REAL ESTATE ACTIVITY

Phoenix Real Estate Market By The Numbers:

Metro Phoenix single family resale market had a slight upturn in October 2006, as recorded sales rose to 4,985 transactions from 4,875 sales in September, but still well below the 8,420 recorded sales of last year. So far in 2006, there have been a total of 57,375 sales, while it stood at 97,165 sales in 2005 year to date. The current level of activity is very comparable to that recorded in 2003 year to date, with 60,720 sales.

The median home price imrpoved silghtly from $256,900 in September to $257,000, but was again below last year's $259,900. The record to date was June 2006 at $267,000.

Homes Sold in 2006: (1/1 to 12/31) 15,780
Average List Price: $310,819 - Average Sold Price: $304,254 Average Days On The Market: 59
Townhomes and Condos Sold in 2006: (1/1 to 12/31) 3,357
Average List Price: $199,260 - Average Sold Price: $191,775
Average Days On The Market: 55

Homes Sold in 2005: 21,449
Average List Price: $270,269 - Average Sold Price: $268,504
Average Days On The Market: 27
Townhomes and Condos Sold in 2005: 4,278
Average List Price: $157,569 - Average Sold Price: $157,090
Average Days On The Market: 31

Phoenix Info

Phoenix is the fifth most populous city in the United States, the state capital of Arizona, and the center of the metropolitan area encompassed by Maricopa County. This metropolitan area also includes the cities of Mesa, Glendale, Tempe, Scottsdale, Chandler, Peoria, Gilbert, Goodyear, Tolleson, El Mirage and Avondale as well as all unincorporated areas of the county. It is situated 1,117 feet above sea level in the semi-arid Salt River Valley. The area is widely known for its mild, sunny winters and hot summers and receives average rainfall of 6.74 inches a year.

Phoenix was founded in 1870 as an agricultural community, and in 1881 was incorporated as a city. The City Charter under which it is presently governed was adopted in 1913 and has been amended from time to time since then. The charter allows Phoenix to determine its governmental structure and levy revenue and sales taxes.

A council-manager form of government also was adopted in 1913. Under this organizational structure, the Mayor and Council appoint a city manager to act as the chief operating officer. The City Council sets policy direction and the city manager is responsible for implementing those policies in an efficient and effective manner.

In 1982, a group of residents initiated an effort to move to a district system for electing council members. These residents were concerned that at-large elections resulted in an organization that was less responsive to neighborhoods. The initiative was passed by the voters of Phoenix, and the number of Council seats was increased from six to eight. The Mayor continued to be elected at-large.

The city has grown steadily, especially since 1950. The 1900 census recorded Phoenix population at 5,544. In 1950, the city occupied 17 square miles with a population of almost 107,000, ranking it 99th among American cities. The 2000 census recorded Phoenix population at 1,321,045. As of July 1, 2002, the city is projected to encompass 490 square miles with the current estimated population at 1,600,000+.

Major employers of the Phoenix metropolitan area include the State of Arizona, Honeywell International, Inc. (aerospace manufacturing), Motorola Inc. (electronic equipment), City of Phoenix, Banner Health Systems, Maricopa County, Wal-Mart Stores, Inc., Mesa Public Schools, American Express and America West Holdings.

Phoenix, ARIZONA

Area: 430+ square miles
Elevation: 1,117 ft.
Location: South Central Arizona on the Salt River in the heart of Sonoran Desert
Population: 1,600,000+
Latitude: 33°26'54" N
Longitude: 112°04'24" W