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Previously we reported that Realtor.com recorded a $21,400 jump in value of TMP house on Valencia in one month:
We did our own quick analysis using the “comp” method:
There is one direct comparable listing in that subdivision that just sold:
6436 W BRANHAM LN. Laveen, AZ 85339 – $223,000, $156/SF
And three closed sales since Feb 2020:
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The comps above indicate a $150-$155/SF range.
The TMP house on Valencia is 1,430 square feet (SF) so the calculated selling price based on comps is:
1,430 SF x $155/SF = $221,650
For the 13-month holding period: $197,900 purchase price versus $221,650 = +12% increase; +11% annualized.
When we started TMP we estimated 6% annual price increases in the general Phoenix market. But now we are seeing almost twice that? We attribute that to three reasons:
- The Phoenix housing market is hot: “Unprecedented demand pushes Phoenix home price gains to No. 1 in US”
- The COVID19 crisis helps Phoenix compared to other metropolitan areas that are harder hit by the pandemic.
- The Laveen area is improving due to the 202 Freeway being extended. That was one of the factors in targeting that area.
The Phoenix housing market is in a “Frenzy” as Broker Jeff Sutherlin explains: “Market Update: It’s July and its a frenzy out there!”
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