Greater Phoenix October 2007 single family home resale numbers. | | Median Sale Price | Median Sale Price | % Change | | | Oct. '06 | Oct. '07 | | | VALLEY | $ 257,000 | $ 242,000 | -5.80% | | Phoenix | $ 222,000 | $ 203,430 | -8.36% | | Scottsdale | $ 548,500 | $ 550,000 | 0.27% | | Glendale | $ 248,000 | $ 222,500 | -10.28% | | Mesa | $ 235,000 | $ 232,000 | -1.28% | | Tempe | $ 296,500 | $ 261,200 | -11.91% | | Gilbert | $ 328,000 | $ 275,000 | -16.16% | | Chandler | $ 298,000 | $ 279,000 | -6.38% | | El Mirage | $ 205,000 | $ 180,245 | -12.08% | | Peoria | $ 257,500 | $ 248,750 | -3.40% | | Sun City | $ 209,950 | $ 183,250 | -12.72% | | Surprise | $ 237,000 | $ 229,080 | -3.34% | | Avondale | $ 247,000 | $ 214,700 | -13.08% | | Goodyear | $ 275,000 | $ 247,000 | -10.18% | | Paradise V. | $1,737,500 | $1,695,000 | -2.45% |
Data from ASU Polytechnic. Graphed by Artur Ciesielski, CCIM With 3,610 home sales in Greater Phoenix in October, the market is far from ridding itself of excess inventory, but sale were higher than the 3,050 in September '07. So far 44,410 hoes sold compared to the 57,375 in 2006 and the extravagant 97,170 of 2005.
It's not surprising to see declines of over 10% in Sun City, Avondale or Goodyear, but such declines in Glendale and Gilbert are greater than I expected.
The market leaves much to be desired for sellers but for buyers it's nothing short of a smorgasbord, except for the fact that everyone is on a diet, a financial diet it seems.
Though this buyers market may continue for an additional year, it will not be like this for ever. At some point we will go through this inventory and prices will begin climbing again, though certainly not at the frenzied unreasonable pace we saw in 2005.
For home owners looking to move up, it's not a bad real estate market, since despite the fact that you may sell you home for less then you expect, you will also buy a home for less that you would have.
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