Focus On: Tempe Real Estate Market Statistics

August 15, 2009

Tempe home sales for July 2009 including the influence of short sale and lender owned properties.

Tempe Single Family Homes | Graph: The Cromford Report

Tempe is not like the rest of the valley as a market. It has quite a few unique characteristics plus it is an established city unlike many of the cities on the outskirts that have had the greatest ups and downs in recent years.

So, it's no surprise that overall real estate in Tempe has been quite steady though improvements in the market have not passed this city as it is better then last quarter and better then last year and even 2007.

In the last month inventory has increased a bit, but that is no cause for alarm since it's normal for inventory to rise at then end of the late spring and early summer buying season. The increase has been nominal and the market remains good.

A total of 418 homes are for sale. 143 homes are pending which is a strong number, though lower then last quarter.
Sales in the last 30 days totaled 117 and increase of 58% over last quarter and 34% over last year.

This increased activity has reduced the months of supply to only 3.7 months which is technically a sellers market and even the slower moving indicator: days of inventory is at 176 - an almost balanced market.

Distressed Real Estate in Tempe.

Of the active inventory 63% is normal, 25% is short sale and 11% is lender owned. Of the sold homes 63% were normal, 13% were short sales and 24% were lender owned. While still high at 37% distressed sales, they are much lower then the valley and particularly some cities which have up to 90% distressed sales.

I would say it's still a buyers market because the indicators say so. Homes are selling at 95% of asking price and only 63% of homes sell. The other 37% fail to sell. And, prices both median and average are on the decline, though some of that is due to the more popular lower priced homes which tend to be more popular with the largest buying segment: first time home buyers.

Newest Tempe Homes For Sale