The real estate market in Greater Phoenix continues its decline as we edge toward the end of the year. The fourth quarter is usually the slowest and this one is no different. Sales of home declined to 3,280 from last years 5,040. Take a look at the month by month home sales numbers. | | Median Sale Price | Median Sale Price | % Change | | | Nov. '06 | Nov. '07 | | | VALLEY | $ 259,000 | $ 240,000 | -7.3% | | Phoenix | $ 226,160 | $ 208,425 | -7.8% | | Scottsdale | $ 630,000 | $ 544,645 | -13.6% | | Glendale | $ 247,000 | $ 215,000 | -13.0% | | Mesa | $ 240,000 | $ 223,500 | -6.9% | | Tempe | $ 270,000 | $ 261,250 | -3.2% | | Gilbert | $ 308,000 | $ 276,000 | -10.4% | | Chandler | $ 295,000 | $ 269,900 | -8.5% | | El Mirage | $ 200,000 | $ 170,000 | -15.0% | | Peoria | $ 270,000 | $ 239,450 | -11.3% | | Sun City | $ 190,000 | $ 188,000 | -1.0% | | Surprise | $ 246,000 | $ 227,000 | -7.7% | | Avondale | $ 245,000 | $ 213,955 | -12.7% | | Goodyear | $ 252,000 | $ 228,410 | -9.4% | | Paradise V. | $1,690,000 | $1,500,000 | -11.2% |
(Single Family Homes) (Data from ASU Poly graphed by Artur Ciesielski, CCIM) The median home price for Greater Phoenix declined to $240,000. This is a 7% decline from last years $259,000. 
In previous months Phoenix had lower declines than the outer cities and this trend continues. The bulk of the oversupply is in the outer cities. That is why there are greater declines in cities like, Goodyear, Avondale, El Mirage, but in November, Glendale, Scottsdale, and several other cities had declined of more than 10%. Don't look for too much relief in 2008. See the 2008 Real Estate Forecast. Despite this gloomy outlook, or because of it, it would behoove those that can, to buy real estate in this down market. |
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