EXCLUSIVE - Data table created by John Wake, Associate Broker, HomeSmart Real Estate, from ASU data.
Six of the 14 cities had median price decreases of 10% or more. Well, there were eight in October so maybe the decline is not accelerating. In September, it was four cities.
The median home price for all of Greater Phoenix declined only $2,000 to $240,000 for November, compared to $242,000 in October, $250,000 in September, $255,000 in August and $265,000 in July. The median home price in Greater Phoenix, therefore, has fallen $25,000 or 9% from July to November.
The median home price in Greater Phoenix in November 2006 was $259,000, a $19,000 fall.
2 responses so far ↓
1 Alicia // Apr 7, 2008 at 2:07 pm
I bought a 4plex in arizona city for 250,00, I have not been able to rent it out at all for the last 12 months, couldn’t sell it. Is the rental market and the real estate market going to get better soon? Do I have any hope at all with this property in a year or two?
Desperate investor.
2 John Wake - Real Estate // Apr 7, 2008 at 3:42 pm
Prices are generally falling right now. Many people think, no one knows, that prices will level off late this year or next year. It may be years after that before we see appreciation.
Your best bet is to get them rented. Tell me about your rental experience.
Here are some rentals out in Arizona City but when people rent out there they usually rent a single family home.
Nevertheless, I notice a couple of non-single family rentals in Arizona City in the last 6 months that might give you some good information. http://armlslistings.marketlinx.com/SearchDetail/Scripts/Cma/Custom/BuyerCma.asp?prp=mls&AgentId=JW406&EmailKey=96699763
I don’t handle rentals. I am not an expert in them and what I do know is not about Arizona City.
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