The AZ Real Estate Market Shows Mixed Results

by: Maria Hass

The overall median prices in Maricopa County showed mixed results with some areas increasing and some decreasing in values. The following are the details of the report by Chandler Republic on October 8, 2011 issue.
Zip Codes with increase of 10-20%- 85383, 85305,85263
Zip Codes with increase of 20% or more-85262
Zip Codes with decrease of 10% or more85050,85304,85029,85051,85020,85006,85008,85281,85040,85204

The report further states that in the SouthEast Valley, the zip code 85204 in Mesa has the biggest decrease in overall home value.

The zip code with the most sales is 85249 in Chandler.
The zip code with the highest overall median is 85284 in Tempe.
The zip code with the biggest decrease in resale home value is 85281 in Tempe.

The message this report tells us is, home values are local and home values could vary from one neighborhood to another neighborhood. Not all prices are falling in Arizona. There are some that are appreciating in value, some stable and some declining. When asked, how’s the real estate market? A good and truthful answer is, “It’s mixed.” One could go even further as saying it depends on the area, price range of the home and the type of sale (short sale, lender-owned, regular sale, new construction.) It’s always never thesame across the state and nationally.
So, be careful where you get your figures. National figures does not reflect Arizona figures.