More existing homes were sold for more money
across the southeast Valley in August, according to figures released
Wednesday.
In Ahwatukee Foothills, Chandler, Gilbert, Mesa and Tempe, more existing houses were sold in August than in August 2003, the data shows. In addition, median prices for existing homes rose in all five communities.
Jay Butler, the director of the Arizona Real Estate Center, which released the statistics, said the region tends to have higher-priced homes.
"It's more of a developed area," Butler said. "The school systems, the shopping and everything else is in."
In Gilbert, the median sales price for existing homes rose from $180,000 in August 2003 to $210,000 last month, and sales of existing homes rose in the same period to 765 from 430.
Butler said the nature of the housing market in Gilbert has changed.
"Up until recently, the new sales outnumbered the resale numbers. But it's now a resale-type market," he said. "Gilbert basically started its housing boom and growth in the '90s, so it doesn't really have those cheaper homes that were built in the '70s and '80s that older communities would have that keep that median price down."
When presented with the numbers Wednesday, Mary Benson of Gilbert said "wow."
Benson said as a homeowner, she thinks the Gilbert figures are "fabulous," but said "someone buying a home for the first time - uh-oh."
Increases in prices and sales are an issue for bringing first-time home buyers and Valley newcomers into the housing market, Butler said.
"This is maybe where townhouse/condos serve a role," he said. "Income is going to come in and limit how high you can go. Even with low interest rates, you still have to qualify to purchase the home.
"And as they get more expensive, you need more income to do that and that could be difficult to get carried out to the entire community."
Townhome and condominium sales increased in Ahwatukee Foothills, Gilbert, Mesa and Tempe between August 2003 and last month, while median sales prices also rose there and in Chandler, where townhouse and condominium sales stayed the same.
Across the Valley in August, there were 11,275 resale house transactions, compared to 6,055 such transactions in August 2003, according to the real estate center.
In August, 44 percent of all recorded sales were for houses priced from $125,000 to $199,999, and 19 percent of sales were for houses more than $300,000.
In Ahwatukee Foothills, Chandler, Gilbert, Mesa and Tempe, more existing houses were sold in August than in August 2003, the data shows. In addition, median prices for existing homes rose in all five communities.
Jay Butler, the director of the Arizona Real Estate Center, which released the statistics, said the region tends to have higher-priced homes.
"It's more of a developed area," Butler said. "The school systems, the shopping and everything else is in."
In Gilbert, the median sales price for existing homes rose from $180,000 in August 2003 to $210,000 last month, and sales of existing homes rose in the same period to 765 from 430.
Butler said the nature of the housing market in Gilbert has changed.
"Up until recently, the new sales outnumbered the resale numbers. But it's now a resale-type market," he said. "Gilbert basically started its housing boom and growth in the '90s, so it doesn't really have those cheaper homes that were built in the '70s and '80s that older communities would have that keep that median price down."
When presented with the numbers Wednesday, Mary Benson of Gilbert said "wow."
Benson said as a homeowner, she thinks the Gilbert figures are "fabulous," but said "someone buying a home for the first time - uh-oh."
Increases in prices and sales are an issue for bringing first-time home buyers and Valley newcomers into the housing market, Butler said.
"This is maybe where townhouse/condos serve a role," he said. "Income is going to come in and limit how high you can go. Even with low interest rates, you still have to qualify to purchase the home.
"And as they get more expensive, you need more income to do that and that could be difficult to get carried out to the entire community."
Townhome and condominium sales increased in Ahwatukee Foothills, Gilbert, Mesa and Tempe between August 2003 and last month, while median sales prices also rose there and in Chandler, where townhouse and condominium sales stayed the same.
Across the Valley in August, there were 11,275 resale house transactions, compared to 6,055 such transactions in August 2003, according to the real estate center.
In August, 44 percent of all recorded sales were for houses priced from $125,000 to $199,999, and 19 percent of sales were for houses more than $300,000.
The Arizona Republic
Sept. 16, 2004