June 2006 a 1.4% decline. Phoenix saw a 1% price increase over last year. Only Phoenix and Goodyear showed increase in median price. Gilbert, El Mirage, Sun City, and Surprise had the biggest declines, led by Sun City with a 16% decline from $258,950 in 2006 to $217,500 in June this year. So far this year 29,175 homes sold. 36,290 homes sold in Greater Phoenix is 2006 year to date, and 58,030 homes sold, in the same period, in 2005. Mortgage rates are holding steady, and are slightly lower than last year, but other hurdles prevent buyers from making a purchase. Such hurdles are the more stringent loan guidelines and less loan choices. Most lenders have eliminated 100% financing or limited who qualifies for such loans. Almost no lender has low introductory rate loans for first time home buyers. The stabilization of the Phoenix real estate market and the increased inventory and better pricing mean that this is a good time for home buyers, move up buyers and investors. You can search the entire inventory of homes your self or if you have specific requirements please contact us to get started with the purchase. We also have a service where you can put in your search criteria, as detailed as you need, and we set up a custom search that delivered Phoenix valley homes to you as they come on the market. |
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