PHOENIX REAL ESTATE TRENDING UP - Arizona real estate market surges ahead in November 2012 due to low inventory, declining number of foreclosures, historically low mortgage rates, sustained housing demand resulted in a 27% increase in the Average Closed Sales Price and a 35% increase in the Median Closed Sales Price as compared to November 2011.

Phoenix AZ East Valley Real Estate Market Trends

East Valley Community Average Closed Sales Price Available Inventory
 
Chandler homes for sale AZ +25% 1.4 months
Gilbert homes for sale AZ +20% 1.3 months
Mesa homes for sale AZ +30% 2.1 months
Phoenix homes for sale +33% 1.9 months
Scottsdale homes for sale AZ +02% 3.7 months
Tempe homes for sale +11% 1.7 months

 

To get more details about individual city real estate trends in the Phoenix East Valley, just click on the links in the table above.

For those buyers who wanted to see a positive Phoenix real estate trend before buying, wait no longer. Phoenix real estate market trends have been in positive territory all year long and now is the time to buy.

NOW IS THE TIME TO BUY - For those thinking they missed out by waiting as the overall Median Closed Sales Price went up 27% to $204,308 from a year ago and our current median price rose 35% to $155,000, think again. We are still 41% off the peak median Closed Sales Price of $264,800 reached in June 2006. Builders cannot build new homes even near resale prices because of city impact fees, higher land costs when they can find buildable lots and higher material costs. So new homes will continue to lead the way in price appreciation.