Surprise

More Homes Selling in Surprise

Sometimes the sales volume trend can be hard to see - the seasonality trend is obvious, but the overall trend gets hidden a little bit. But if you look at the April numbers, we can see 316 homes sold in April ‘16, then we were in the 330s in April ‘17 and April ‘18, before hitting 383 last month.

That’s approximately 20% more homes sold than 3 years ago, and more homes selling generally means more demand, which generally puts upward pressure on pricing. This is good news for Surprise.

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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.

 

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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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.

 

Last 4 Years have been good in Surprise

Buying in Surprise in 2014 would have been a good investment, as the median sales price is up almost 45% over the last 4 years. The median sales price was $260,000 in Feb ‘19, up 3% YoY from $252,500 in Feb ‘18, and 21% from $215,000 in Feb ‘17.

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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.

 

Prices march higher in Surprise

Pricing remained strong in Surprise in January, with the Median Price per Square Foot of $142.13 up 6% Year over Year from last January ($134.06) and 19.3% from 2 years ago ($118.85).

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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.

 

2018 Sales Volume by City

The chart above is sorted by sales volume. Below, I’ve taken the same chart and sorted the cities alphabetically. You can decide which one works best for you.

AZ 190111 - all cities vol by city.jpg

Phoenix is far and away the leader of the Greater Phoenix Area, with 3-10 times (or more) the number of sales as most other suburbs. Mesa is the 2nd largest suburb, followed by Scottsdale, Gilbert, Chandler, and Glendale.

You’ll notice the East Valley cities typically have more volume than their West Valley counterparts, but there are also more West Valley cities dividing up the land. Overall the sales volume in the East and West Valley is fairly similar.

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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.