I love Tempe and have an affinity for the sales trends of Tempe Homes. Our brokerage is headquartered out of Tempe, AZ just 2 miles from Arizona State University. Tempe is filled with history, great neighborhoods, entertainment, sports and a sense of community. Not only that, it's centrally located with many of the valley's main freeways passing through or around it. So down to business.
Tempe, along with Scottsdale and Paradise Valley, were three of the cities that withstood the rapid depreciation we experienced during 2007 and 2008 for the longest period of time. Perhaps saying they withstood depreciation is not entirely accurate. It's more accurate to say they maintained higher values than most surrounding Phoenix communities. Let's talk about the below chart provided by the Cromford Report™.
The meter in the upper left hand corner indicates the current price per square foot in Tempe is almost $116. The meter on the top right corner indicates the annual average price per square foot for 2010 is about $118 per square foot.
The middle graphs indicate the averages expressed in monthly and annual terms. You can see that the prices spiked as much as $10.00 per square foot in the timeframe between June and August 2009. That was attributed to increased home purchases and occasional bidding wars over properties when buyers thought the tax credit was going to expire.
As a point of reference, price per square foot in Tempe two years ago was $157. 3 years ago, In February of 2007, the price per square foot was about $178. It becomes clear that a $20 drop per-year has been the standard. Have we bottomed out? Except for the upward spikes shown in the graph Tempe appears to be somewhat flat. Is this the time to take a serious look at Tempe homes for sale?
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