Market Conditions in 85283>Question Details

Carl, Home Seller in Massachusetts

Are home prices dropping in Tempe especially for small houses?

Asked by Carl, Massachusetts Thu Jan 24, 2008

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6
this realtor below me is lost! condo prices increased for exactly one reason: new condo's entering the market, not existing condo's going up in price!!! Several luxury projects in Tempe are now completed and selling, that and that alone is bring up the median price! I live in Tempe, yes prices are dropping, and dropping enough that good deals compared to renting are starting to appear. I have a background in mathematics and econometrics, I teach these things, in addition to real estate, and can advise you on current market trends with honesty and numbers that make sense, not marketing hoopla.
1 vote Thank Flag Link Wed Jul 23, 2008
since this time? the HUGE centerpoint development? bankrupt worked stopped.... northshore? its been on final closeout for six months, dropped prices 100k, and the building is still virtually empty... I am seeing foreclosures pop on the mls at half off builder prices for all the newer condos around mill. My zip that I live in 85282 has dropped 15% since I last commented, and foreclosures are sprouting up.

Any of the agents below me, who said I didn't know what I was taling about care to return and comment now?
0 votes Thank Flag Link Sun Mar 1, 2009
Inventory spiralled out of control in Tempe over a year ago, Amy. My observation on your ridiculous condo price quote is spot on. Any existing condo in Tempe was seeing price drops when you wrote the median price was increasing. Median is the middle price, and when a bunch of new luxury condos, such as are going up all around Mill Avenue and Tempe lake are added to the data, the median goes up while all the individual prices are actually dropping. Ditto the average. This is what happens when realtors with no education try to do statistics. For refernce, I am a professor of mathematics, who studied applied math and econometrics at UC Berkeley, for my graduate work. In addition to a realtor with a decades' experience. I saw this bubble coming, and sold almost all of my investment properties beforehand, most realtors walked right into it like a brick wall.
0 votes Thank Flag Link Thu Jul 31, 2008
You're absolutely right, Christine. Perhaps Roberto should check the dates on the posts before he makes an unprofessional comment about a fellow-Realtor.

Carl, I posted a graph on my Tempe page on my website this past Sunday which shows a graph of average list prices for Tempe since January 2008. I've included the link below.

Average home list price graphs for each of the other East Valley cities are posted on the respective pages as well. It's been awhile since you posted your question, but thought the information may still be of value to you.
0 votes Thank Flag Link Tue Jul 29, 2008
Hi Carl,
The difference in the two previous answers to your question is about 6 months, which in the Phoenix area market, is a lifetime. Prices have dropped for small homes in Tempe as they have throughout the east valley. The good news is that Tempe prices may rebound quicker than some of the outlying towns because it does not have land available for new developments.
Web Reference: http://HomeSweetAZHome.com
0 votes Thank Flag Link Mon Jul 28, 2008
the Median sales price in Tempe decreased from $270,000 to $251,250 in November. So, yes, Tempe has also been affected by our market decline. However, the median price increased for Townhouse/Condo properties from $180,000 to $215,000. Check out my Market Update page on my website for further details!
Amy Jones
Realtor
Chandler, AZ
480-250-3857
Web Reference: http://www.AmySellsAZ.com
0 votes Thank Flag Link Thu Jan 24, 2008
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