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LOCAL NEWS

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Boost in many Valley cities' median home prices

More Phoenix Local News

09:18 AM Mountain Standard Time on Wednesday, May 14, 2008

3TV

The Valley housing market is seeing a small improvement in some areas. Realty Studies in the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus provided a breakdown of the different cities in the Greater Phoenix area. Check to see how home prices are faring in your neighborhood.

MGN Online

PHOENIX - In contrast to April 2007, recorded sales in the city of Phoenix increased from 1,280 sales to 1,435 sales, but the median sales price decreased to $178,000 from $225,000 for a year ago. Since Phoenix is a geographically large city, the median prices can range significantly such as $146,455 ($148,800 in March) in the Maryvale area to $280,000 ($263,500 in March) in the Union Hills area. The townhouse/condominium sector decreased from 415 to 250 sales, and the median price decreased from $165,000 to $150,000.

SCOTTSDALE - The Scottsdale resale home market declined from 400 to 330 recorded sales, with the median sales price also decreasing from last year’s $557,500 to $506,500. The median resale home price is $563,000 ($605,000 in March) in North Scottsdale and $266,500 ($260,000 in February) in South Scottsdale. The townhouse/condominium sector in Scottsdale decreased from 300 to 205 sales, while the median sales price decreased from last year’s $264,450 to $262,500.

TEMPE - The resale market in Tempe decreased from 120 to 100 sales, with the median sales price decreasing from $285,000 to $248,500 ($237,000 in March). The townhouse/condominium sector fell from 75 to 40 sales, and the median sales price decreased from $184,200 to $172,475.

CHANDLER - For the city of Chandler, the resale market declined from 375 to 340 recorded sales, while the median sales price went from $297,950 to $236,780 ($234,000 in March). The townhouse/condominium market declined from 60 to 40 sales, and the median sales price dropped from $179,975 to $155,000.

MESA - The Mesa resale housing market improved from 530 to 590 sales, while the median price fell from $234,510 to $196,250 ($200,000 in March). The townhouse/condominium sector also fell from 185 to 100 sales, while the median home price decreased from $158,000 to $140,000.

GILBERT - The resale market in Gilbert increased from 330 to 360 sales, and the median sales price decreased from $295,195 to $240,065 ($245,000 in March). The townhouse/condominium market stayed at 15 sales, with the median sales price decreasing from $207,500 to $166,930.

PARADISE VALLEY - The highest median sales price was in Paradise Valley at $1,375,000, with a median square foot house of 3,540 square feet.

GLENDALE - Glendale increased from 330 to 385 sales and the median sales price decreased from $245,000 to $189,000 ($209,750 in March). The townhouse/condominium sector decreased from 60 to 25 sales, while the median sales price decreased from $136,250 to $115,630.

PEORIA - For the city of Peoria, the resale market declined from 250 to 235 sales, while the median price moved from $257,915 to $224,000 ($225,000 in March). The townhouse/condominium sector decreased from 30 to 15 sales, and the median price went from $200,000 to $140,500.

SUN CITY - In comparison to a year ago, the Sun City resale market increased from 115 to 125 sales, while the median sales price decreased to $176,500 from $210,000. Resale activity in Sun City West increased from 50 to 40 sales and the median sales price decreased from $222,000 to $205,000. The townhouse/condominium market in Sun City decreased from 60 to 40 recorded sales, while the median home price decreased from $136,000 to $117,250. In Sun City West, activity stayed at 25 sales, with the median sales price decreasing from $164,700 to $138,750.

OTHER WEST VALLEY - In the West Valley, the following communities represent 14 percent of the resale market.

Avondale increased from 90 to 190 sales, with the median price moving from $233,980 to $176,000 ($185,130 in March).

El Mirage increased from 55 to 85 sales, while the median home price went from $199,000 to $140,170 ($146,900 in March).

Goodyear went from 95 to 165 sales, while the median price decreased from $265,000 to $219,900 ($220,000 in March).

Surprise improved 235 to 370 sales, but the median price moved from $246,060 to $200,250 ($205,000 in March).