Affordable Housing in Tempe, July 2019

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5k69

Affordable homes in Tempe have diminished greatly as inventory has dropped, putting upward pressure on demand and prices. Inventory has dropped 34% year over year.  In 2 years inventory has dropped 41% for homes priced under $250,000. 

Rents are also rising in most areas, including this chart for Tempe,as shown in the above. 

 

Affordable Housing Active Listings Tempe July 2019

Days on market is currently 37 days on market.  The fastest sales in Tempe for homes up to $250,000 was 28 days in August, 2018.  Homes sold in 35 days July, 2018.  Clearly a seller's market up to $250,000. 

Affordable Housing Tempe Avg Cumulative DOM July 2019

Sales have dropped 15% since last July for homes up to $250,000. Lack of inventory is likely the culprit as prices continue to rise with low interest rates. 

 

Affordable Housing Tempe Annual Sales July 2019

Notice the lack of foreclosures, short sales or HUD properties selling.  Even in this price range, notices of default have dropped dramatically.  

Housing Statistics provided by subscription of the Cromford Report.

 

If you're looking to buy or sell a home in the Phoenix Metro area, give me a call!

 

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Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Jan Green - clearly, the price range has so much to do with the shortage in most markets. 

Jul 19, 2019 06:32 AM #1
Rainmaker
976,985
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Spot on Grant Schneider !  Those lower priced homes are disappearing off the shelves!  Thank you for commenting and have a great weekend!

Jul 20, 2019 03:47 PM #2
Rainmaker
2,005,603
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Jan Green - "Diminished Inventory," for affordable housing is nothing to laugh about. I find it very uncomfortable. It has been happening here too, much longer than I thought it would last.

I wish you the best.   

Jul 21, 2019 03:17 PM #3
Rainmaker
976,985
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

You're right Patricia Feager, MBA, CRS, GRI,MRP .  Very sad that buyers are going to have to rent and hope prices return to a place where they can purchase.  Thank you for commenting.  Have a great Monday!

Jul 22, 2019 08:45 AM #4
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Rainmaker
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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