Number of Luxury Sales Down in 1st Qtr

This chart is interesting on a number of fronts:

  • Million-dollar home sales were down in the first quarter compared with Q1 2018. This is not a good sign for the luxury market, especially since we are looking at quarterly figures - which usually show less variance than monthly numbers, so this is less likely to just be a “blip.”

  • A couple months ago I showed a chart (stepping up to luxury) that compared annual numbers, and 2018 had the highest luxury volume ever, followed closely by 2005 and then 2006. Yet when comparing sales in the 1st quarter, 2006 was the highest (by 10%), followed by 2007, 2018, and 2019, before finally getting to 2005. This shows how much things can change in the 9 months following any given quarter. (ie: we all know how 2005-2006 bubble ended…)

  • 2 major factors can affect the number of luxury sales: 1) The number of high net worth people wanting to buy homes in Maricopa County, and 2) The pricing movement of the existing homes for sale. If homes are trending from $975,000 towards $1,025,000, then we’ll have more luxury sales. The reverse is also true.

We’ll check back on the luxury market in a couple months to see if this trend continues.

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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.

 

1st Quarter prices higher in Peoria

The Median Price per Square Foot was $152.19 in Peoria last quarter, up 5.6% YoY compared with $144.36 in Q1 2018, and up 35.7% since Q1 2014.

It’s also nice to see consistent, steady increases rather than large jumps upward - which are often not sustainable. 2017 was the only year with double-digit appreciation; all other years show a modest increase over the previous 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.

 

Phoenix Prices Recover in Q1

The Phoenix chart clearly shows long-term price appreciation, but when I looked at this trend in January I pointed out a concern about how much prices had fallen in the 2nd half of 2018 (more than the prior years), and that prices at the end of the year were barely higher than the beginning of the year. (Revisit that post here.)

Well, prices have rebounded nicely since then, and we’re just now getting into the spring price-appreciation season. Hopefully the 2nd half of last year was just a blip in the trend.

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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.

 

Tempe prices up 9% in 1st Quarter

The chart shows Tempe’s price per square foot has risen consistently over the last few years, with most of the growth coming in the 1st and 2nd quarters, while the 3rd and 4th quarters tend to level out. 1st Quarter 2019 had a median $184.50 / sqft, 8.9% higher than last year’s median $169.62.

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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.

 

Southwest Valley Shows Strong 1st Qtr

The Median Sales Price increased across the Southwest Valley in the first quarter this year, compared to the same quarter in 2018. Tolleson had the largest percentage increase (13.1%), followed by Buckeye (10.1%) and El Mirage (9.7%). Litchfield Park remained the highest priced city in the area, with a median sales price of $337,500 in Q1 2019.

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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.