Posted on Saturday, 24th April 2010 by Anna Kulbinski
Homebuyers considering zip code 85018 will be wise to take a look back at the past, and then a look at what’s going on today…
- Courtesy of Google maps
Looking back to 2002, you can see that home prices in zip code 85018 have been on a wild ride. In 2002 the median monthly price ranged from $205,000 in January up to about $280,000 in November. Then the upward climb began…
2003 saw monthly median home prices between $215,000 and $350,000. In 2004 the low was $260,000 and the high $465,000. By 2005 the majority of home sales ranged from $380,000 to $480,000.
This creep upward continued, and in 2006 the low median was $415,000 with a high of $600,000. Median prices finally peaked in 2007 – with a high of $672,500 in July, just before they began the downward slide.
As you can see from this chart, 2008 began with a median of about $440,000 and then, after a few peaks and valleys, crashed all the way down to $220,000 by December.
After home prices rose an average of 240% from January 2002 to January 2007 and then slid almost all the way back down, they are once again creeping upward. 2009 saw monthly medians ranging from $225,000 to $415,000.
- Courtesy of the Cromford Report
This rise is in spite of the effect of short sales and lender owned homes. In March 2010 the average home price per square foot for both short sales and lender owned homes was just under $162, while the non-distressed homes sold for an average of $219.40 per square foot.
Since distressed homes in zip 85018 now account for only 23% of the listings but 37% of the sales, perhaps we can look forward to those distressed properties being cleared out soon. Once they are no longer putting downward pressure on home prices, averages should once again begin to climb.
This will be good news for home sellers, but it means that home buyers who have been waiting should probably make the move soon – while both home prices and interest rates are still low.
Tags: home prices in zip code 85018, Home Prices Per Square Foot, Phoenix home prices, Phoenix home prices per square foot, phoenix homes, Phoenix Market Statistics, Phoenix Realtor
Posted in Market Report, Market Statistics, Neighborhoods, Phoenix Real Estate | Comments (0)
Anna K. Kulbinski
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