The Berg-Dobbles Team
scottsdale dropped over 10% year to year, as did every other part of the valley... Here is the newspaper article.
foreclosures broke another record in june, and so did notice of future foreclosures...
If stable means, "prices are dropping like hell, the fastest downward rate ever" then I guess its stable.
If you'd like to watch the weekly market statistics in the East Valley, I have a page on my website that will site the statistics by city (I've included a link to the page below). This would probably help answer your question.
Are there specific areas you are interested in knowing about. The question, have the Phoenix markets stabilized is to broad to answer with certainty. There are so many factors affecting price stability. We are looking at this question on a case by case basis.
I can say with certainty sales are on the rise. The office I help manage had a 30% increase in escrows in March as compared to February. We are seeing similar activity being reported throughout the industry. If the tried and true supply and demand model works once more, the increase in demand (sales) should produce more price stability in many parts of the Valley.
It's interesting that your question talks about Phoenix markets, plural. There are a number of way to view the Phoenix market. In fact, what we're seeing in the lower-priced home market (under $200K) is a small sales increase, with stabilizing prices. Another market that has stayed somewhat stable is the high-end market; homes in the multi-millions. There of course were price corrections, but the values haven't dropped precipitously at the high end. Interestingly, some zipcodes in the greater Phoenix area have actually increased in value. For instance, the median home price in three Scottsdale zipcodes appreciated in value by 3.9% - 6.9% in the period between 2006 & 2007. Bottom line, while some segments of the market continue to have price reductions, a few are continuing to go up. Will prices continue to go down? Homes prices that were inflated over the past couple years probably still have some room to drop, but because more inventory is selling, the price reductions will likely slow. If I can answer any other questions, or help in any way, please let me know.
Regards from paradise,