Excerpt from: Phoenix real estate and news
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| November 05, 2008 | | October 2008 home sales numbers for North Central Phoenix & Central Corridor |
The trends in the current Phoenix real estate market are very apparent in North Central Phoenix: those being the increasing and steady sales of starter homes and the deteriorating upper move-up and luxury markets. In zip code 85012 which encompasses part of the Phoenix Central Corridor sale amounted to 2 for the last two months. Days on the market are high and total active listing are up and there is a large separation from active price per square foot and sold price per square foot. This zip code has many higher priced homes and anything where the buyer need a loan over $417,000 is having a hard time because there is very little unconventional money out there and if there is it's more expensive, thus putting many buyers on hold. Look below for other zip codes. Zip Code 85012 | October 2008 | September 2008 | October 2007 | Active | 51 | 45 | 52 | Pending | 2 | 2 | 2 | Sold | 2 | 1 | 4 | Days on Market | 172 | 176 | 155 | Inventory in Months | 25.5 | 45 | 13 | Active $/SF | $249 | $259 | $295 | Sales $/SF | $216 | $220 | $258 | Appreciation | (16%) | (17%) | (8%) | Median Price | $440,000 | $455,000 | $637,000 |
Zip Code 85013 is the Western Part of North Central Phoenix and it has a larger mix of homes: there are many more lower priced homes so there is a bigger pool of buyers out there for them.
That is why inventory is down and sales are up: even the pending sales are up over last month indicating the trend of strong sales will continue. Zip Code 85013 | October 2008 | September 2008 | October 2007 | Active | 135 | 136 | 119 | Pending | 15 | 14 | 6 | Sold | 13 | 9 | 8 | Days on Market | 144 | 139 | 127 | Months of Inventory | 10.4 | 15.1 | 13.9 | Active $/SF | $201 | $207 | $233 | Sold $/SF | $173 | $185 | $203 | Median Price | $245,000 | $256,000 | $285,000 |
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Just as with 85013, 85014 on the Eastern end of North Central Phoenix bordering the Biltmore area, has a good mix of homes with many lower priced more affordable homes. Zip Code 85014 | October 2008 | September 2008 | October 2007 | Active | 126 | 118 | 137 | Pending | 11 | 14 | 7 | Sold | 14 | 10 | 4 | Days On Market | 94 | 89 | 85 | Months of Inventory | 9 | 11.8 | 34.3 | Active $/SF | $209 | $211 | $233 | Sold $/SF | $158 | $162 | $210 | Median Price | $241,000 | $242,000 | $286,000 |
(ARMLS Data Crunched by The Cromford Report) As attractive as North Central Phoenix is and it is very attractive because of the location, type of homes, and the strong schools, it's still having a difficult time in the market but sales of starter homes are doing very well. Would you like an evaluation of the value of your home in preparation for a sale? Get a complimentary review of your homes value. "If you value these reports then you will value our professional services even more."
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