Queen Creek Home Values, Too Low?
May 11th, 2009
Categories:Real Estate News
According to the Cromford report, their data shows Queen Creek homes are selling way below 2004 (as well as 2003 and 2002) prices, in terms of price per square foot. The image below shows the data as it is represented by Cromford.
Side Note: Queen Creek saw a good deal of growth and expansion during the housing boom. As a result, data gathered on the housing market pre-real estate boom might be somewhat unreliable because the homes being sold are probably very different from what was being sold in 2002 and earlier. Queen Creek home builders also sold a good number of their homes to investors, which may have resulted in over inflated housing purchase prices during the boom. As a result a significantly lower sales prices today due to the massive number of bank owned homes dumped into the market by investors.
A Break Down Line by Line:
- Blue (2004) – Notice the uptick in prices from October to December, it appears Queen Creek’s market picked up later than the other East Valley cities.
- Green (2005) – From January to November the prices skyrocketed
- Red (2006) – The was somewhat stable at first and then it took a dramatic drop in prices before doing a interesting correction towards the end of the year
- Purple (2007) – The first 6 months were fairly stable, before home values began dropping quickly
- Olive (2008) – Most cities saw their most dramatic drop in prices during this year, Queen Creek saw the biggest drop in the first three months then slowly dropped through the rest of the year
- Orange (2009) – The first two months of this year showed another drop in prices, however the last three months show a very stable market in terms of price/sqft. Prices are still 40% below the home prices in 2002, 2003 and 2004. It would almost appear Queen Creek has seen an over correction.
Homes are Selling 40% Below the 2004 Sales
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