The Greater Phoenix Condo and Townhouse market continues to decline in median price but the amount of total listings on the market is down while the sales are up, narrowing the gap and total supply.

Search for condos in Phoenix.

(Data from ARMLS, Graphed by Artur Ciesielski, CCIM)

Total sales of condos and townhouses in Greater Phoenix totaled 304 in May down from last years 458.  The median price is down as well from $215,000 in 2007 to $188,000 in 2008.  This is about the same as January 2005. Total active listings were 3678 creating a total supply of 12 months. 

	2007	2008
Median Sales Price	$215,000	$188,000
Total Active	3446	3678
Total Sold	458	304
Days on Market	84	103

Notice, as well, that the days on the market is up at 103 for sold properties.   Still down from the peak of 118 days in the 4th quarter of 2007.

Looks like prices will continue to decline, probably to 2004 levels.  But, not all areas will see this decline.  Several neighborhoods are up in price over 2007.  These tend to be the more desirable neighborhood with greater density and a lot to offer to residents. 

See what's available for purchase in the Phoenix market by searching on our Phoenix condo dedicated page or doing your own map bases search at SearchValleyHome.com