Prices Rising Steadily in Gilbert

The last couple years have been good for homeowners in Gilbert, with the Median Sales Price rising to $355,500 in August, up almost 6% YoY from $335,000 in Aug’18 and almost 14% since Aug’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.

 

Mesa Prices vary significantly by zip code

It’s one thing to say the median sales price in Mesa is $289,000 (based on YTD sales through August). It’s another thing completely to show that one zip code has a median sales price of $358,500 (85207), while another zip code’s median sales price is $240,000 (85208), more than $100,000 less.

This is a great example where a larger pool of data has less variance from point to point, but the smaller pools of data - while they may have more variance, they may also have more relevance. Knowing Mesa’s median sales price is $289,000 is a good way to compare to other cities, or to itself over time (year over year), but it doesn’t help if you’re looking at homes in 85213, for example.

This is why neighborhood comps are so important…

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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 like clockwork

The Median Sales Price per Square Foot for homes sold in Glendale was $151.69 last month, up from $145.48 in Aug’18 and $134.22 in Aug’17. The chart does seem to be leveling out a little bit, with the largest surge in prices coming from Aug’17 - Aug’18. But 4% YoY growth isn’t bad at all; it might even be more sustainable over the long term..

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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 Pricing Distribution

Looking at all the homes sold in Scottsdale so far year-to-date, the distribution by price range looks pretty close to what we would expect to see:

  • Almost 2/3 of the homes sold were between $250,000 and $750,000.

  • The Median Sales Price - the middle number of all the sales - is going to be in the $500,000 - $750,000 price range.

  • The number of sales tapers down as prices get above $750,000, and then again above $1,000,000, with a much smaller number of sales at prices above $2,500,000.

  • It’s interesting to note there have been the same number of sales < $250,000 as there have been > $5,000,000. (15 each)

Scottsdale has a reputation as a luxury market. And for good reason - there are more luxury home sales in Scottsdale than any other city in Arizona. But we sometimes forget there are “regular” home prices in Scottsdale, too; 1,266 sales so far this year have been under $500,000. Then again, maybe we need to define “regular” a little better…

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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.

 

Steady Price Growth in Tempe

The Median Price per Square Foot in Tempe was up 4% YoY last month ( $156.05/sqft compared with $150.90 in Aug ‘18), and up 29% over the last 3 years.

Generally speaking, the more modest the growth rate, the more sustainable it is over the long term. 4% in a year sounds like a good long-term rate. 29% in 3 years, however, sounds a little fast; it would have home prices doubling every 7 years or so, which doesn’t sound possible, does it?

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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.