Surprise

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.

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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.

 

2nd Quarter shows strength in Surprise

After a relatively anemic first quarter (see Surprise pricing pauses upward trend), prices shot higher again in the 2nd quarter, with the median sales price in Surprise reaching $267,000 in Q2 ‘19.

Comparing the 2nd Quarter YoY against the same time period in prior years, the median sales price has increased approximately $12,000, $20,000, and $17,000 in the last three years.. Not too shabby.

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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.

 

More Homes Selling in Surprise

Sometimes the sales volume trend can be hard to see - the seasonality trend is obvious, but the overall trend gets hidden a little bit. But if you look at the April numbers, we can see 316 homes sold in April ‘16, then we were in the 330s in April ‘17 and April ‘18, before hitting 383 last month.

That’s approximately 20% more homes sold than 3 years ago, and more homes selling generally means more demand, which generally puts upward pressure on pricing. This is good news for Surprise.

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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.

 

Surprise pricing pauses upward trend

The median sales price in Surprise was $260,000 in Q1 2019, which was up 6% YoY from Q1 2018 and up over 25% over the last 3 years. However, the median sales price was flat from the prior quarter (Q4 2018); the first time that has happened over the last 3 years. (Q1 2017 was only $1,000 higher than Q4 2016, but it was higher nonetheless.)

This chart is similar to Scottsdale and Chandler from last week, where the price appreciation trend appears to have lost some steam in the 1st Quarter.

I wouldn’t be buying investment property on spec right now, but I’m not running for the exits either - at least not yet. Let’s see what happens over 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.

 

Last 4 Years have been good in Surprise

Buying in Surprise in 2014 would have been a good investment, as the median sales price is up almost 45% over the last 4 years. The median sales price was $260,000 in Feb ‘19, up 3% YoY from $252,500 in Feb ‘18, and 21% from $215,000 in Feb ‘17.

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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.