Home Sales Trends 85020 | East Sunnyslope
July 9th, 2008 categories: Market Trends, Sunnyslope Neighborhood
The Sunnyslope area has not been spared the decreasing prices and is not beyond the trend in the valley. That trend being increased home sales, steady days on the market and lower median home prices. In 85020 which is East Sunnyslope and part North Central Phoenix the median price was $162,750.
Days on the market increased as well after a drop in May.
The distribution of sales between starter homes, move up homes and luxury homes is not much different then the valley but unlike the valley as a whole luxury home sales increased. Its the move up homes which have seen a large decrease in sales. The increase in starter home sales in a very good sign of things to come. It is this market where loans have been more difficult to obtain, so more home selling means that at lease to some extent there is financing out there.
Despite the move up homes still being below the Jumbo loan limits the sales decreased. That limit is $417,000; any loan over $417,000 is a jumbo loan and is subject to higher interest rates.
Below are two graphs for homes built from 1999 onwards in 85020 and grid M34. This is the area associated with the newer home developments near the Phoenix Mountains. The list to sales price ratio has been on a downward trend until March 2008. Since then that ratio has increased but only slightly. I have noticed that prices have come down. This would be a good explanation of higher ratio.
Most of the newer homes in this area are in the luxury home bracket and upper move-up bracket. Since the turnover has not been high enough due to lack of supply the graph below is not a fair representation of the sales.
| Discussion: No Comments »
