Home values soar across the Valley
06/11/07 13:35 Filed in: Arizona Real
Estate
Home values soar across the Valley
The Valley's resale housing market slowed in September, recording 7,780 sales.
That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.
Third-quarter recorded sales totaled 27,850, which is slightly below the second quarter's 28,760 resales, but well ahead of last year's 20,560 sales.
The Valley's resale housing market slowed in September, recording 7,780 sales.
That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.
Third-quarter recorded sales totaled 27,850, which is slightly below the second quarter's 28,760 resales, but well ahead of last year's 20,560 sales.
The Business Journal of Phoenix, October 12, 2004
Home values soar across the Valley
The Valley's resale housing market slowed in September, recording 7,780 sales.
That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.
Third-quarter recorded sales totaled 27,850, which is slightly below the second quarter's 28,760 resales, but well ahead of last year's 20,560 sales.
"Even with this cooling, the 2004 year-to-date total is well on its way to a new record at 75,800 sales in comparison to 55,435 in 2003 and 46,850 in 2002," said Jay Butler, director of the Arizona Real Estate Center.
Butler did not specify what lowered resales last month.
Since January, the median home price has risen from $156,000 to $179,500 in September, which also was a monthly record price. The median price was $177,500 in August and $157,500 in September 2003. For the third quarter, the median home price was $177,500, compared to $170,000 in the second quarter.
Butler said there are mounting concerns about whether the current market can be sustained. He points to an increasing number of rental properties, resulting in extreme competition, with lower rents and even concessions. This could keep potential home buyers in rental properties longer, given the rising prices of homes in the Valley.
Looking across the Valley comparing third quarter 2004 to third quarter 2003 results:
Phoenix resales increased from 5,510 sales to 7,315 sales, while the median sales price increased to $145,000 from $130,900.
The Scottsdale resale home market improved from 2,120 to 2,490 recorded sales. The median price rose from $325,500 to $385,000.
The Mesa resale housing market grew from 2,570 to 3,395 sales, while the median price increased from $147,000 to $159,900.
Glendale improved from 1,850 to 2,055 sales, and the median price rose from $145,000 to $163,000.
The Sun City resale market increased from 390 to 430 sales, with the median price rising from $120,000 to $136,500. However, resale activity in Sun City West declined from 225 to 200 recorded sales, but the median price rose from $140,500 to $166,000.
The resale market in Gilbert moved from 1,460 to 1,790 sales, and the median sales price increased from $176,000 to $210,000.
Chandler's resale market increased from 1,795 to 2,105 recorded sales, while the median price rose from $165,000 to $189,900.
The resale market in Tempe improved from 665 to 685 sales, with the median sales price increasing to $185,000 from $168,000.
Avondale grew from 320 to 640 sales, with the median price rising from $152,000 to $165,000.
El Mirage improved from 125 sales to 385 sales, as the median price rose from $120,500 to $134,000.
Goodyear moved from 250 to 510 sales, while the median price increased from $161,900 to $184,000.
Surprise increased from 500 sales to 980 sales, and the median price rose from $139,925 to $163,520.
The highest median home sales price was in Paradise Valley at $906,000, with a median square footage of 3,555.
The Arizona Real Estate Center is associated with East College at Arizona State University's east campus. The center collects and analyzes data concerning real estate in the greater Phoenix metropolitan area.
For more: www.asu.edu
Home values soar across the Valley
The Valley's resale housing market slowed in September, recording 7,780 sales.
That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.
Third-quarter recorded sales totaled 27,850, which is slightly below the second quarter's 28,760 resales, but well ahead of last year's 20,560 sales.
"Even with this cooling, the 2004 year-to-date total is well on its way to a new record at 75,800 sales in comparison to 55,435 in 2003 and 46,850 in 2002," said Jay Butler, director of the Arizona Real Estate Center.
Butler did not specify what lowered resales last month.
Since January, the median home price has risen from $156,000 to $179,500 in September, which also was a monthly record price. The median price was $177,500 in August and $157,500 in September 2003. For the third quarter, the median home price was $177,500, compared to $170,000 in the second quarter.
Butler said there are mounting concerns about whether the current market can be sustained. He points to an increasing number of rental properties, resulting in extreme competition, with lower rents and even concessions. This could keep potential home buyers in rental properties longer, given the rising prices of homes in the Valley.
Looking across the Valley comparing third quarter 2004 to third quarter 2003 results:
Phoenix resales increased from 5,510 sales to 7,315 sales, while the median sales price increased to $145,000 from $130,900.
The Scottsdale resale home market improved from 2,120 to 2,490 recorded sales. The median price rose from $325,500 to $385,000.
The Mesa resale housing market grew from 2,570 to 3,395 sales, while the median price increased from $147,000 to $159,900.
Glendale improved from 1,850 to 2,055 sales, and the median price rose from $145,000 to $163,000.
The Sun City resale market increased from 390 to 430 sales, with the median price rising from $120,000 to $136,500. However, resale activity in Sun City West declined from 225 to 200 recorded sales, but the median price rose from $140,500 to $166,000.
The resale market in Gilbert moved from 1,460 to 1,790 sales, and the median sales price increased from $176,000 to $210,000.
Chandler's resale market increased from 1,795 to 2,105 recorded sales, while the median price rose from $165,000 to $189,900.
The resale market in Tempe improved from 665 to 685 sales, with the median sales price increasing to $185,000 from $168,000.
Avondale grew from 320 to 640 sales, with the median price rising from $152,000 to $165,000.
El Mirage improved from 125 sales to 385 sales, as the median price rose from $120,500 to $134,000.
Goodyear moved from 250 to 510 sales, while the median price increased from $161,900 to $184,000.
Surprise increased from 500 sales to 980 sales, and the median price rose from $139,925 to $163,520.
The highest median home sales price was in Paradise Valley at $906,000, with a median square footage of 3,555.
The Arizona Real Estate Center is associated with East College at Arizona State University's east campus. The center collects and analyzes data concerning real estate in the greater Phoenix metropolitan area.
For more: www.asu.edu