Median Home Prices Across the Metro Phoenix Area
On August 20th, 2009 journalist J. Craig Anderson with The Arizona Republic reported that after a record breaking 27 months of decline in the Valley's median home price, some of the most influential local real-state analysts predict that home values finally have hit the bottom of the slide. According to the most recent 3 month trend, most areas around the Valley seem to be leveling out, rather than what has become the norm of the downward spiral. Great news!
The following figures were obtained from The Cromford Report, and report the annual median home prices (single family residences only) as of August 2009 in the following zip codes:
Phoenix 85016 - $168,000
Phoenix - Arcadia District - 85018 - $334,900
South Scottsdale - Old Town - 85251 - $242,000
Paradise Valley - 85253 - $1,500,000
Scottsdale - 85254 - $315,000
Scottsdale - 85255 - $579,900
Scottsdale - Gainey/McCormick Ranch - 85258 - $460,000
Annual median home prices by city overall:
Phoenix - $89,900 < $37,600 LESS than the median prices in 2002! >
Scottsdale - $411,750
Tempe - $212,500
Mesa - $140,000
Chandler - $218,000
Paradise Valley - $1,500,000
Given the recent 2 year downtrend in the Valley's home prices, most of us know of family and friends who have lost most, if not all of their equity, along with the rising number of folks who lost their homes altogether. In spite of what seems to be such a slew of negativity, a first time home buyer (defined as one who has not owned a home in the last 3 years) purchasing a home now and closing before December 1st, 2009, will benefit from the governments tax credit of up to $8,000, not to mention the extremely low prices and mass of inventory out there!
Before you start your search of Phoenix homes for sale, please contact me and let's chat about your situation and let me help you.
Joe Janus, Phoenix/Scottsdale and Paradise Valley AZ. Homes for Sale