If you bought any Scottsdale real estate before 2005, you may be pleased to find out that the value of your home is approaching what it was when you bought it. Phoenix home prices have been continuously rising. Though they have not yet peaked, Phoenix home prices have nearly reached pre-2005 levels.
The Federal Housing Finance Agency (FHFA) has recently released figures showing that Phoenix home prices and those across Arizona have risen 5.1 percent from the first quarter of this year to the second quarter. Prices are 18 percent higher from what they were last year. When you don’t factor in inflation, you’ll find that current Phoenix home prices match those seen in the first quarter of 2004.
This is good news for anyone you purchased their Scottsdale home during that time. However, if your home was purchased in the middle of the housing bubble, it may still be a while before you break even. Those who purchased homes in Scottsdale when prices were at their peak are even worse off. Current Phoenix home prices are around 32 percent lower than they were during the second quarter of 2006, according to the FHFA.
Things are looking up, however, for anyone who has been a long time owner of Scottsdale AZ real estate. For example, homes purchased in 1998 are now worth around 62 percent more today.
Though Arizona was one of the states that were hit the hardest by the market crash, its speedy recovery is outperforming most of the nation. Home prices showed annual gains of 18.3 percent, much higher than the national rate of 7.2 percent.
Phoenix home prices will continue to climb, so if you were on the fence about purchasing Scottsdale real estate, now is the time to do it. Don’t wait until prices reach their peak. Keep up with the latest figures on our Scottsdale Market Trends page, and if you would like to schedule a private tour of any homes for sale in Scottsdale AZ, you can do so by contacting me at (602) 791-0536.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536