Forty-three Tempe condos (classified as “Townhouse” and “Apartment Style” in the MLS), closed in August, 5 less than July. Active listings as of 9/16/08 are at 408, up from July’s reported actives of 393. Inventory was up to about 9.5 months from 8 last month, due to the increased active listings and fewer sales.
Again, as I predicted, average Tempe condo sales price fell again to $210,083, from July’s $216,929. I think the downward price trend will continue. Pending sales are only averaging $185,867, and that’s just the list price, not the typically lower final sales price.
Median sale price also dropped to $164,000 from $187,000.
As of 9/16/08, 12 condos have closed in August and 27 sales are pending. The number of closed September sales to date is significantly down from August’s 30 closed sales at the same time. At this pace, we can expect to see a much lower number of September closed condo sales as compared to August. At least some of the reason is probably due to the end of the student condo buying rush in preparation for start of classes at ASU.
Data Source: Arizona Regional Multiple Listing Service, information deemed reliable but not guaranteed.
Previous Report: July 2008 Tempe Condo Sales
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