News > 4th Quarter 2014 Tempe Condo Sales- Prices Up

by Liz Suto

Tempe condo prices showed a slight gain for the 4th quarter of 2014, while resale activity didn't budge much.  Fourth quarter is a slower period for Tempe condo sales (and first quarter still lags too), so the low number of sales isn't worrisome.

Resale activity in Tempe stayed fairly steady compared to the same period in 2013. There were 119 condos and townhomes sold versus 118 for the same quarter last year.

Tempe condos and townhomes stayed on the market for an average of 61 days, which is 5.2% more  than the 58 during the 4th quarter in 2013. However,  61 days is still very low compared to Scottsdale, Tempe's neighbor to the south.

 

 

The median condo price increased from $127,500 during the 4th quarter in 2013, to $136,000, representing a 6.7% gain.  We're definitely seeing a leveling off in condo prices when you compare to the other quarters in 2014.

 

 

For the 119 sold condos and townhomes in Tempe, the average price per square foot during the 4th quarter was $125, which shows an increase from $123 in the 4th quarter of 2013.

With only 3.7 months of inventory, it's still a seller's market, but there are some communities with higher inventory that give the upper hand to the buyer, such as Villagio and Northshore at Tempe Town Lake.   If you're in the market for a condo at a good price, don't wait until third quarter with everyone else.  Time to dip your toe in the water now.  Contact Us.

© 2015 ARMLS and FBS. All information deemed accurate but not guaranteed.

 

Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.

Related Links

• TEMPE
• Tempe Market Reports

 

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The town of Tempe, a suburb of Phoenix located in the East Valley, is home to more than 171,000 residents. It's a bustling town in its own right, home to Arizona State University's largest campus and a thriving business community...