Welcome to the ninth 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.

Chandler

The number of homes resold in Chandler decreased 6.9% in October, after a 4.8% increase in September.  Still, the 405 homes resold in October outpaced October 2007 by 55.8%.  And while total sales were down, the number of foreclosure sales in Chandler increased 24% in October – to 155, or 38% of all homes sold.

After declining in September, the median price was up 2.3% in October to $225,000.  That’s 19.5% lower than in October 2007.  The median price of a traditionally-sold home increased 5.6% in October, while the median price for a foreclosure sale dropped 2.3%.

Following two months of double-digit declines, sales of townhouses and condos in Chandler increased 60% in October.  The 40 townhomes and condos resold is 100% higher than in October 2007.  The median price was up, too, 1.1% to $126,925.

Gilbert

Sales volumes on single-family resales in Gilbert dropped 6.2% in October after rising 3.2% in September.  Still, the 455 homes resold in October is 71.7% higher than in October 2007.  The median price also fell, 2.1% to $225,125.  That’s 18.1% lower than the median price of $275,000 in October 2007.

After falling 9.6% in September, the median price of townhouses and condos in Gilbert declined another 11.1%, to $130,920.  The number of townhouses and condos sold was again unchanged, at 15 homes -- 50% more than were resold in October 2007.

Tempe

After an increase of 1% in September, the median price of single-family resales in Tempe increased again in October, up 2% to $219,000.  That’s still 15.3% lower than in October 2007 – making Tempe one of the Valley cities with the lowest price declines over 2007.  The number of homes was once again unchanged at 110 – 22% higher than in October 2007.

After falling 27.3% in September, the number of townhouses and condos resold in Tempe increased 25% in October to 50 homes.  That’s 100% higher than in October 2007.  The median price was up, too, 1.2% to $146,750 (18.8% lower than in October 2007).

Mesa

After decreasing in September, the median sales price of single-family homes in Mesa increased in October by 1.5% to $165,515.  That’s nevertheless 27.8% lower than in October 2007.

After rising 20.6% in September, the number of homes resold in Mesa decreased slightly -- 1.8% -- to 805 homes.  That’s 96.3% higher than in October 2007.

The number of townhouses and condos resold in Mesa increased 13.6% in Mesa to 125 homes.  That’s 78.6% higher than in October 2007.  The median price was up, too, 2% to $108,000 (22.7% lower than in October 2007).

If you’re in the market for a home or townhouse/condo in the East Valley, now might well be a good time to buy.  Homes sales in most Valley cities have risen significantly this year – home buyers are buying up existing inventory rapidly.  Once that excess inventory has been bought, the supply of homes will once again match the demand for homes and prices will rebound.

So 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 half of this year than in any entire year ever before. It can be done.  Call me today at 602-318-1114 or visit www.MyPhoenixMLS.com.