Median Price

Phoenix pricing continues trend in 2nd Qtr

The Median Sales Price for the 2nd Quarter was $277,000 in Phoenix, up slightly YoY from $269,000 in Q2 2018. But Q2 ’18 capped a strong run where prices were up 17% over 18 months from Q4 ’16. It makes sense that the market can cool off a little bit while still having an upward trend (green line).

However, it also appears that most of the price appreciation occurs between Q1 and Q2. (that 18-month run last year was the exception.) If this trend holds true, we won’t see prices increase much until next spring…

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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.

 

Glendale prices rise in 2nd Qtr

Glendale’s Median Sales price grew 4% in the 2nd Qtr, compared YoY with Q2 2018. The median sales price of $260,400 shows a 32% growth over the last 4 years, since the $197,000 median price posted in Q2 2015.

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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.

 

Chandler shows strong growth in 2nd Qtr

The Median Sales Price in Chandler was $349,900 in the 2nd Quarter, up 6% YoY from Q2 2018 and up 23% over the last 3 years.

This price growth was good to see after the softness and potential concern we saw in the first quarter.

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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 Turn Down in June

I’ve been watching softness develop in the higher-priced homes over the last couple of months, but this is the first chart which has shown it so bluntly.

The Median Sales Price in Scottsdale was $591,000 last month, down 2% from $604,250 in June ’18. (although we’re still up 4.6% from $565,000 in June ‘17.)

I’ve written before about the fluctuations in month-to-month comparisons, which is why I try to look at longer-term trends. Unfortunately, the longer-term trend looks worse than the monthly year-over-year comparison:

  • In 2017, June was the highest price month of the year, capping a 5.4% spike in pricing from April to June.

  • In 2018, June was the 2nd highest price month of the year, and the spring saw a 5% surge from April to June.

  • In 2019, prices have declined 5.4% from April through June.

We’ve seen pricing “blips” before, so I’m not ready to run for the hills in panic mode. That being said, most of the time the blips are single months, and they don’t go against seasonal trends. It’s definitely time to be careful out there…

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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.

 

Median Price of Luxury Homes Remains Flat

This is a very deceiving chart. We know that prices have risen over the last 3 years, and we know that the luxury market has grown during that time as well. So why hasn’t the median price increased?

It’s because of these two reasons that the median price hasn’t changed.

Rising Prices: Yes, a 20% increase means that $2,000,000 house is now worth $2,400,000. And that $1,500,000 home would be priced at $1,800,000. And of course, the $1,000,000 home increases to $1,200,000.

Growing Market: This 20% appreciation also means the $900,000 home is now worth $1,080,000, and the $835,000 home is worth $1,002,000 today. These “lower priced” luxury homes weren’t part of the million-dollar market in prior years.

Since the Median Sales Price is the middle price, and there are homes priced at $1,000,000 each year that weren’t there the year before, the lower part of the pricing scale keeps replenishing. The fact that the higher-priced homes are reaching ever higher prices doesn’t seem to matter.

Even though the high end keeps getting higher, and there’s a big difference between a million-dollar home and a three-million-dollar home, the Median Sales Price for all homes sold above $1,000,000 has remained relatively flat over the years.

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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.