Monday, July 12, 2010

West Valley cities continue to grow

The Glendale-Peoria Today reports in their July 9th edition a “growth sputter”, with growth in the west valley down to “more manageable” rates for all cities.

The pace of growth has slowed to a crawl, but I was actually surprised to see any growth at all.  Here is a chart showing the growth by city for the year ending July 2009:

City Population 7/1/09 Growth
Avondale 89,914 2.3% 135.6%
Buckeye 51,462 8.7 449.3
El Mirage 24,739 0.2 225.1
Glendale 252,188 0.6 14.8
Goodyear 66,308 6.7 252.3
Litchfield Park 5,162 0.9 35.5
Peoria 162,740 2.9 49.6
Phoenix 1,601,587 1.5 21.1
Surprise 94,899 2.4 206.4
Tolleson 7,302 1.7 46.8
Wickenburg 6,637 0.3 9.4
Youngtown 4,895 0.2 62.6


Notes & Thoughts…

I wonder if any (or how many) cities will show a negative number for the year 2009-2010..?

High growth during the 2000’s indicates a likelihood of a higher number of homes which have negative equity today.  Some of this has already been seen by a higher percentage of foreclosures in these areas; I wonder if these cities will show a longer persistence of short sales & foreclosures as families try to move during the coming years and find out they’re still upside-down..?

I wonder if this helps show Greater Phoenix is still a growth area..?  Even though we don’t have a high concentration of Fortune 500 companies or a dominant industry, if people continue moving here from other parts of the country our housing market will eventually stabilize.

Your pleasantly surprised by every piece of good news these days Realtor,

Chris Butterworth