Here's this week's numbers, broken out as always by ZIP code. Click here for last week's numbers.
The collective North Phoenix ZIP code areas show continued movement in the right direction for achieving a balanced market. As I've been saying for months, we've got a long way to go but are making slow & steady headway. A correcting real estate market is like a New Year's Resolution diet.
85012 is just sticking out like a sore thumb! Sixteen months of inventory on the market means buyers have a strong upper hand in negotiating price and terms. 85012 covers the territory between Central Avenue and 7th Street, and from Glendale to Thomas. Included in this area are a lot of the downtown hi-rise lofts, and the Light Rail construction is almost certainly scaring off prospective buyers. But with sellers getting more realistic about pricing, and the Light Rail set to begin operations this December, the ZIP's stats should start improving this fall, winter and next spring.
Are you a prospective buyer looking for a great deal? ZIP 85012 just might be the thing for you. You can absolutely drive a hard bargain with sellers here. The hi-rise condos located at or near Light Rail stops (like Century Plaza and Tapestry on Central especially) represent an outstanding future value. As the Phoenix market finishes correcting and as Light Rail and ASU's downtown campus bring more cache to urban dwelling, these hi-rises are bound to boom in value. Don't expect prices here to rebound by next year by any means. But buyers who can buy in 85012 during the next 6 to 9 months and then hold the property for 4 to 7 years could get in on the ground floor of something really valuable!
Pricing for hi-rise Central Ave condos in 85012 run the gamut from the $80,000 to $120,000 range for smallish, lender owned 1 bedrooms at the Landmark Towers, up to the $1,000,000 plus mark for 1700 or 1800 square feet with panoramic views at the Summit At Copper Square or the Century Plaza.
Want a list of bargain priced condos in ZIP 85012? Email me and I'll set you up with a search pronto.
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The fine print: I include all property types (homes, patio homes, townhouses, and condos) and I go back to one day later in the prior month (i.e. today I went back to Jul 11).