Valley’s home price gains lag in Sun Cities - Your West Valley News: Suncity

Valley’s home price gains lag in Sun Cities

Print
Font Size:
Default font size
Larger font size

Posted: Saturday, November 3, 2012 12:15 pm

The Sun Cities, like other active adult communities in the Valley, are experiencing relatively modest annual gains in housing prices, a new survey reveals.

“Most areas are showing double-digit percentage increases, but those with a preponderance of more-expensive homes or those with large active adult communities are showing relatively modest annual gains in average price per square foot,” according to the report from the W.P. Carey School of Business at Arizona State University.

For example, the price per square foot in Sun City is up 10 percent from September 2011 to September 2012. The increase in Sun City West was 1 percent and Sun Lakes, a retirement community in the southern part of Maricopa County, saw a 3 percent rise in square-foot prices. Similarly, prices in Scottsdale, Fountain Hills and Paradise Valley were up 9, 13 and 11 percent, respectively, the study shows.

Compare that with other West Valley communities: Prices in Youngtown and El Mirage were up 45 percent and 42 percent, respectively.

“The largest increases are seen in areas which last year had a strong supply of foreclosed homes but are now attracting a lot of investors,” the report stated.

Valleywide home prices stabilized from August to September, according to the report.

• The median single-family home price stayed at $150,000 from August to September, but prices are expected to start rising again this fall.

• The overall supply of houses for sale in the market is finally going up — already 24 percent over just the past three months.

• Big investors are showing less interest in the market, as the bargains here become tougher to find and some other cities’ housing markets become more attractive.

“Prices are firming here as we enter the season when Snowbirds return to the Valley,” said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. “Now that cooler weather has returned and the normal summer lull is over, prices are resuming their advance with greater speed, though on weaker sales volumes.”

In addition, new single-family home sales rose more modestly in September than in earlier months. In the West Valley, 55 new homes were sold in Peoria, 38 in Surprise and 28 in Glendale.

As for those who worry about another bursting housing bubble, Orr said: “This market is relatively well behaved. Investors are risking their own money, rather than borrowed funds, so risk is being more carefully managed than in the previous boom. Also, ordinary homebuyers drawn into the market now are less likely to regret their actions than those who did so in 2005 and 2006.”

  • Discuss

Welcome to the discussion.

Wild Horse West

Tell Us What You Think!

Loading…

Who is Funding Hillary Clinton? Here's The List

If you want to know what kind of president someone will be, pull back the curtain and look at who’s funding them. As we do that with Hillary C…

Published: July 30, 2016 - 9:54 pm @ http://www.thefederalistpapers.org/us/who-is-fundi…

Phoenix police: Man injured in shooting; may be connected to other case

PHOENIX - Police say two incidents involving firearms may be connected. Officers responded to a neighborhood near 35th Avenue and Broadway aro…

Published: July 30, 2016 - 9:00 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

The Next President Will Likely Appoint 4 Supreme Court Justices

Which President Do You Want Picking Them? This election is all about the Supreme Court that will shape our lives for the next 30 years.AlterNe…

Published: July 30, 2016 - 8:54 pm @ http://portside.org/2016-07-30/next-president-will…

This one book will help you better understand solar energy

On the jacket of the book by Philip Warburg, “Harness The Sun: America’s Quest For A Solar-Powered Future,” Rep. Henry Waxman’s description na…

Published: July 30, 2016 - 8:52 pm @ http://www.sgvtribune.com/environment-and-nature/2…

Now Available On iBooks: “Harry Potter and the Cursed Child Parts I & II”

Yes, fans of all things Hogwarts will be mightily excited to hear that today officially marks the release of the eighth book in the award-winn…

Published: July 30, 2016 - 8:52 pm @ http://razorianfly.com/2016/07/31/now-available-on…

Houston Chronicle Editorial Board Issues Early Endorsement of Hillary Clinton

For only the second time in several decades and atypically early in an election year, the major regional newspaper Houston Chronicle issued an…

Published: July 30, 2016 - 7:53 pm @ http://www.snopes.com/2016/07/30/houston-chronicle…

Dalvin Hollins update: Slain Tempe robbery suspect's mom wants probe

TEMPE, AZ - The mother of a robbery suspect wants an outside investigation into the confrontation with Tempe police that led to his shooting d…

Published: July 30, 2016 - 7:50 pm @ http://www.abc15.com/news/region-southeast-valley/…

AZ Trump fundraising spikes, still behind Clinton

By Sophia Kunthara | Cronkite News WASHINGTON – Republican presidential nominee Donald Trump raised three times as much money from Arizona con…

Published: July 30, 2016 - 6:59 pm @ http://cronkitenews.azpbs.org/2016/07/27/trump-fun…

Celebrity chef Restaurants in Phoenix / Scottsdale

4.8Food 4.5Decor 4.5Service 4.8Food 4.6Decor 4.6Service 4.8Food 3.7Decor Service 4.8Food 4.5Decor 4.8Service 4.7Food Decor 4.4Service 4.7Food …

Published: July 30, 2016 - 5:58 pm @ https://www.zagat.com/c/phoenix-scottsdale-z/celeb…

The Red Cross takes action to give Buckeye residents a place to cool down following power outages

BUCKEYE, AZ - People in Buckeye have been waiting all day Saturday for their air conditioning, and other appliances, to kick back on after Fri…

Published: July 30, 2016 - 5:52 pm @ http://www.abc15.com/news/region-west-valley/bucke…

Facebook

YourWestValley.com on Facebook

Twitter

YourWestValley.com on Twitter

RSS

Subscribe to YourWestValley.com via RSS

RSS Feeds