Where have home prices dropped the most in the Greater Phoenix area?

home prices fall in greater phoenix areaASU recently reported that over the last 3 years, Glendale has been the hardest hit by home price declines.  Since the peak of our real estate market in 2006 here are the numbers for percentage drop in prices for a few Valley communities ~

Since 2006~

  • Glendale home prices down 52.8%
  • Peoria home prices down 51.9%
  • Mesa home prices  down 47%
  • Chandler home prices down 39.1%
  • Tempe home prices down 31%
  • Scottsdale/Paradise Valley home prices down 29.2%

BUT…prices are starting to stabilize.  In fact, this months median sales price in the Arizona Regional MLS has risen by 7.8%.  The most probable reason for the jump is the diminishing inventory in West Phoenix areas where home prices were as low as $50,000.  Lender owned properties comprise a smaller percentage of the total number of homes sold which has diluted their power to bring down the median sales price to as low as we saw it in April.

All in all, some positive signs for our market and with prices in some areas at 1999 levels, a great time to be a buyer.  Do I sound like a broken record?  I just wish I needed to buy a home.  Wow…there are some GREAT deals out there and I’d hate for buyers to miss that boat.