Phoenix

Phoenix prices are historically high

Taking a look at the Median Sales Price in Phoenix since the turn of the century, there are a few things that jump off the page at me:

  • The current prices have reached all-time high levels.

  • The Boom and Bust years are clear to see, where the market was completely out of whack.

  • The trendline (appreciation rate) from the earlier years (2000 - 2004) showed the prices increasing at a slower pace than they have been recently.

  • The trendline from 2014 - current shows prices appreciating at a much faster clip - definitely faster than most peoples’ incomes have been rising over the same timeframe. Is this sustainable?

Sometimes I like taking a long-term look at the market to see how far prices have risen over the last couple decades. (But it also makes me wish I had bought a lot more property on the left-side of the timeline!)

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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.

 

Phoenix Prices rise 4% in July

The Median Sales Price in Phoenix was $284,900 in July, up 4.4% YoY from $272,550 in July 2018 and up 15% from $248,000 in July 2017.

Some might look at the deceleration (15% down to 4%) and think the Phoenix market is slowing down. Others might see 4% as a more reasonable, sustainable long-term appreciation rate. Only time will tell who is right…

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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.

 

Phoenix pricing continues trend in 2nd Qtr

The Median Sales Price for the 2nd Quarter was $277,000 in Phoenix, up slightly YoY from $269,000 in Q2 2018. But Q2 ’18 capped a strong run where prices were up 17% over 18 months from Q4 ’16. It makes sense that the market can cool off a little bit while still having an upward trend (green line).

However, it also appears that most of the price appreciation occurs between Q1 and Q2. (that 18-month run last year was the exception.) If this trend holds true, we won’t see prices increase much until next spring…

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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.

 

Phoenix Prices up 2% YoY

The Median Sales Price in Phoenix was $279,000 last month, up 1.9% from $273,808 in May ‘18. While still an upward trend year over year, it’s a far cry from last year’s 13% increase. The bear in me is seeing a slowdown unfolding in front of our eyes.

An optimist, however, would point out that prices are up 15% over the last 2 years and 18% over the last 3 years, which is appreciation at a pretty brisk clip.

Time will tell whether the current glass is half empty or half full. I’ll be keeping my eye on the trends, and hoping there’s some bourbon in the glass..!

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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.

 

Phoenix prices still trending upward

The Median Price per Square Foot in Phoenix is up 6% YoY in April, to $164.35/sqft from $153.98/sqft in April ‘18.

The positive trend can be seen:

  1. Overall - the chart is rising consistently from left to right.

  2. April vs April - the 3 darker blue bars show an increase of about $10/sqft per year.

  3. Trending - We can see each April caps a relatively flat 3-month cycle, before prices surge forward again in the summer months.

If the trend holds, we should see a jump in the May number…

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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.