The Median Sales Price in Phoenix is up 45% over the last 5 years, from $175,000 in Jan ‘14 to $255,000 in Dec ‘18.
A quick look at the chart shows an upward-sloping graph from left to right, with each year’s pricing being a little higher than the prior year’s. We can also see a dip at the end of each year, as Dec and Jan are typically the low points in the year.
There are 2 bits of concern for 2018, however:
The dip from the summer’s peak to the end-of-year low is almost $25,000 in 2018, which is a more severe decline than in previous years.
December’s median sales price of $255,000 is only a couple thousand dollars higher than January 2018’s median price of $252,000. That’s barely 1% for the year.
This is a chart we’ll have to take another look at in the spring…
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.