The West Valley has seen the strongest appreciation in 2015, and it is not all concentrated at the lower end of the market. For homes listed over $500,000 the average sales price per sq. ft. over the past 3 months has been $175.07, up from $162.84 a year ago. This is an appreciation rate of 8.3%. At the same time, unit sales have grown 57% from 54 to 85. This is not a huge market but it does seem to be experiencing healthier price trends than the rest of the Phoenix area for homes over $500,000.
The sale of a $4,250,000 Glendale home certainly helped, but we saw one in Peoria for $1,900,000, one in Buckeye for $1,060,000, while Litchfield Park topped out at $947,000, Goodyear at $685,000 and Surprise at $625,000.
Even though it remains tiny at the moment, the West Valley is the fastest growing of the over $500,000 markets around Greater Phoenix. The subdivisions that crop up the most frequently are:
Sun City Grand