A recent study reported by ASU's Morrison School of Management and Agribusiness revealed a comparison of single family home resales from 2008 to 2007. The study showed Maricopa County home resale transactions were slightly up 1.5% in 2008 compared to 2007 (not including foreclosure activity). Foreclosures accounted for an additional 34,955 sales, up 310 percent from 8,535 in 2007. The median resale price decreased almost 23% during that same period.
Some areas were impacted differently than others. As you can see from the chart below, Avondale, El Mirage, Goodyear, and Surprise all had an increase in resales over 25% in 2008, with Avondale leading the way at 39.6%. Scottsdale, Tempe, and Sun City had a decrease in resales from 2007 to 2008, all over 25%.
Cities within Maricopa County with the biggest decrease in median home sales price include El Mirage (-38%) and Avondale (-33%). Sun City West (-9.8%), Tempe (-13.5%), and Chandler (-16.9%) had the smallest decrease in median price within Maricopa County.
Scottsdale, Chandler, Tempe, and Gilbert have the highest median prices for 2008.
From the information in this chart, it is plain to see that cities with the biggest increase in resales were also the same cities with the biggest decrease in median price, as well as having a lower median price overall. Avondale with a 2008 median price of $154,000, and El Mirage at $120,000.
| City |
2008 Resales |
2007 Resales |
% Change |
2008 Median Price |
2007 Median Price |
% Change |
| Phoenix |
11,560 |
12,405 |
-7.3% |
$160,000 |
$225,000 |
-28.9% |
| Scottsdale |
3,240 |
3,910 |
-20.7% |
$476,250 |
$587,000 |
-18.9% |
| Chandler |
3,135 |
3,425 |
-9.3% |
$243,000 |
$292,350 |
-16.9% |
| Gilbert |
3,185 |
3,150 |
1.1% |
$239,900 |
$296,000 |
-19.0% |
| Mesa |
4,840 |
5,120 |
-5.8% |
$185,000 |
$237,000 |
-21.9% |
| Tempe |
1,015 |
1,310 |
-29.1% |
$240,000 |
$277,500 |
-13.5% |
| Avondale |
1,390 |
840 |
39.6% |
$154,000 |
$230,000 |
-33.0% |
| El Mirage |
725 |
460 |
36.6% |
$120,000 |
$195,000 |
-38.5% |
| Glendale |
2,995 |
3,155 |
-5.3% |
$181,250 |
$240,000 |
-24.5% |
| Goodyear |
1,245 |
795 |
36.1% |
$187,100 |
$263,500 |
-29.0% |
| Peoria |
2,100 |
2,185 |
-4.0% |
$215,000 |
$259,900 |
-17.3% |
| Sun City |
815 |
1,030 |
-26.4% |
$156,000 |
$190,000 |
-17.9% |
| Sun City West |
620 |
635 |
-2.4% |
$230,000 |
$255,000 |
-9.8% |
| Surprise |
2,795 |
2,055 |
26.5% |
$180,000 |
$240,000 |
-25.0% |
| Maricopa County |
46,745 |
46,035 |
1.5% |
$200,500 |
$260,000 |
-22.9% |
;)
;)
Troy, I've been meaning to - and will - ut together something like this. Amazing how the median has come down. I wonder what it was in 2000! ;-)