May 23 2016 Market Update

May 23 2016 Market Update

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I recommend the appreciation chart for major cities based on the annual average sales price per square foot. It is a trailing indicator but gives us a very good impression of how prices have been behaving over the past 24 months. At the moment we see the following ranking for the largest 17 cities:

  1. Glendale +9.1%

  2. Avondale +8.4%

  3. Tempe +8.2%

  4. Buckeye +8.2%

  5. Phoenix +7.7%

  6. Maricopa +6.9%

  7. Queen Creek +6.9%

  8. Mesa +6.3%

  9. Surprise +5.9%

  10. Chandler +5.6%

  11. Peoria +5.5%

  12. Gilbert +4.6%

  13. Goodyear +4.5%

  14. Fountain Hills +2.1%

  15. Cave Creek +1.5%

  16. Scottsdale +1.2%

  17. Paradise Valley -1.4%

Fountain Hills and Cave Creek have both improved over the last few weeks but were weak before that. Paradise Valley peaked at +9.3% last August but has seen a worsening trend since then. Scottsdale has been very steady at 1% to 2%, but this hides higher appreciation in the south and negative appreciation in the north. Everywhere else is showing strong and steady gains in pricing, particularly the central areas and inner west valley.

Dave Zajdzinski Headshot
Phone: 480-332-6468
Dated: May 23rd 2016
Views: 259
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