North Foothills of the Phoenix Mountains | 85028 Home Sales Update

February 06, 2009

A detailed look at home sales in 85028 in January 2008.

The beautiful North Foothills of the Phoenix Mountains Preserve also known as zip code 85028 has a wide mixture of homes ranging in price from below $100,000 (but only a few fix ups) to well over several million dollars.

That needs to be considered when reviewing the sales data below since a heavy few month of lower priced sales can skew the median sales price and all the related data.

January 2008 was a very slow month. Unlike the valley which saw a surge of sales 85028 which in parallel with most areas with higher priced homes saw a decline in sales mainly due to more difficult to obtain financing.

85028	January 2009	December 2008	January 2008	January 2007
Active	171	169	176	133
Pending	18	5	19	17
Sold	7	14	8	20
1 Year Sold	176	177	208	314
Month Inventory	24.4	12.1	22	6.7
Active $/SF	$197.00	$201	$228	$253
Sold $/SF	$167.00	$168	$220	$210
Appreciation	(18%)	2%	(14%)	(6%)
Median Price (monthly)	$200,000	$306,000	$390,000	$420,000
Median price (annual)	$315,000	$320,000	$387,000	$393,000
Avg. SF	2,209	2,223	2,259	2,126

(Single Family Home ARMLS data from the Cromford Report - Graph: Artur Ciesielski)

Inventory levels of 24 months are dismal when 5-7 months is balanced market. But this high inventory level is not the trend. It may be a January anomaly but it may continue since FHA loan limits were lowered to $271,000 since January 1st 2009.

Below is a list of homes that sold in January 2009. Most of the homes were on the lower end of the price range in 85028.