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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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.