Understanding Peak Value %
Good morning and happy Friday!
I'm not sure if the alignment of the earth is off or what?!! but holy hell it's cold out?! haha! just a week ago Chas and I were thinking how unseasonably warm it was and Spring, whether or not we like it, was here! Fast forward to this week... ?! man! It is a nice adjustment before the brutal heat shows up... all good though! :)
I came across some interesting info this past week...
The graph here shows flow of the "Peak Value".. meaning homes sold the most for the dollar during this time, which is June of 2006. If you bought in 2006, you likely paid top dollar, whereas in 2010, you bought at the lowest point. The defined bottom is Jan of 2010.
This information is in the eyes of the entire PHX market... but did you know that much of this is connected to your zip code and differs from zip to zip even in the same city? When people talk about how's the market?.. Obviously it's better than before, but I always like to ask what part of town are you thinking? For example, here are some popular cities in the Metro PHX area and their value related to the peak.. Annual Sales $/Square Feet:
Therefore, if you sold or bought a house in Surprise today, you could have sold it for almost 13% more back in 2006. It gets more interesting as you look deeper... Peoria~
So when you considering how you're market is doing, it's really relative to your specific area and knowing this kind of information will prepare you for what you're selling for or what you're buying into.
For piece of mind though... although PHX market values are going up, and some may feel rapidly, however, we're still below the national average in increase of value. Of all the places in the country though, I believe the PHX market is going to be a growing place and we stand to be in a great place to own a home. :) If you have any questions about your specific zip code, just let me know and I'll send you one of the attached for further enlightenment. :)
To the part that makes Friday awesome!
Chas and I hope you have a fantastic and grateful Friday! :) If you or someone you needs some help or extra market wisdom, please reach out we're happy to help.
Have a wonderful day!