East Valley

Chandler Prices turn down in 1st Quarter

The 1st Quarter’s Median Sales Price in Chandler was $321,450, which was far below what the trend would have had us predict. I see two different distinct trends which were broken this quarter:

  1. Q1 Year over Year (Orange arrows): Q1 has been consistently higher YoY when compared with the prior year’s Q1 over the last several years. This year, however, the change was a meager 1% increase - almost flat when compared with Q1 2018.

  2. Q1 vs prior Q4 (Yellow arrows): Q1 has risen sharply compared with the Q4 immediately preceding it, in each of the last several years. This year, however, Q1 2019 was almost 4% lower than Q4 2018.

We have seen a few charts this month pointing towards some price stagnation in Q1. What we don’t know yet is whether Q1 was a statistical blip in an otherwise upward trend, or if prices have reached a point where incomes can no longer keep up with the rising mortgage payments, and buyers aren’t able (or willing) to pay the higher prices. (ie: is the market slowing down?)

Only time will tell, but you can bet I’ll be watching closely…

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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.

 

Mesa Prices Up 6% in 1st Quarter

This is a great chart showing the Median Sales Price in Mesa, by quarter, over the last few years. Notice we basically have 3 flat lines, with each one being a little bit higher on the chart than the last one. This shows that each year, prices tend to move higher in the 2nd Quarter and then remain basically flat for the next 3 quarters.

The median sales price was $273,500 in Q1, up 6% from $258,000 in Q1 2018 and over 26% from $216,000 in Q1 2016.

We should be starting to see prices increase this month, if things hold to trend again this year. Feel free to drop me an email if you want to share anecdotal information - otherwise I’ll have to wait to see what the data shows over the next couple of months.

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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.

 

Gilbert turns in another strong quarter

The Median Sales price in Gilbert was $331,000 in the first quarter this year, up 5% YoY from last year’s $315,000 and 32% over the last 5 years. And much like the rest of Maricopa County, the largest increase each year seems to come during Q2, so we’ll have to keep our eyes open to see if the current quarter keeps pace.

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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.

 

Mesa Prices Trending Up

Mesa’s Median Sales Price was $275,000 last month, which equaled the median price reached last summer and is up 5% YoY compared with last February’s $261,000.

The trend has been gently sloping upward over the last 4 years, without many of the large spikes and dips found in other cities. This might be due to Mesa’s size; as the 2nd largest city by volume, there are more sales each month, which helps avoid some of the month-by-month deviations seen in smaller cities.

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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.