[Source: J. Craig Anderson, Arizona Republic] — When will the housing market hit bottom, and how long will it take to get there? The answer is clear: It depends on where you live. The Valley’s housing slump is really a collection of highly localized downturns, each following its own timeline and trajectory, according to analysis of 2008 Valley Home Values data compiled by the Information Market for The Arizona Republic.
While the market pressures bearing down on home values are universal, the impact of those forces is determined in part by variables such as a neighborhood’s size, age, demographic makeup and location, location, location. A closer look at three ZIP codes in Phoenix illustrates some of the different ways neighborhoods across the Valley are being affected, but no two communities are exactly alike.
- In the F.Q. Story Neighborhood Historic District north of downtown, ZIP code 85007, the data show a slight increase in the median sales price from 2007 to 2008, although real-estate analysts said too few homes sold for a reliable statistic.
- The median sale price in ZIP code 85050, a portion of Desert Ridge north of Loop 101, declined 13 percent in 2008 — a sign prices have begun to level off since the 21 percent decline the previous year.
- ZIP code 85033, in the Maryvale neighborhood of west Phoenix, experienced a one-year median drop of 53 percent in 2008, greater than any other area in metro Phoenix after a decline of just 1 percent the previous year.
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