Steady Price Growth in Tempe

The Median Price per Square Foot in Tempe was up 4% YoY last month ( $156.05/sqft compared with $150.90 in Aug ‘18), and up 29% over the last 3 years.

Generally speaking, the more modest the growth rate, the more sustainable it is over the long term. 4% in a year sounds like a good long-term rate. 29% in 3 years, however, sounds a little fast; it would have home prices doubling every 7 years or so, which doesn’t sound possible, does it?

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Size Matters in Peoria

Earlier in the summer we looked at Peoria, and how different the pricing was for each of the zip codes (Peoria Highlights the Pricing Trend). The chart showed how homes in 85383 in North Peoria were much more expensive than homes in 85381 in South Peoria, while homes in 85382 (in the middle) were priced in the middle.

Based on that information, I was surprised to see how closely the $/sqft numbers are bunched together. Yes, 85381 is usually the lowest priced, but not always. And the other two seem to flip-flop every other month. But by and large, all 3 zip codes’ pricing tends to stay within about $10/sqft of each other.

This means the primary driver for the differing prices between the zip codes must be the size of the houses: the south end of the city has smaller (and older) homes, while the north end of the city has more large (and newer) homes.

I wonder if this pricing idiosyncrasy appears in other parts of the Valley? I’ll look into it in the coming months…

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Chandler Homes continue to sell quickly

The obvious seasonality not withstanding (when homes take longer to sell every year), homes have continued to sell quickly in Chandler, where the Median Days on Market has hovered in the mid-30s for most of the last couple of years.

Chandler is a pretty good place to be a seller. Clean ‘em, stage ‘em, and watch ‘em fly off the shelves!

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Fountain Hills Pricing is down and up

The Median Sales Price in Fountain Hills was $487,500 in August, down slightly YoY from $503,500 in Aug ‘18, but still higher than the $434,500 median price in Aug ‘17. The trend, however, is clearly upwards since the market’s bottom in 2010, with a few ups and downs along the way.

A couple interesting thoughts about this chart:

  • Fountain Hills does not have as much sales volume as some of the other cities, which leads to more volatility from month to month. This is why it’s a good idea to look at larger time bands (such as quarterly numbers) or longer time horizons (such as the trend since 2010.)

  • Fountain Hills is one of the few cities in the Valley which has not yet fully recovered back to the pricing levels from 2005 - 2006. Those who bought homes here in the peak might still be selling at a loss today. Patience, Fountain Hills. Patience.

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Pricing Trend holds in Maricopa County

The Median Sales Price in Maricopa County is up 5% YoY: $308,000 in August vs $292,000 in August ‘18. A closer look at the chart, however, shows most of the price appreciation occurs in the spring; prices rise from Feb - May, and then stay relatively flat the remainder of the year.

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- Chris Butterworth

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.