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Empowered by Phoenix Market Statistics in 2017

phoenix market statistics real estate 2017

What the Phoenix Market Statistics are showing in October 2017

It pays to keep oneself in check as far as reacting to a market without the most current and accurate knowledge available to help in your decision-making. I wrote another blog this morning on the 2017 Annual Appreciation Market Overview and whether the real estate market is in what we would call a bubble. From the Phoenix Market Statistics (Cromford Report, 10/16/2017) below, one can see that we are not in runaway growth… In fact, one would report it appears a little lackluster. Thus, no bubble. It’s hard when thinking back to the market of 2004-2006, as stability was a non-existent word and we were all living in the midst of a euphoric environment.

Today, we are dealing with trend lines that remind me of days gone by. Real markets and not a roller-coaster schematic of a runaway buying-and-selling frenzy where collapse is on the horizon. Nobody, trust me… NO ONE wants to revisit the housing market of 2008-2011.

phoenix market statistics 2017

Cities showing a declining trend in appreciation rate:

  • Arizona City peaked at 17.9% in May but has retreated to 12.0% now
  • Avondale peaked at 10.7% in July but has retreated to 9.2% now
  • Buckeye peaked at 9.9% in February but has retreated to 7.4% now
  • Fountain Hills was at 3.3% in January but has fallen to 0.7% now
  • Laveen has dropped from 10.4% in January to 7.4% now
  • Maricopa has declined steadily all year from 11.6% in January to 6.4% now
  • Phoenix has dropped from 7.4% in January to 5.2% now
  • Sun City West has dropped from 9.2% in January to 6.0% now
  • Tempe has dropped from 6.2% in January to 4.8% now
  • Tolleson has dropped from 11.2% in January to 7.3% now

Cities on an improving appreciation trend:

  • Anthem, relatively slow, has started to catch up, increasing from 1.6% in January to 3.9% now
  • Apache Junction has increased from 5.7% in January to 8.9% now
  • Casa Grande has increased from 6.1% in January to 9.7% now
  • Gold Canyon was at -0.7% in January and has increased dramatically to 7.1% now
  • Litchfield Park was at a low of 5.5% in May and has improved to 8.8% now
  • Mesa was at 5.8% in January and has advanced to 7.3% now
  • Paradise Valley has improved from -1.4% in January to 4.6% now
  • Peoria has increased from 5.2% in January to 7.1% now
  • Queen Creek has increased steadily from 7.0% in January to 8.2% now
  • Scottsdale has seen modest improvement from 2.7% in January to 3.6% now
  • Sun Lakes has increased from 3.7% to 5.9% now
  • Surprise has increased slowly but steadily from 6.7% in January to 7.7% now

Cities with minor change in appreciation rates:

  • Cave Creek was at 4.6% in January and is at 5.2% now
  • Chandler was at 6.2% in January and is at 5.6% now
  • El Mirage was at 13.8% in January and is at 12.8% now
  • Gilbert was at 5.3% in January and is at 5.6% now
  • Glendale was at 6.9% in January and is at 7.0% now
  • Goodyear was at 6.3% in January and is at 6.9% now
  • Sun City was at 10.1% in January and is at 9.7% now

Greater Phoenix Real Estate: A Mixed Picture

This is a pretty mixed picture with fortunes changing in many different directions. All the appreciation rates are now positive (two were negative in January), which is a good sign. However, the slowdown in our largest city of Phoenix (about 25% of the total market) means the overall trend is the slightest bit lower now.

Mackey Martin, PLC
Realty Executives