Median Price

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.

 

Scottsdale Prices are Up, sort of

The Median Sales Price in Scottsdale was $590,000 in the first quarter this year, up 7.5% compared with the same quarter last year, and 26% over the last 4 years.

That being said, Q1 2019 is the only 1st quarter in the chart where prices aren’t higher than the previous quarter; the median sales price was flat from Q4 ‘18 to Q1 ‘19. Compare that to Q1 in 2016, 2017, and 2018, which were all higher than the preceding Q4.

We won’t know for a few months whether this cycle of price appreciation is slowing down, or if this is just a blip in the pattern.

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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.

 

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.

 

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.