The Arizona Republic - November 2006
The median price for existing single-family homes in Mesa fell to $235,000 in October, a 4 percent drop from a year earlier and the sharpest decline in the Southeast Valley.
The city's median had hovered close to $250,000 through the summer and then dropped to $240,000 in August and September, according to the Arizona Real Estate Center in Mesa.
"Mesa is such a big area and some areas are doing OK and some areas aren't," said Jay Butler, director of the center. He cited Dobson Ranch as one area that was selling well.
"The next big question is what will prices do," he said. "What is unknown is all the people sitting in their homes happy as clams. They are sitting there with nice interest rates and nice homes well located. There is no incentive to move unless you have to."
Like the rest of the Phoenix area, sales slowed in Mesa from 1,015 to 555 sales. Condo sales also dropped from 260 to 100 sales, and the median price dropped from $154,100 to $153,000.
Butler said he doesn't expect sales to pick up again until March.
The number of homes on the market throughout the Southeast Valley has hit a record in recent months but has been leveling off. It reached 17,629 in September, the last month for which data are available.
It is taking an average 74 days to sell homes in the Southeast Valley.
In other cities:
• Chandler: The city's median price has not fluctuated as much as some other communities. The median for single-family homes peaked at $308,000 in August. The resale market for single-family homes slowed from 540 in October 2005 to 345 last month. The condo market fell more, from 100 to only 30 sales, and the median price rose 9 percent to $189,900 over the year.
• Gilbert: The town's median price of $328,000 is second highest in the Southeast Valley behind Ahwatukee. The median peaked at $341,000 in FebruarySales slowed from 485 to 270 in October. Only 10 condos sold, at a median price of $234,900, a 7 percent increase over a year earlier.
• Tempe: The median price of $296,500 is second lowest next to Mesa in the Southeast Valley. The record median of $300,000 was set in February. Sales fell from 195 to 95. Condo sales slowed from 115 to 50; the median price only increased $50, to $189,950.
• Ahwatukee Foothills: Since hitting a peak of $399,950 in July, the median price for existing single-family homes has been falling recently. Although the $357,000 in October was higher than September's median, it remains 3.5 percent lower than a year earlier for single-family homes. There were 85 sales in October, compared to 150 a year earlier. Only 25 condos sold, at a median price of $265,000 in October. But that price is 59 percent higher than a year earlier.
