Tempe’s single-family real estate market in September 2008 showed a few positive signs including a slight increase in the average selling price coupled with a decrease in the average number of days a property took to sell. However, there was a decrease in the number of sales in Tempe, Arizona which pushed the inventory levels of single-family real estate higher.
The average selling price of a single-family home in Tempe in September 2008 was $255,552, up from $253,397 in August 2008:
In the graph above:
- the blue line indicates the average price of single-family homes currently listed in Tempe.
- the green line indicates the list price for single-family homes before being sold. In other words, this is the average price for all listings that went under contract before the final sales price was agreed upon by the buyer and seller through contract negotiations.
- the yellow line indicates what the average sales price was for single-family homes in Tempe.
Prices increased ever so slightly in September 2008. However, Tempe currently has 54 foreclosures, bank-owned or short sale properties listed in the MLS - or about 10% of the market. These properties will most likely continue to keep prices from rising.
Year-Over-Year Prices, while not down as much from August 2008, are still significantly down from September 2008:
One bright spot in the Tempe single-family real estate market is the time on market:
On average, it takes 76 days to sell a single-family home in Tempe, Arizona. This is the lowest level since August and July 2007 when the average days on market (ADOM) was 66. The ADOM continues to lower which is a positive thing for home sellers.As we enter a traditional slow real estate season, September 2008 showed an increase in the inventory in Tempe, Arizona. The raw data, however, shows that there was a decrease of homes for sale, from 554 in August 2008 to 529 homes in September 2008. However, there were fewer sales, 81 and 69, respectively.
Again, the next couple of months are traditionally a slow season for real estate. Buyers don’t want the hassle of moving during the holidays (or they’d rather watch the World Series and football). Sellers are in the same boat - which may account for the slight decrease in inventory.
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