Phoenix real estate prices continue to rise - December 2009
Yes, believe it or not Phoenix real estate prices have continued on an eight month increase. The chart you are looking at below indicates the appreciation (and depreciation) rates for Phoenix real estate over the two year period from November 2007 through November 2009.
The chart assumes a baseline price per square foot in November 2007, then shows how the price per square foot has declined for Phoenix real estate until a bottom was hit in March 2009. Prices for Phoenix real estate have continued to increase over the last eight months since the bottom in March of 2009.
This Phoenix real estate chart was obtained courtesy of the Cromford Report. They are experts in the Phoenix real estate market and devote a considerable amount of time to producing accurate reports. Their reports on the Phoenix real estate market are every bit as accurate as the Case-Schiller index, but much more timely.
The data I personally keep from my own research on the Phoenix real estate market coincides with this data. My data shows that Phoenix real estate appears to have bottomed out in March 2009 at a price per square foot of $66.00 for residential resale homes. The current price per square foot for Phoenix real estate is $84.00 per square foot according to my statistics.
My statistics for Phoenix real estate are based on single-family residences, townhomes, and patio homes that are over 1,000 square feet and sell for less than one million dollars. I believe this helps to "level out" the data by removing the "extremely low" and "extremely high" prices for Phoenix real estate.
There have been pessimistic reports about a dreaded "double dip" of depreciation for Phoenix real estate. In other words, the current price of Phoenix real estate may go downwards again. The operators of the Cromford report had not found any signs the indicate that a double dip is imminent.
Surrounding Phoenix market conditions
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