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Tempe, Arizona’s single-family real estate market in November 2008 continued to show mixed signals. While prices from month-to-month stayed consistent, a -17% drop in year-over-year prices occurred. Here are the quick stats for Tempe:
Prices
- Average Selling Price (December 2008): $283,950
Average Selling Price (November 2008): $273,179 (3.8% increase month-to-month)
Average Selling Price (December 2007): $313,257 (10% drop year-over-year)
- Average Time To Sell (December 2008): 107 days
Average Time To Sell (November 2008): 102 (5 more days in December)
Average Time To Sell (December 2007): 79 (28 more days than a year ago)
- Months of Inventory (December 2008): 8.51 months
Months of Inventory (November 2008): 10.82 months
Months of Inventory (December 2007: 10.98 months
December’s selling bucked an expected trend that many real estate professional expected - sales prices increased while inventory levels decreased. These are good signs in a traditionally slow period. Prices actually increased 3.8% month-over-month from November to December but were still 10% less than December 2007. The decrease in inventory can be attributed to more sales in Tempe and slightly less inventory - a trend we’d like to see continue for a stabilization in prices.
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