Phoenix Median Resale Price - a Historical Look

By
Real Estate Agent with Call Realty, Inc.

Somtimes it can be hard to know where you are going if you don't know where you have been.  I hope this saying applies to the Phoenix Real Estate Market.  Many folks are claiming these days that prices in our market are "low".  What does this mean?  What are they low in comparison to?  Can they go lower?  Will we see price appreciation in the near future?

Lets first take a look at a very relevant data set - the Median Resale Price for properties in the Phoenix Metropolitan Area since the beginning of 2001.  The data is courtesy of ARMLS and deemed reliable but not guaranteed.  Quite the hump in this data in the 2004-2007 timeframe.  Obviously (hindsight certainly is 20/20).  But where are we TODAY?  The median resale price has been holding steady, if not going up marginally, the past few months of 2009.  Notice that we are in a place very similar to the price regime of early 2001.

Do I know if we will see extensive price appreciation in the near future?  I do not - and I do not expect it.
Do I know if we will see further 20-25% drops in price?  I do not - and I do not expecct it.

Personally, I think we are, +/-, at the bottom, and will stay there for some time.  Prices are so low (especially in the

Mind you, I don't have a crystal ball and these are just my guesses.  If I could predict the future, I'd be quite a bit wealthier :)

 

 

Thanks for reading,

Kaushik Sirkar
Chandler AZ Real Estate
ksirkar@hotmail.com
http://www.homesphx.com
480-600-2808 (direct)
480-993-0914 (fax)

 

Comments (9)

Angela Niece
REMAX Results - Eden Prairie, MN

How much can you buy a 1 bed, 1 bath anything for in Phoeniz?

Nov 02, 2009 05:32 PM
Kaushik Sirkar
Call Realty, Inc. - Chandler, AZ

All depends on which part of the Valley.  Various parts, you are looking at well under 50k, possibly in the 30k range for condos with those parameters...

Nov 02, 2009 06:13 PM
Ricky Khamis
Amerifirst Financial, Inc. (NMLS #145368) - Gilbert, AZ
NMLS 173141 | CADOC 173141 - 480-339-1565

Look at that, 2001 levels!

Nov 03, 2009 07:06 AM
Kaushik Sirkar
Call Realty, Inc. - Chandler, AZ

Amazing isn't it!

Nov 03, 2009 05:24 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Glad to read that the prices are holding steady and not declining. Good luck.

Nov 11, 2009 08:25 PM
John Puplava
ABC Home Inspections,L.L.C. - Prescott, AZ
ABC Home Inspections,L.L.C.

Hi Kaushik,

How are you doing today. I just want to introduce myself to you my name is John with ABC Home Inspections. If I can assist you in any home inspections. Please call me.

Thank you ,

John with ABC Home Inspections

602-471-7384

www:abchomeinspectionsaz.com

Oct 10, 2010 07:21 PM
Anonymous
House for Sale

Interesting information regarding property prices. Prices of homes vary place to place or location. But from now i hope that prices will remain steady and not will not decline because of stability in the economy. Thanks for awareness about the prices of property. Thanks

Jan 12, 2011 12:24 AM
#7
Pat Fenn
Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA

 

Stumbled across your old blog but see you left Active Rain awhile ago.

Oct 24, 2012 11:33 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

I noticed you haven't posted on Active Rain for a while and was wondering if all is OK?  Come back to the 'Rain!

Oct 31, 2015 02:47 AM