Year Over Year Appreciation

 

This table ranks the cities by their annual average sales price per square foot. Only single-family detached homes are included in these numbers. Information for the 12 major and 17 secondary cities is current as of the date shown. Data for the 14 small cities is updated on a monthly basis and is measured on the 13th of each month.

The primary function of this table is to show the least and most affordable areas in the Phoenix metropolitan area together with longer-term pricing trends.

Annual averages are based on a relatively large number of sales. Therefore they are not as subject to rapid change as monthly averages. The downside is that they do not necessarily represent the current market very accurately, since they include sales from up to a year ago. Pricing may have moved a great deal since then.

Note that Higley has been included in Gilbert and Ahwatukee included in Phoenix. Desert Hills is still counted separately though it is increasingly being incorporated into Phoenix.

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The Cromford table above is simply a good perspective and reference. It can help reinforce the reality that city markets and really all submarket sectors can vary substantially.

Also, you might expect there'd be a correlation between price range and appreciation. However, presently not so much. And we see some surprises. For example, Rio Verde is the 5th most expensive (by average price per square foot) with among the highest year-over-year appreciation. Interesting.

One practical use for this chart is understanding broad-brush appreciation figures are just that, not reflecting the relative strength or supply/demand characteristics of submarket locations and price points.

Yet another good argument for specialization.