October 2019

Phoenix Property Group is comprised of a team of local real estate professionals committed to selling some of the
most desired homes in the Greater Phoenix area. 
Please take advantage of the helpful tools on our website, including our exclusive 
Greater Phoenix Real Estate search, but also feel free to contact me personally at 623-777-2847.

Asking Prices up 9% Over Last Year, but are Buyers Paying It?
These Homes Have Appreciated the Most since 2000

For Buyers:
The news media is filled with short-term predictions regarding the economy and how it will, or will not, affect real estate prices.  It’s understandable for buyers to want their home to appreciate in value after they purchase, who doesn’t?  However there is far too much attention paid to short-term influences and fluctuations these days and not enough attention paid to the long view.  Real estate is a long-term investment for many people.  Despite the euphoria of 2005-2007 and the nightmare of 2008-2011, on average homes are selling 81.6% higher today than they were in the year 2000.  That’s an average appreciation rate of 4.3% per year over the course of 19 years.  Smaller homes appreciated the most over time while larger homes appreciated the least.  Homes under 1,000sf have appreciated 122% since 2000, an average of 6.4% per year.  Those between 1,000-2,000sf appreciated 106%, an average of 5.6% per year.  2,000-3,000sf appreciated 68% at 3.6% per year.  3,000-4,000sf appreciated 49% at 2.6% per year and homes over 4,000sf appreciated 11% at 0.6% per year.

For Sellers:
Average asking prices per square foot are up 9% over this time last year and they’re continuing to rise. However, not one individual price range has risen 9% or more; confusing, right? That’s because the sharp increase in the average has more to do with a growing market share of luxury active listings over $500K as inventory has plummeted everywhere else. The highest increase is within $200K-$250K, where sellers are asking 5.6% more than they were last year. That’s followed by listings over $1M where they’re asking 4.2% more and $500K-$1M at 4.0%.  All other price ranges are just 1-3% higher.  But are buyers paying?  Actually, many of them are! In the $200K-$250K range, the average sales price per square foot is still 0.8% higher than the average list price; and between $250-$300K the average sales price is 6.8% higher than the average list per square foot. Things change over $500K.  Between $500K-$1M there’s a -6.3% gap between asking price and sales price and over $1M the average sales price is -15.1% below the average asking price.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2019 Cromford Associates LLC and Tamboer Consulting LLC



14144 W Valley View Dr
Litchfield Park, AZ 85340

5 bedrooms, 3 bathrooms, 2,839 sq ft

This amazing home on just under 1/2 acre in the heart of guard gated Litchfield Greens is fully updated and truly one of a kind! As you enter this custom model home you will find soaring 12-foot ceilings, 20'' tile throughout the entire home, fully remodeled kitchen with espresso cabinets, custom slab granite counters, stainless steel appliances, gas cooking, and shutters. The bathrooms have all been updated with granite tops and new fixtures, but the master bath includes an amazing travertine walk-in shower, custom tile surrounds, and a custom closet by dream closets!! Step into the completely private large yard with remodeled pebble tec pool and spa with new spa heater, natural gas BBQ, natural fire pit, and extended covered patio.
Visit this property

Would $5,000 in repairs and clean-up significantly increase the value of your house? If so, we will pay up to $5K to get the job done AND our crew will do it for you! Just pay us back when we sell your house. How cool is that?!

  • We will show you what repairs will maximize your value.
  • We pay for the needed repairs. Pay us back after we sell your house.
  • We sell your house for maximum value.
  • You keep all the profit!

Get your free analysis today!

Fall is here and will be gone before we know it. Take advantage of all the pumpkin-flavored treats while you can! These cupcakes are perfect for your kid’s snack day or a treat for your co-workers.
Always thankful for pumpkin pie, but especially grateful for referrals. I will share my pie with you if you share your referrals! Do you have a friend interested in buying or selling? We’d love to give them a free home consultation.
Everyone deserves their dream home. 623-777-2847
Share your love of Phoenix Property Group on Facebook!
5 Star Reviews help new clients find our team.  Add yours today!