Increasing – Stagnant – Falling – Price changes are all over the board!
Home prices in the Phoenix Valley are increasing, holding steady and falling, depending on the area code and type of property. Here are some of the trends we are seeing now. You can check for yourself using data from the Cromford Report.
Homes are finally appreciating
In many areas of the Valley we have seen prices increasing. Some areas specifically include:
- Sub-$100k areas where investors are picking up distressed properties, making them livable again and either renting or selling them. Phoenix is known for great values in this type of housing and investors are coming from around the US and Canada. Their investment is helping bolster the market, especially on homes that would require renovation before any lender would provide a mortgage.
- High end condominiums, such as the Optima Camelback in Scottsdale. These properties and similar ones are appreciating with the general improvement of market conditions in the Scottsdale area.
- Far outlining areas like Maricopa that were the first to feel the pain of the housing bust. These locations were hit hardest but now are seeing some nice appreciation.
Home prices are stagnant
Many areas that were hardest hit appear to have reached bottom, we hope. Outlying towns of Surprise and Queen Creek, for example, have had stagnant pricing for the last few months. Certain well-designed neighborhoods of newer homes have in fact seen some appreciation in these areas as well.
Still looking for the bottom
Home prices in much of the Phoenix Valley are still falling. The biggest losers at the moment are high value neighborhoods that withstood much of the recession but are now feeling the pain of the rest of the Valley. In particular, Paradise Valley, Fountain Hills and Northern Scottsdale.
Track home prices by city with complimentary access to the Cromford Report hosted by Toma Partners. For more detailed information (by zip code, for example) contact us directly.