Welcome to the fourth monthly edition of the MyPhoenixMLS area-specific market conditions update. Today, I’ll post market conditions reports for the East Valley, including Chandler, Gilbert, Tempe, and Mesa; in my next post I’ll describe market conditions in the Scottsdale and Phoenix markets.

In Chandler the number of homes resold increased in May for the fourth straight month – up this time by 7.35%. Prices were up, too – 5.58% over April to $250,000.

In contrast, sales of townhomes and condos in Chandler were down. The number of townhouses/condos sold decreased 25% and the median price decreased 8% to $142,650. Still, that’s only slightly below March’s median sales price of $145,000.

Sales volume on single-family homes (resales) in May was up for the fourth straight month in Gilbert – up this time 4.17% to 375 homes. Prices stayed steady at $240,000.

Prices in Gilbert’s townhouse and condo market increased just over 8% in May even though sales were flat over April. 

The number of homes resold in Tempe increased dramatically, by 45% to 145 in May. Prices were up, too – though not as dramatically – rising just under 4% to $258,000.

The number of townhouses and condos resold was up significantly, too – rising 25% in May over April. Prices, however, were down 6.78% to $160,775.

In Mesa, the median sales price of single-family homes rose just slightly – less than 1% -- in May, to $197,000. The number of homes sold in the East Valley’s largest city dropped by 2.54%. 

The median price of townhouses and condos fell slightly, under 1%, to $139,000. The number of townhouses and condos resold stayed steady at 100.

If you’re in the market for a home or townhouse/condo in the East Valley, now is the time to buy! All signs point to the fact that we’re hitting the bottom of the market downturn. Lock in a great deal on your dream home before prices start climbing again. For the best deal with the least hassle, sign up for your FREE Time Saving Home Finder Program at www.MyPhoenixMLS.com.

If you’re looking to sell your East Valley area home, 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 Phoenix through up markets and down markets, and I sold more homes in the first quarter of this year than ever before. It can be done. Call me today at 602-318-1114 or visit www.MyPhoenixMLS.com.