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