News > Action in Tempe Condo Sales in the First Quarter

published on 2014-04-20 by Liz Suto

Tempe condo prices for those that sold in the 1st quarter of 2014 had an increase as shown in our Median condo Price report. Here are some additional statistics for Tempe condos for sale. All statistics are based on sales for condos, townhomes and lofts.

Tempe had a definite decrease in resale activity in the 1st quarter, with 96 sold compared to 135 in 2013 during the same period. This represents a drop of nearly 28.9% over the same quarter the previous year, and is tracking our other condo markets in the valley.  Second quarter is our busiest for sales in Tempe though, so we're expecting a big bounce in sales in April, May and June.

Inventory started to increase in the last quarter of 2014 from practically nothing to a healthy amount of inventory.  That's why you'll see a big drop in Days on Market in the above chart.  Tempe condos and townhomes stayed on the market for an average of 82 days, which is 30.2% more than the 63 during the 1st quarter in 2013.

Though we've started to see some stabilization in the last 4 quarters, the first quarter comparisons showed a jump.  The median condo price increased from $115,000 during the 1st quarter in 2013, to $136,000 representing a 18.3% gain.

For the 96 sold condos and townhomes in Tempe, the average price per square foot during the 1st quarter was $131, which shows an increase from $114 in the 1st quarter of 2013.

We're seeing a jump in inventory in one of our most popular condo communities:  Villagio at Tempe.  However, sales are happening in the community so if you're interested in this community, don't expect well priced units to stay around too long.

Next quarter sales will be robust, but we're going to have a tougher comparison when comparing price changes year-over-year.  However, a more normal market helps sellers price correctly and helps buyers feel comfortable.  Nothing wrong with that for a while...

© 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

• TEMPE

 

TEMPE Condos For Sale!

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...