Excerpt from:  Greater Phoenix trends and statistics
.
March 13, 2008

Greater Phoenix Real Estate Market Report for February 2008

Median Home Prices in Greater Phoenix

Below is a chart with the most recent single family home resale numbers for Greater Phoenix by city.  The prices are median home prices and year to year changes.

 Median Sale PriceMedian Sale Price% Change
 Feb. '07Feb. '08 
VALLEY $ 260,000  $ 220,000 -15.4%
Phoenix $ 228,470  $ 185,000 -19.0%
Scottsdale $ 600,000  $ 513,750 -14.4%
Glendale $ 242,850  $ 202,000 -16.8%
Mesa $ 238,500  $ 208,750 -12.5%
Tempe $ 280,000  $ 240,000 -14.3%
Gilbert $ 307,500  $ 254,700 -17.2%
Chandler $ 307,500  $ 244,000 -20.7%
El Mirage $ 206,000  $ 149,500 -27.4%
Peoria $ 270,000  $ 225,300 -16.6%
Sun City $ 204,500  $ 179,750 -12.1%
Surprise $ 245,000  $ 213,740 -12.8%
Avondale $ 242,080  $ 194,500 -19.7%
Goodyear $ 270,000  $ 220,490 -18.3%
Paradise V.$1,740,000 $2,270,000 -

(Data from ASU Polytechnic, Graphed by Artur Ciesielski)

 Well, the median home price slipped again from January and it's 15% down from last year.  All cities saw a decline in median home price with the biggest drops noted in Chandler, El Mirage and Avondale.  Even Phoenix saw big decline of 19% but keep in mind that Phoenix is  very large area with a varied housing stock.

Total sales of homes was 3,710 up from January's 3,350 sales but still quite low compared to the almost 58,000 inventory of homes.

by The Artur and Joanna Real Estate Team
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