Phoenix Valley Real Estate Market Update
Unless you have been in a coma you probably know that the real estate market in the Phoenix Valley changed between 2006 and 2007. There have been a lot of changes...here are the ones that will effect you if you are going to buy or sell real estate in the Phoenix area soon.
People bought bigger homes in 2007! The median size per square foot for a single family home in the Phoenix Valley grew from 1,630 to 1,715.
In Phoenix the number of homes sold fell in from 20,600 homes in 2006 to 13,710 homes sold in 2007. The median price for a home in Phoenix in 2007 was $220,000. However, the median price differs in different parts of Phoenix. For example in the Union Hills area the median price was$324,000, Metrocenter area was $199,900, and the Sky Harbor area was $145,000.
Scottsdale Arizona also slowed from 5,150 total sales in 2006 to 4,120 sales in 2007. The median price also for a home in Scottsdale also went down in 2007 to $579,000. In North Scottsdale the home prices declined to $675,000, and in South Scottsdale the median home price fell to $308,500.
In the City of Mesa the total number of homes that sold in 2007 also decreased from 7,660 homes sold in 2006 to 5,605 homes sold in 2007. The median price for a single family home in Mesa fell to 235,000.
Glendale also saw a declining market the total number of homes sold in 2007 was 3,560. While the median home sale price was $237,500. Not even our American Idol winner, Jordan Sparks, could save her home town from the fall in home prices.
Now I know at this point of the blog you are probably totally depressed! Please keep reading...while I have to tell you some more bad news...there is light at the end of the blog...so KEEP READING!
Peoria, and Sun City tell a similar story. The total number of homes fell from 2006 to 2007 in these two cities combined by a total of 549 homes. The median price paid per home in Peoria and Sun City also fell by an average price of $13,585 in a year.
Gilbert...the most married town in the United States saw the total number of homes sold fall from 3,730 in 2006 to 3,205 in 2007. The median home price also dropped from $327,000 to 295,000 in 2007.
The city of Chandler saw the smallest decrease in home price. The median home price in Chandler in 2006 was $297,900, and the median home price in 2007 in Chandler was $290,000.
As for Tempe...home of the Sun Devils the total number of homes dropped to $1,360 in 2007 and the median home price fell to $276,000.
Now that I have completely depressed you...let me tell you the good news! The good news about the Phoenix Valley real estate market is that it is an incredible buyers market! We have not seen a buyers market like this since the depression! Take advantage of it...let me help you buy a great house for a great price!
Date: Monday, February, 25th 2008 @ 10:28:01 PM
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