Dr. Jay Butler of Realty Studies at Arizona State University came out with his Phoenix area residential real estate sales and median home price numbers for October 2011.
Greater Phoenix – Median Home Price
(Single-family resale homes. Excludes repossessions but includes sales by banks after they repossess. ASU calls these “Traditional Sales”)
October 2011: $125,000
October 2010: $135,000
No change from September 2011.
According to Dr. Butler’s dataset, the median home price in Maricopa County bottomed out in April 2009 at $125,000 and rose 15% to peak at $144,000 in April and May 2010 before falling again to $125,000 in December 2010, January, March, April and now September 2011. It sure looks like the Phoenix median home price is bouncing along its bottom, $125,000.
I should point out that last August I said “I strongly doubt we’ll ever see $125,000 again” but we did just see $125,000 again for September and October 2011.
Nevertheless, I still think the median Phoenix home price could quickly pop up to $144,000+ again by June 2012. Stay tuned.
Greater Phoenix – Number of Homes Sold
(Single-family resale homes. Excludes repossessions but includes sales by banks after they repossess. ASU calls these “Traditional Sales”)
October 2011: 5,315
October 2010: 4,695
So Phoenix home sales were 13% above last October.
Conclusion
For most parts of Maricopa County, if you’re thinking of buying a home, I would strongly suggest buying sooner rather than later.
Call me at (480) 600-0947 for details, if you’re looking for a knowledgeable real estate agent, I or a colleague, would be honored to help you.