That said, where does your home rank on this list?
There really hasn’t been too much movement on the top 5 list over the years but what is interesting is to see which towns have gained momentum or lost this past year.
For example in the Top 10 priciest cities, Carefree lost in the average price per sqft and is one of the few cities in the red on the chart at all where Rio Verde increased in value an over of over 7%. Gold Canyon also saw that impressive increase this past year which moved it into the #9 spot.
Our average in Maricopa and Pinal county is $148 a sqft right now. Paradise Valley is more than double that average by far… So it’s no surprise to see that the majority of the Million Dollar properties are concentrated there and in #2 Scottsdale in the first map below.
There’s a saying in new construction, “drive until you can qualify”, so it’s no surprise to see the homes in the outlying areas dominated as far as increase in value this past year- Coolidge, Arizona City, Florence, El Mirage, Eloy, Avondale were all in the double digits as far as increase of value goes this past year where there is a LOT of new construction being built. Very few homes are found these days in the Southeast Valley under $200,000 anymore.
One thing that has rang true all year has been the shortage of affordable housing and if a home was priced well, in the FHA sales price point and showed well, it undoubted was one of those homes you heard about that sold immediately many times with multiple offers. The map below shows luckily there is a wide variety of homes all over the Valley that fall under the FHA Max Sales price here in the Valley still.
Our “Move up” Buyers also have a nice choice of locations to live. Typically the buyers have homes to sell first, get conventional financing and can find a “nicer” homes just about anywhere in the Valley but there is a higher concentration of these homes in the Southeast valley under half a million and in Scottsdale over a half a million. Since the demand is less as less people can afford the higher price ranges, there is not as much competition for these homes and why in the first chart you did not see as high of a percentage increase in value in these cities in particular.
Lastly, below is the overall chart for all areas in the Valley with a comparison of today, versus stats last month, last quarter, last year and even two years ago. Overall inventory is down, days on market is down, sales per year are up, price per sqft is up with just a very slight weakening this past month due to the seasonality of sales in general. Still considered a “Sellers” market with these indicators with the Cromford index well above 150 pts.
For a comprehensive report on your own property or one you’re thinking about buying, please do NOT hesitate to call our office at 480-243-4242, email email@example.com, or even hop on our website and enter your info at: http://bhhsaz.findbuyers.com/rebeccarains as we have a pool of investors looking to purchase homes right now besides our regular clientele we work with.