Phoenix is the fifth largest and one of the most populated cities of America, so Phoenix real estate is very critical for the state as well as the nation. In August 2009, about 1,736 single family detached homes had been sold for the 2009 year. This is an increase from the last year when there were 1,103 homes sold in the same category. However, the average price paid for these homes for sale in Phoenix was $ 135,656, which is much lower than the average price of $ 207,662 paid last year. The median price paid in August 2008 for a single family detached home was $ 165,000, and in August 2009 the median price paid had dropped to $ 90,000.
As of August 2009, the average time a house was on the market for 2009 was 62 days. When compared to the same time period last year, the average time on the market has decreased from last year's average of 83 days. Even now, the availability of the homes on sale is much lower than last year. The positive aspect about Phoenix real estate is that there has been consistent activity taking place through out the year.
The statistics for Phoenix, Arizona homes for sale with a listing price below or equal to the limit of Federal Home Allowance receive consistent activity. However, the luxury houses and condominiums above this limit have stalled out on the market. The conventional limit for home loans is $ 417,000. The properties costlier than this stay on the market for longer periods of time. This is because there are specific buyers for such houses. These houses do not cater to the average buyer, especially in the given market conditions.
The median price of Phoenix homes on sale for the month of September 2009 is $ 330,000. However, in the last quarter, the average median price paid was $ 342,000. In this quarter, property above this price is not doing well. There have been many foreclosed homes. Most of these foreclosed properties are in deplorable state. As a potential homebuyer, you can consider these foreclosed properties in Phoenix to purchase for best suit your needs.