Like many warm weather communities that boomed during the 1980s, Tempe, Arizona has a large stock of older homes, but even so, they are selling well compared to new housing due to the town's evergreen popularity with ASU students and retirees, say local Realtors.
"Tempe is dominated by ASU," say Realtors Wally and Patricia Neal. "South of the Superstition Freeway, the ASU influence is less severe, but, even here, a large percentage of the residences are devoted to student rental housing. As such, market conditions are influenced more by factors emanating from the school (such as increases in tuition, fluctuation in enrollment, etc) and investment factors, than by normal housing issues.
They suggest, "Structure age is an issue for most of Tempe. Except for very limited, but nice redevelopment in the Northwest along the river, even the newest homes here were built in the early 1980's. Construction materials, architectural styles, homes sizes, etc, are typical of this era. Short commute distances and times to/from downtown Phoenix (the major commute flow pattern throughout the entire metro area) is a positive factor for Tempe properties."
Says Realtor Jeanne Bryson, "Tempe offers a quality of life unparalleled to any place in the country. Arizona's sixth largest city, with over 165,000 residents, Tempe has successfully blended the dynamics of a high-tech business center, the fun and excitement of a resort community, the warmth and comfort of a residential neighborhood and the small town atmosphere of a college community. Centrally located to downtown Phoenix, Sky Harbor Airport, the 101 freeway, 202 and US60, Tempe's strategic location makes it popular for businesses and residents. More than 750 high-tech & manufacturing firms reside in Tempe, including Motorola, AlliedSignal and Medtronic Micro-Rel employing more than 6,000 people. Tempe's educational environment includes ASU with over 50,000 students. Downtown Tempe is a cultural center in its own right, with a wide variety of restaurants, shopping, movie theatres, hotels, corporate offices and condominium developments. The Spring and Fall Festival of the Arts drew over 250,000 visitors this year. Tempe is also the sports capital of Arizona -- home to the Arizona State University Sun Devils and NFL's Arizona Cardinals as well as the setting for the Fiesta Bowl."
About the market, Bryson says, "Sales continue strong in the Tempe area, with an average sales price of $183,709. Last month ( April 2004), there were 294 homes sold -- with an average market time of 53 days. Sellers are getting 108.81 percent of their listed price! Buyers have a wide variety of homes to choose from in Tempe: older homes in established neighborhoods may be more affordable, custom homes on acre+ lots and trendy loft-type condominiums are available in the Mill Avenue area, as well as starter homes in the FHA price range ($165,126.)"
Agrees Realtor Pat Hill, "Tempe home sales continue to rise. In April 2004, the average home price was about $183,533 which was up from March 2004 of about $180,000! The most active area for home sales was in the area close to South Mountain with 194 homes sold. Seller were getting 98.47 percent of their asking price. With cultural advantages of the university such as theatre, educational classes, sports and a great downtown area of restaurants and shopping, Tempe is a terrific college town atmosphere."
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Published: May 12, 2004
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