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Single Family Homes in Greater Phoenix | | Median Sale Price | Median Sale Price | % Change | | | Sept. '06 | Sept. '07 | | | VALLEY | $ 256,900 | $ 250,000 | -2.70% | | Phoenix | $ 223,000 | $ 211,930 | -4.96% | | Scottsdale | $ 580,000 | $ 535,000 | -7.76% | | Glendale | $ 247,810 | $ 235,000 | -5.17% | | Mesa | $ 240,000 | $ 227,000 | -5.42% | | Tempe | $ 283,950 | $ 269,000 | -5.27% | | Gilbert | $ 318,500 | $ 276,000 | -13.34% | | Chandler | $ 292,500 | $ 292,200 | 0.00% | | El Mirage | $ 209,500 | $ 179,900 | -14.13% | | Peoria | $ 265,000 | $ 251,045 | -5.26% | | Sun City | $ 206,500 | $ 176,940 | -14.31% | | Surprise | $ 239,000 | $ 237,450 | -0.65% | | Avondale | $ 247,000 | $ 220,000 | -10.93% | | Goodyear | $ 273,000 | $ 256,500 | -6.04% | | Paradise V. | $1,625,000 | $2,100,000 | 29.23% |
Date from ASU Polytechnic. Graphed by Artur Ciesielski, CCIM, CRS September is usually a slower month due to the new school year and the holidays. 3,050 home sold in September 2007 compared to 4,875 in September 2006, 4240 sold in August and 5,685 sold in August of 2006. So far this year, sales of homes in greater Phoenix are down 22% from 52,390 last year to 40,800 year to date this year. Homes in Gilbert, El Mirage, Sun City, and Avondale all decreased over 10% from last year while the bulk of the other cities in greater phoenix declined about 5%. No cities had an increase except Paradise Valley, although Surprise and Chandler were flat from last year. The Greater Phoenix valley median price declined by 2.7% from $256,900 to $250,000, not a dramatic decrease by a steady decline over the previous months. It's important to consider square footage of the median homes that are sold. While the median home price in Greater Phoenix declined 2.7% from last year the price per square foot declined from $160.00 to $143.27. This is a decline of 10.46% per square foot from last year. Which is the better measure? Neither, they are both valuable measures as part of a more complex problem. It's clear thought that not only has the median price declined but the median home has increased in size from 1,640 to 1,745, and the real price correction for greater Phoenix is larger than the 2.7% of just the median home price. What is ahead? For buyers, this is a superb time to buy real estate. There are plenty of loans out there, even 100% financing. In addition, new home builders are very motivated to remove inventory from their books at prices much below previous sales. Consider making the move now. We will help you find a good home and negotiate a good price. Joanna 602.358.1392 |
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