So I just signed up to make some news videos with Realty Times – to talk each month about the real estate market in the Phoenix area.  Of course, I’ll post the videos on www.myphoenixmls.com as soon as they come out. 

While they’re in production, I figured I’d offer you a sneak peek into what I’ll be talking about.  Welcome to the inaugural edition of the monthly Real Estate Market Update.

RT: What specifically happened last month/quarter in this market?

MyPhoenixMLS.com: In the Greater Phoenix area (the Valley of the Sun) the median home price was $230,000 in January of this year, $2,000 below December’s median and $30,000 below the overall median price for 2007.  Median home prices began declining in July, 2007, when they hit a peak of $265,000. 

But while prices have declined in some areas of the Valley, in other areas – especially mature neighborhoods that are close to freeways, retail centers, jobs, and schools – prices have been stable, or even increased.

RT: In your opinion, or the opinion of experts you know, will the market conditions continue or will they change?

MyPhoenixMLS.com: Do the statistics show that we’re at or near the bottom?  Maybe. 

A median price around $230,000 equals what prices would be at had we not seen such a huge real estate boom (assuming a normal annual appreciation rate of 6-10% compared to the 37% increase we saw during the boom).

But it’s probably one of those things that we’ll know when we see it.  Certainly we’re not on the rebound quite yet, even if we’re close.

RT: What are the bright spots in the market?

MyPhoenixMLS.com: In certain mature, higher-end areas of Greater Phoenix prices have held fairly steady, or even increased.  The median sales price of single-family homes in Scottsdale decreased less than 1% in January – from a median price of $550,000 in 2007 to $545,000.  In North Scottsdale, the median resale home price was up in January – to $625,000 from $600,000 in December. 

We also see a bright spot in the Greater Phoenix area townhouse/condominium market.  Median home prices increased 4.5%, from $167,000 in December to $174,500 in January.

RT: Is there anything the world needs to know about your area pertaining to Real Estate Market Conditions?

MyPhoenixMLS.com: If you’re thinking about selling your home, of course you want to sell it when the market is at its strongest – which it clearly still isn’t.  If you don’t have any pressing need to move, you’re probably better off waiting until the market has climbed a bit. 

If you can’t wait to sell, an experienced realtor with a strong track record selling in slower markets can help you get the best possible deal. It is possible to sell your house now. I’ve been selling homes in the Greater Phoenix area through up markets and down markets, and I sold more homes in December, 2007 than ever before. It can be done.

On the other hand, if you’re looking to sell your home in the Greater Phoenix area and move to another Valley home, waiting until you can get more for the home you’re selling means that you’ll pay more for the home you’re buying. There is no reason to wait if this is your situation.