Phoenix area market condition

The numbers are starting to look a bit more encouraging. After months and months of sales prices falling the home sales prices seem to have stabilized. For the past 10 months the average home sales price has bounced between $170,000 and $180,000. Up a bit one month, then down a bit the next, I think is an indication of multi-million dollar home sales added into the mix.

As you can see from the Arizona Multiple Listing Service chart, the prices dipped as low as $159,000 and are seeming to hold steady.

This is a broad picture, looking at all of Maricopa County. Things may be different neighborhood to neighborhood and community to community. Depending on the number of foreclosures, short sales and total sales, the outlook can be different for the area you are considering purchasing a home.

To see this chart full sized, head over to the ARMLS Sold Chart

sales-price-stabalizing2