Peoria

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…

-

- Chris Butterworth

-

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.

 

West Valley Prices mostly increasing

Prices are up across the West Valley when comparing July ‘19 with July ‘18, except for Litchfield Park - which surprisingly showed a $21,400 decrease in the median sales price YoY. This might be a statistical fluctuation due to the smaller sales volume - I will run a more detailed report for Litchfield Park next month when August numbers are available, and maybe again once we reach the end of the 3rd Quarter.

In the meantime, we have shown this week that prices have risen across (just about) the entire Valley compared to last year.

-

- Chris Butterworth

-

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.

 

Peoria Prices are up Year over Year

The Median Sales Price in Peoria was $316,000 in the 2nd Qtr this year, up almost 7% compared with Q2 2018 and a robust 38% over the last 5 years.

Although we have seen some signs of pricing weakness lately - mostly at the higher end of the pricing scale, the big-term picture shows pricing has held strong over the last several years.

-

- Chris Butterworth

-

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.

 

Peoria Highlights the Pricing Trends

Sometimes you need to dig deeper to see the details, and Peoria is a perfect case in point.

Last month we saw that prices have been rising in Peoria, although the trend was flattening out. (see Peoria prices are up, and flat.)

When we dig a little further and look at the various zip codes, the trend becomes even more clear:

  • The lower-priced zip code (85345) has continued to increase.

  • The medium-priced zip code (85382) is up a meager 1% YoY.

  • The highest-priced zip code (85383) is actually down a few dollars compared with last year.

  • Note - zip code 85381 was not included in this chart, as there aren’t enough sales to get an accurate representation from a single month’s median price.

This matches some of the overall trends we’ve been seeing in recent months, where some cities have continued to appreciate, while others (including the luxury market) have shown some signs of the appreciation trends weakening.

It might be time to start paying attention to these trends on a neighborhood basis, and advise your clients accordingly…

-

- Chris Butterworth

-

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.

 

Peoria prices are up, and flat

The Median Sales Price was $305,500 in Peoria last month, up from $292,000 last April (4.6%) and $240,000 since April 2015 (27%). So, comparing the recent numbers with prior years’ numbers, the trend looks pretty good.

However, where is the seasonality this year? Each of the prior years saw prices increase during the 1st and 2nd quarters, while 2019 has seen prices remain relatively flat (or even down a touch since Q4 2018.)

I’ll say again that I’m better at reviewing what has happened than predicting what’s going to happen, but this trend does not look like it’s moving in the right direction. (although there’s still time for prices to heat up with the weather..!)

-

- Chris Butterworth

-

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.