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 2008-2009 |
Growth 2000-2009 |
| 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
Chris Butterworth spends more time analyzing statistics and reading economic reports than is healthy. He's also a husband, father, writer, and amateur photographer. In his spare time he trained for and competed in his first triathlon.
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