HomeSmart Logo

The Condo Mania Team

News > 2nd Quarter 2014 Tempe Condo Prices Up Slightly

published on 2014-08-10

Tempe condo prices showed a gain for the 2nd quarter of 2014, but we continue to trend towards a more "normal" market, with more inventory and smaller price gains.

All statistics are based on sales for condos, townhomes and lofts.

The resale activity in Tempe for the 2nd quarter declined 8.6% with 170 sold compared to 186 in 2013.  Second quarter continues to be the busy buying season for Tempe condos.

The average days-on-market rose 34.6% from an abnormally low 52 days in the 2nd quarter in 2013 to 70 days in this year's second quarter.

 

The median condo price for those condos sold during the second quarter improved 0.2%, from $132,250 in 2013 to $132,500.  We're starting to flatten out, as you can see from the chart below, and with the increased inventory, buyers will probably continue to keep price points from rising significantly.

The average price per square foot for the 170 sold condos and townhomes during the 2nd quarter improved 5.7% from $122 in 2013 to $129. 

Even though overall condo sales prices are leveling out, we're still seeing some opportunity to negotiate prices down in communities that have a temporary excess of inventory, like Villagio and Chesapeake, both good Tempe condo communities for students and those who like to be closer to downtown Tempe.

© 2014 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

 

Logo for Fair Housing ActThe Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.

Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2024-03-28 04:35:08