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PHOENIX REAL ESTATE MARKET UPDATE


Southeast Valley Summer 2015 -­‐ Tina Tamboer-­‐Gla4elter, Senior Real Estate Analyst | The Cromford Report


THE SOUTHEAST VALLEY IS HOT! The Southeast Valley is a diverse market that includes affordable prices in addi-on to an abundance of newer constructed homes which makes it aWrac-ve to first-­‐-me and move-­‐up home buyers. Job crea-on has been fueled by corpora-ons such as State Farm Insurance, Apple, Northern Trust Bank and more recently reloca-ng and expanding their opera-ons into the area, especially around Tempe Town Lake.


! The Ho\est Frenzies are those with average sale prices under $231,000, which include Mid-­‐Tempe, West Mesa, North Chandler and North Gilbert. A “Frenzy” is defined as an area with more lisYngs under contract than acYve for sale. Expect mulYple offers and very short lisYng periods in these areas.


NEW HOME COMPETITION The Southeast Valley has one of the highest concentra-ons of ac-ve new home subdivisions in the Phoenix metro area. Overall, there are fewer than 1,000 new home sales per month in Maricopa County, well below the historical norm of 3,500 per month. However, in places like East Gilbert, Queen Creek and San Tan Valley there are so many communi-es it can seem like they are everywhere. These areas have added supply from new home communi-es that slightly diminishes the sellers’ advantage due to more choice for buyers. This is good news for first-­‐-me home buyers who may need the seller to help with closing costs and pay for repairs.


! San Tan Valley and Queen Creek are the last fronYers for buyers who want larger, newer homes for under $200,000 in the Southeast Valley.


Zip Code


● 85201 ● 85202 ● 85203 ● 85204 ● 85205 ● 85206 ● 85207 ● 85208 ● 85209 ● 85210 ● 85212 ● 85213 ● 85215 ● 85224 ● 85225 ● 85226 ● 85233 ● 85234 ● 85248


*Median Sale Price


Zip Code


$135,000 ● 85249 $187,500 ● 85281 $200,000 ● 85282 $160,000 ● 85283 $162,000 ● 85284 $172,000 ● 85286 $279,250 ● 85295 $146,000 ● 85296 $205,000 ● 85297 $144,000 ● 85298 $245,250 ● 85044 $252,500 ● 85045 $212,500 ● 85048 $206,250 ● 85118 $198,950 ● 85119 $259,000 ● 85120 $231,000 ● 85140 $267,400 ● 85142 $377,000 ● 85143


*Median Sale Price


$325,000 $185,500 $212,500 $221,861 $339,000 $300,950 $239,900 $250,000 $258,500 $320,500 $256,250 $378,400 $292,500 $251,250 $150,000 $138,000 $169,900 $232,000 $162,500


85215 85281 85048 85045 85226


85282 85283 85284


85201 85204


85205 85206


85234


85225 85286


85295 85296


85297 85298


85249 85142 85143


85207 85208 85209


85212 85140 85119 85118


85044


85248


85224


85202 85210


85233


85203 85213


85120


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