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Tempe and metro Phoenix 6 year sales data - the big picture
I read a post by Bryant Tutas discussing perception of market data, looking at sales data for his area since 2002. As he was inspired by another blogger, I was inspired to review data for Tempe and the metro Phoenix area. Here’s similar data I got from the Arizona Regional Multiple Listing Service (ARMLS) as of 12/17 for single family detached homes, extended to include average square feet and Days on Market (DOM):
Amazing as it may seem in today's market, the average price in Tempe and the Phoenix area in general has actually increased for every year since 2002, including 2007 (as of 12/17). However, then you notice that total sales have dropped by 50% since 2005 (similar declines noted by the other bloggers for their markets).
You can probably come up with a few scenarios to explain the increasing average price in the face of falling sales. Fewer lower priced homes selling, buyers selectively targeting higher priced homes (possibly explaining the higher average sq ft), etc. The rate of increasing prices has dramatically fallen off in 2007, so we may be turning the corner to lower average pricing next year. Although if you believe NAR, prices will be on ... more
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