Arizona Real Estate Notebook

EXCLUSIVE – Graphic presentation created by John Wake, Associate Broker, HomeSmart Real Estate, using ASU data.

Definition of a Bubble

“When prices increase and people buy more. When prices decrease and people buy less.”

That terrific definition was given to me by a brilliant client and friend of mine.

Many of the glass-half-empty readers of this blog will certainly agree with the first part of that definition. They saw themselves surrounded by that attitude in 2005.

Unfortunately, they won’t see that they themselves embody the second part of the definition.

In 2005, many people saw large price increases as a sign to buy. Now many people see large price decreases as a sign not to buy. The logic is identical.

Approximate Median Home Price Drops

El Mirage: Peaked about $225,000. October about $180,000. A decline of about $45,000 or 20%.

Sun City: Peaked about $220,000. October about $180,000. A decline of about $40,000 or 18%.

Avondale: Peaked about $260,000. October about $215,000. A decline of about $45,000 or 17%.

Gilbert: Peaked about $330,000. October about $275,000. A decline of about $55,000 or 17%.

Sun City West: Peaked about $250,000. October about $210,000. A decline of about $40,000 or 16%.

Goodyear: Peaked about $295,000. October about $250,000. A decline of about $45,000 or 15%.

Glendale: Peaked about $250,000. October about $225,000. A decline of about $25,000 or 10%.

Surprise: Peaked about $255,000. October about $230,000. A decline of about $25,000 or 10%.

Tempe: Peaked about $290,000. October about $260,000. A decline of about $30,000 or 10%.

Phoenix: Peaked about $225,000. October about $205,000. A decline of about $20,000 or 9%.

Mesa: Peaked about $245,000. October about $230,000. A decline of about $15,000 or 6%.

Chandler: Peaked about $295,000. October about $280,000. A decline of about $15,000 or 5%.

Northeast Valley

Scottsdale Arizona homes for sale now

Southeast Valley

Chandler Arizona homes for sale now

Gilbert Arizona homes for sale now

Mesa Arizona homes for sale now

Tempe Arizona homes for sale now

Phoenix

Phoenix Arizona homes for sale now

Northwest Valley

El_Mirage Arizona homes for sale now

Glendale Arizona homes for sale now

Sun City Arizona homes for sale now

Sun City West Arizona homes for sale now

Surprise Arizona homes for sale now

Southwest Valley

Avondale Arizona homes for sale now

Goodyear Arizona homes for sale now

Graphs based on data published by ASU’s Realty Studies which is affiliated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. I may occasionally make an error when graphing the ASU data.

ASU did not publish data for March, June, September or December until 2006.