Median Prices Up? Down?....It's a Buyer's Market out there!

Foothills sees resale-price slide, from the Arizona Republic Ahwatukee, reports that Median home resale prices in Ahwatukee and the Southeast Valley are being driven down by a record number of homes on the market and incentives by new-home builders. The Ahwatukee median resale price fell to $360,000 in august, down from $399,950 in July. The Ahwatukee area has about 1,000 homes for sale, including condos, according to the Arizona Regional MLS. Condo prices in Ahwatukee also fell to $181,990 in August, compared with $267,500 a year earlier. "Right now there is plenty of supply," Ahwatukee real estate agent Pete Meier said. "I have never seen this much supply ever in this market. That leads to a softening of prices."

Foothills sees resale-price slide
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Home resale prices up, from the Arizona Republic Chandler, reports that resale Chandler homes rose in August to $308,000, up from $300,500 in July and $289,600 in August 2005. But not all areas of Chandler shared the gains equally. Gina McKinley, a Chandler real estate agent, said prices have been coming down in East Chandler but seem to be holding their values in south and west Chandler. But the number of homes sold in Chandler was almost half what it was last summer, with 410 sales in August 2006, compared with 780 in august 2005. Condo sales fell from 100 in August 2005 to 40 in August 2006.

Home resale prices up
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Market glutted, median resales at '06 low, from the Arizona Republic Gilbert, reports that the median price for a Gilbert resale home dropped $15,000 to $320,000, according to the Arizona Real Estate Center at ASU. The number of homes sold in August was at 355, up slightly from July, but down from August 2005 665 sales. The inventory of homes for sale in the Southeast Valley continues to set records every month, hitting 17,550 in July, according to the ARMLS. Jay Butler, director of the Real Estate Center at ASU, said Gilbert should be able to hold its high values because it's a family-friendly community with good freeway access, good schools and a growing number of stores.

Market glutted, median resales at '06 low
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Median home price drops, from the Arizona Republic Mesa, reports that the median resale home price in Mesa dropped to $240,000, matching January's median price, as prices are being driven down by excess inventory and new-home incentives. The median resale price in July was $249,900. Trent Powell, an east Mesa real estate agent, predicted that prices will fall more because of the competition from new-home builders in east Mesa, Gilbert and communities farther to the east who are offering tremendous incentives. Condo sales in Mesa fell from 325 to 165 from August 2005 to August 2006, but condo prices rose from $138,000 to $159,950.

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