Eye On Arizona

Home Sales Up, Prices Down: A Snapshot of Popular Zips in the East Valley

March 9, 2009

Home Prices

By Ann Belfield

Four Week Snapshot of Popular Zip Codes in the East Valley

Homes sales in some of the more popular zip code areas in Ahwatukee, Chandler, Gilbert and Mesa are up in the last four week period as compared with data from same period a year age.  Data in the table below reveals that in most of the zip codes listed, home sales are stronger, while the median home sales prices are down from the same period one year ago.

Snapshot of Home Sales and Median Home Prices in Popular Zip Codes in Ahwatukee, Chandler, Gilbert and Mesa
		Number of Sales		Median Price
Zip	City	Feb 1-29, 2009	Feb 1-29, 2008	Feb 1-29, 2009	Feb 1-29, 2008
85045	Ahwatukee	17	6	$ 388,389	$483,503
85249	Chandler	64	54	$ 300,000	$406,830
85296	Gilbert	47	35	$ 199,900	$251,534
85234	Gilbert	42	39	$ 210,000	$283,000
85212	Mesa	34	44	$ 214,870	$261,695
85207	Mesa	55	35	$ 300,000	$348,052

Source:   Arizona Republic / AZ Central.com. 6 March 2009.

Lower home prices are luring first time home buyers and move-up buyers, while enticing investors to buy up homes at great deals.  Short Sales in many of these areas, overall, are bringing down home prices, while at the same time, they are bringing multiple bids in the market place, making it a competitive time for buyers.

The question remains:  How long will the home price downward spiral continue?  With the gloom and doom of the present economic outlook, more than likely, it will continue downward for years, not months.

Tags: 85045, 85212, 85234, 85249, 85296, home sales in 85207, MedianHome prices
Posted in: AZ Housing Market