Greater Phoenix Median Home Price Changes from December 2006 to December 2007. Single Family Homes. | | Median Sale Price | Median Sale Price | % Change | | | Dec. '06 | Dec. '07 | | | VALLEY | $ 255,900 | $ 232,000 | -9.3% | | Phoenix | $ 222,400 | $ 200,610 | -9.8% | | Scottsdale | $ 567,500 | $ 523,350 | -7.8% | | Glendale | $ 244,900 | $ 209,365 | -14.5% | | Mesa | $ 241,000 | $ 212,000 | -12.0% | | Tempe | $ 272,750 | $ 264,250 | -3.1% | | Gilbert | $ 328,000 | $ 260,025 | -20.7% | | Chandler | $ 282,900 | $ 260,000 | -8.0% | | El Mirage | $ 209,750 | $ 160,000 | -23.7% | | Peoria | $ 258,450 | $ 232,000 | -10.2% | | Sun City | $ 215,000 | $ 195,000 | -9.3% | | Surprise | $ 232,500 | $ 218,350 | -6.1% | | Avondale | $ 245,000 | $ 203,000 | -17.1% | | Goodyear | $ 257,000 | $ 235,530 | -8.4% | | Paradise V. | $1,650,000 | $1,750,000 | 6.1% |
Data from ASU Polytechnic, Graphed by Artur Ciesielski, CCIM If you look at the above chart of median home price changes from the last month of 2006 to the same period of 2007, you may actually cry, especially if you have a property in Gilbert, El Mirage or Avondale. Your tears may be of sorrow because of the decline but they my be of joy, because you can now buy a wonderful home at an affordable price. The previous named cities had the highest declines in median home prices from the previous year. It's interesting to compare the median home price drop from Dec. 2006 to Dec. 2007 compared to the median home price drop by year. The former number is -9.3% from $255,900 to $232,000 while the later is $260,000 in 2006 compared to $257,000, a decline from 2006 to 2007 of only 1.4%. 
(Greater Phoenix Median Home Price Trends from 2005 to present) Year to date 50,975 homes sold. This is a decline of 24% from the 67,035 that sold in 2006. I won't even mention the decline from 2005 because its huge and irrelevant, since that year was an unusual year. In December 3,290 homes sold. 3,280 sold in November 2007 and 4,620 a year ago. It is in the last few months of 2007 that the decline was most severe. Compare the previous month by month median home price charts for Greater Phoenix. So what does this mean? It's either good news of bad news, but mostly good for affordability and normalization. If you are a buyer read this. Please read our article about the 2008 Greater Phoenix real estate forecast. Then decide how to proceed only after a consultation with your favourite Phoenix real estate agents, because there is more to the real estate market then median home prices, because each neighborhood behaves differently. Even the gods at ASU stress that, "While some areas have declining prices, other areas are increasing or remaining fairly stable, especially the mature neighborhoods that are close to freeways, retail and schools." The numbers for those neighborhoods support that. Would you like to know the approximate value of your home in the Phoenix valley? Access Home Values |
Email to a Friend
