The real estate market in Greater Phoenix, AZ continues to remain weak in the beginning of 2008. Below you will find a detailed account of Greater Phoenix median home prices by city and the percent change from the same period last year plus information about additional resale numbers. If you would like a comparative market analysis of your Greater Phoenix home, please contact us. Single family home median home prices for January 2008. | | Median Sale Price | Median Sale Price | % Change | | | Jan. '07 | Jan. '08 | | | VALLEY | $ 260,000 | $ 230,000 | -11.5% | | Phoenix | $ 225,000 | $ 199,875 | -11.2% | | Scottsdale | $ 550,000 | $ 545,000 | -1.0% | | Glendale | $ 239,450 | $ 210,000 | -12.3% | | Mesa | $ 235,000 | $ 209,880 | -11.0% | | Tempe | $ 282,950 | $ 253,545 | -10.0% | | Gilbert | $ 319,000 | $ 283,775 | -11.0% | | Chandler | $ 305,000 | $ 256,750 | -16.0% | | El Mirage | $ 202,000 | $ 164,255 | -18.7% | | Peoria | $ 260,000 | $ 261,450 | 0.1% | | Sun City | $ 190,000 | $ 164,500 | -13.4% | | Surprise | $ 247,235 | $ 210,500 | -17.4% | | Avondale | $ 243,950 | $ 204,120 | -16.3% | | Goodyear | $ 260,000 | $ 240,380 | -7.6% | | Paradise V. | $1,425,000 | $1,108,455 | -22.2% |
Graphed by Artur Ciesielski, Data From ASU Poly. With only 3,350 sale in January the start of 2008 was weak but homes that sold in January were the result of contracts mostly in December or maybe early January plus the holidays. It seems that activity has picked up but result of this will not be seen for a few months. 3,350 home is a decline of 26% from last year. Take a look at month by month sales in Greater Phoenix The median home price for the valley declined just over 11% from last year from $260,000 to $230,000. 
Most cities had declines of 10% or more from the same time last year. Cities on the outskirts continue to be hit hardest; Chandler, El Mirage, Surprise and Avondale declined over 15% from last year. Scottsdale, Peoria were almost flat. This is a simple supply and demand problem. The supply is unusually large with many buyers either hesitant to buy or having difficulty obtaining financing. Though the choices are there for buyers the lack of financing impedes their ability to buy. In addition short sale homes and REO homes are not easy to buy because lenders are not very good sellers. Often ready, willing and able buyers can't buy a home because the lender owner cannot make a swift enough decision. For those that can and are willing to buy or invest this is like a feast or extreme proportions. Find out whats happening in your neighborhood with our customized Phoenix neighborhoods real estate reports. |
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