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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Tempe Center for the Arts

Homes for sale in Tempe AZ built in the 50's - 60's

There are a lot of new homes in the greater Phoenix metropolitan area. Face it, Phoenix has not been around as long as many of the east coast cities. I can go six months showing homes at not see a home that was built before 2000. This statement would not be true in many cities from across the United States.  So, if you live on the east coast and are reading this blog just bear with me.

Lately I've been showing lots of homes to clients who want to live in Tempe, Arizona.  I came up with an idea to write about the "Top 10 signs you're in a house that was built in the 50's - 60's."  Here we go:

10. The electrical power reaches your home from a cable dangling over your head.
 9. The trash is picked up in an alley from behind your house.
 8. The water heater is outside.
 7. The power box is 18 inches square.
 6. Armstrong linoleum tile matches your pink toilet.
 5. All of the interior cabinetry is quarter inch stained plywood.
 4. The windows crank open.
 3. The gas heater is in the hallway closet.
 2. The doorbell is a Nutone chime.
 1. The stove does nothing but get hot.

That's not to say all Homes for sale in Tempe AZ are over 50 years old. There are many homes south of Elliot road that were built in the 1990's.

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Arizona Relocation

Tempe has 13th highest foreclosure sales among major Metro Phoenix cities for the month of November 2009. This chart is very updated and only reflects the sales from November 1st-13th, 2009.

In other words, this chart shows the number of bank owned properties sold in each city expressed as a percentage of TOTAL sales.

Leading the way in November is El Mirage with 51% of all sales being bank foreclosures. Just ahead of Tempe is the city of Surprise with 35% of sales being foreclosures.

Tempe and Queen Creek are tied for 13th position with 33% of all November sales being bank foreclosures. The lowest cities in Sun City West at 10% followed by Paradise Valley at 16%.

Metro Phoenix Foreclosure Report