Home Price Trends – Last 6 Months
I visually compared the median home prices per square foot six months ago (August 2013) to the prices in January 2014 for normal sales (excludes foreclosures and short sales) of single family homes.
Hot
[table width=”600″ colwidth=”175|75|25|325″ colalign=”left|right|left”]
,,,
Buckeye,$91/SF,,Upward momentum
Gilbert,$128/SF,,Upward momentum
Litchfield Park,$110/SF,,Upward momentum
Queen Creek,$95/SF,,Upward momentum
Scottsdale,$227/SF,,Upward momentum
Sun City,$92/SF,,Upward momentum
Sun City West,$111/SF,,Upward momentum
Sun Lakes,$131/SF,,Upward momentum
Surprise,$104/SF,,Upward momentum
Youngtown,$87/SF,,Upward momentum
Goodyear,$107/SF,,Some upward momentum
Maricopa,$74/SF,,Some upward momentum
Mesa,$118/SF,,Some upward momentum
Peoria,$121/SF,,Some upward momentum
Waddell,$105/SF,,Some upward momentum
[/table]
Not
[table width=”600″ colwidth=”175|75|25|325″ colalign=”left|right|left”]
,,,
Avondale,$89/SF,,Leveling Off
Anthem,$126/SF,,Leveling off
Cave Creek,$167/SF,,Leveling off
Chandler,$134/SF,,Leveling off
El Mirage,$79/SF,,Leveling off
New River,$124/SF,,Leveling off
Paradise Valley,$330/SF,,Leveling off
Tempe,$136/SF,,Leveling off
Tolleson,$83/SF,,Leveling off
Casa Grande,$80/SF,,Leveled off
Glendale,$107/SF,,Leveled off
Phoenix,$129/SF,,Leveled off
Fountain Hills,$163/SF,,Leveled off
Rio Verde,$153/SF,,Fading
[/table]
Be aware that some markets that were flat last summer gained renewed upward momentum last fall.
Future Trends
Of course, just because home prices in a city have had upward momentum or have leveled off in recent months doesn’t mean those trends will continue.
It looks like the metro Phoenix real estate market is going through a major transition from the rapid increase in home prices as foreclosures and short sales fell, to more normal levels of home price appreciation as foreclosures and short sales return to more normal levels.
Having the brakes slammed on Phoenix home price appreciation is going to be jarring for those who didn’t see it coming.