Posted on Monday, 3rd May 2010 by Anna Kulbinski
Phoenix zip code 85016 covers a large and diverse area – taking in the Arizona Biltmore Golf Course and part of Phoenix Mountains Park. Therefore, it’s not surprising that the homes for sale today range from a lender-owned one-bedroom home at $25,000 all the way up to a five bedroom home at $4,995,000.
This diversity may also account for the peaks and valleys in median home selling prices over the years. For instance, in 2005, when the medians most months ranged from $195,000 up to $310,000, December saw a spike up to $437,500.
As in most areas of Phoenix, median home prices steadily rose from the 2002 prices that ranged between $150,000 and $175,000 until they peaked in 2007. In 2007 the low median was $244,000 and the high was $458,750. Then the price decline began, and in 2009, some months showed a lower median sales price than during any month in 2002.
Lender owned homes are, of course, putting downward pressure on the entire housing market in Phoenix. Zip code 85016 is no different, with distressed homes accounting for only 34% of the listings but 53% of the sales. These lender-owned homes and short sales sold in April 2010 for under $98 per square foot, while non-distressed homes sold for an average of $155 per square foot.
On the good news side, two years ago homes were staying on the market an average of 156 days. In April 2010 that average was down to 115 days. In addition, the number of sales per month is up 25% from 2009.
Tags: Home Prices Per Square Foot, phoenix foreclosures, Phoenix home prices per square foot, Phoenix Market Statistics, phoenix real estate, Phoenix Realtor, phoenix short sales, zip code 85016
Posted in Market Report, Market Statistics, Phoenix Real Estate | Comments (0)
Anna K. Kulbinski
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