Tuesday, 13th of May 2008 at 03:32:57 PMOnce again I’ll write about the ASU Realty Studies Report. Everyone likes to read this report and give their interpretation of the report. I like to read it just for the reason of reading stats, just like I like to read stats before a Hockey game, thinking that I can predict the outcome.
In contrast to April 2007, recorded sales in the city of Phoenix increased from 1,280 sales to 1,435 sales, but the median sales price decreased to $178,000 from $225,000 for a year ago. Since Phoenix is a geographically large city, the median prices can range significantly such as $146,455 ($148,800 in March) in the Maryvale area to $280,000 ($263,500 in March) in the Union Hills area. The townhouse/condominium sector decreased from 415 to 250 sales, and the median price decreased from $165,000 to $150,000.
Okay, so this time last year, we had less sales last year and our prices have come down. Makes sense, once prices become more reasonable more people will buy. Since March, the prices of homes in the Union Hills area have increased from $263k to $280k, that’s pretty good in this market.
Glendale increased from 330 to 385 sales and the median sales price decreased from $245,000 to $189,000 ($209,750 in March). The townhouse/condominium sector decreased from 60 to 25 sales, while the median sales price decreased from $136,250 to $115,630.
Okay, this one surprises me a bit. Glendale has been fairing the downturn quite well. This says the opposite that Glendale is now coming down as well. Even a near $20k (almost 10%) decrease over the last month is pretty significant. To me, this indicates that Glendale is becoming a bargin area to purchase a home.
For the city of Peoria, the resale market declined from 250 to 235 sales, while the median price moved from $257,915 to $224,000 ($225,000 in March). The townhouse/condominium sector decreased from 30 to 15 sales, and the median price went from $200,000 to $140,500.
The year over year in volume is about 5% down, not bad. Price is down about 10% though, which tells me that Peoria will probably continue to decline in home prices in the short term.
Surprise improved 235 to 370 sales, but the median price moved from $246,060 to $200,250 ($205,000 in March).
Surprise has been getting beat up by the down turn, it’s a community that is just too far from the majority of jobs and access to those jobs has been difficult for the commuters out there. Prices have decreased almost 20%, but volume is up over 50%. This could be the mark of prices being low enough to bring the buyers out to Surprise.
Okay, so my predicition of the future, Red Wings will win the Stanley Cup and Real Estate? Hmm, well, my phone is ringing more, my friends and collegues are also getting busier, which means more than the numbers above that the market is improving.
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