Thirty-five condos (classified as “Townhouse” and “Apartment Style” in the MLS), closed in April, 14 more than March, a significant improvement compared to prior months increases. Active listings as of 5/15/2008 are at 374, slightly down from April’s reported actives of 377. Inventory finally has a significant drop to about 11 months from March’s 18 months. Overall a very positive direction for the condo market if you are a seller.
Again, good news for sellers that average sales price increased from March’s $175,647 to $217,911.
Tempe condo data from ASU’s Realty Studies dept shows that April year over year sales fell from 75 to 40, and median sales price decreased from $184,200 to $172,475. However, as noted above, the short term trend is increasing pricing and higher sales, albeit from a lower point than a year ago.
You may be asking why ASU shows 40 sales in April and I only show 35. ASU’s data includes sales from all public records including sales by owner, while my data comes only from the MLS.
As of 5/15/08, 17 condos have closed in May and 55 sales are pending. So far, sales are closing at a higher pace than last month at the same time (only 4 were closed on 4/14/08).
Data Source: Arizona Regional Multiple Listing Service, information deemed reliable but not guaranteed
Related Post: March 2008 Tempe Condo Sales
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
No related posts.
{ 1 trackback }
{ 2 comments… read them below or add one }
OMG OMG!! THINGS HAVE REALLY TURNED AROUND HERE IN TEMPE- SPECIFICALLY THE CONDOMINIUM MAKET! AS OF JUNE 6TH, 2008, AVG SELLING PRICE FOR CLOSED SALES, TOWNHOUSE/CONDO SALES EDGED UP TO $182,433 FROM APRIL 2008 OF AVG $169,222….
WE ARE ON THE VERGE OF THE BEGINNING OF ANOTHER BOOM- IT WILL BE A WILD RIDE HERE AGAIN!
Thanks for your insightful and sarcastic comment, Matthew
. I’m sure we all appreciate that the market is still going through a difficult time. I for one do not think we are on the verge of another boom. However, Tempe’s condo market is a bit more resilient than other cities. Condos are the primary new source of housing in Tempe with few new single family homes being built. Whether or not Tempe’s condos can maintain price stability over the longer term is anyone’s guess at this point.