Here is a table showing the annual change in annual average price per sq. ft. for single family homes for various cities.
The cities are ranked by the most recent annual rate of change.
| City | Annual Change in Annual Average $/SF May 2015 | Annual Change in Annual Average $/SF May 2016 | Annual Change in Annual Average $/SF May 2017 | Current Trend in Appreciation Rate |
|---|---|---|---|---|
| Arizona City | 6.9% | 8.2% | 17.2% | strengthening |
| El Mirage | 7.3% | 10.1% | 13.9% | flat |
| Avondale | 5.8% | 8.4% | 10.0% | strengthening |
| Laveen | 6.0% | 8.6% | 9.6% | weakening |
| Maricopa | 5.5% | 6.9% | 9.5% | weakening |
| Tolleson | 10.9% | 5.8% | 9.2% | weakening |
| Buckeye | 5.5% | 8.3% | 8.8% | weakening |
| Apache Junction | 10.4% | 6.4% | 8.1% | strengthening |
| Sun City | 4.7% | 10.9% | 7.9% | weakening |
| Sun City West | 4.5% | 6.6% | 7.9% | weakening |
| Casa Grande | 8.3% | 1.1% | 7.8% | weakening |
| Goodyear | 5.6% | 4.5% | 7.5% | strengthening |
| Mesa | 4.2% | 6.2% | 7.0% | strengthening |
| Surprise | 4.9% | 5.9% | 6.9% | flat |
| Queen Creek | 5.7% | 6.8% | 6.7% | flat |
| Peoria | 3.5% | 5.6% | 6.4% | strengthening |
| Glendale | 5.8% | 9.1% | 6.1% | weakening |
| Phoenix | 6.8% | 7.8% | 5.9% | weakening |
| Gilbert | 2.3% | 4.7% | 5.5% | flat |
| Litchfield Park | 6.5% | 4.8% | 5.3% | weakening |
| Paradise Valley | 3.6% | -1.5% | 5.2% | strengthening |
| Chandler | 2.8% | 5.6% | 5.0% | weakening |
| Cave Creek | 3.5% | 1.5% | 4.7% | flat |
| Tempe | 4.7% | 8.2% | 4.2% | weakening |
| Gold Canyon | 12.8% | -4.1% | 3.6% | strengthening |
| Sun Lakes | 4.2% | 3.1% | 3.6% | flat |
| Scottsdale | 3.6% | 1.2% | 2.9% | strengthening |
| Anthem | 1.8% | 5.5% | 2.3% | strengthening |
| Fountain Hills | 2.3% | 2.0% | 0.4% | weakening |
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Always quick to point out the fairly obvious inverse relationship between average price (not shown above) and appreciation. For example, Arizona city (in Pinal County) has an monthly average price of $118K, while Fountain Hills is $502K.
Another takeaway is how you have to make the distinction between locations to have an sense of accuracy when talking about market sectors. The average annual change in Av $/SF of the 29 cities is 5.46%. This is consistent with the average long term appreciation in the Valley of about 5% per year. But look how different it is from city to city. This would be true down to the subdivision level.
I keep bringing up this point because the media reports and general laymen thinking tends to use the broad brush. Where we bring value is parsing those distinctions, or as I'm fond of saying: Mastery is the art of creating distinctions. This is one of the key ways we bring value as Realtors®.
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