Arizona Real Estate Buyers & Sellers Forecast 10% Increase in Property Values in 2007, According to Arizona Tax

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Tucson to increase 13.5%, Phoenix 11.1%, Prescott 10.3%, Flagstaff 9.8%, Sedona 9%, Buckeye 8.5% and Lake Havasu City 8.2%

In Q4 2006, Arizona Tax ( surveyed 5,000 buyers and sellers of Arizona real estate to determine what they expected of Arizona property values in 2007. The survey showed that buyers and sellers foresee an increase of 10% in Arizona property values in 2007 due to the large number of people immigrating to Arizona, which is being fueled by high tech and biotech job growth in Tucson & Phoenix, low housing costs and baby boomers buying their retirement homes.

Of the 5,000 people surveyed, 59% planned on buying real estate in Arizona in 2007, 32% planned on selling in 2007, 8% already own and do not plan on selling in 2007 and 1% do not own and are not buying in 2007.

52% of the buyers surveyed plan on buying in Tucson, 29% plan on buying in Phoenix, 12% plan on buying in Flagstaff, 4% plan on buying in Prescott and the remaining 3% plan on buying in other areas of Arizona.

69% of the sellers surveyed plan on selling in Phoenix, 21% plan on selling in Tucson, 5% plan on selling in Flagstaff, 1% plan on selling in Prescott and the remaining 4% plan on selling in other areas of Arizona.

Buyers and sellers ranked Tucson as having the best appreciation (13.5%) for the following reasons:

  • High Paying Jobs: Tucson has a large and growing number of biotech and high tech jobs - 26,500 jobs added in 2007.
  • Affordable Housing: attracting California immigrants
  • Population Growth: Tucson population reached 1 million in November 2006 and is expected to increase 25,000 to 30,000 a year up until the 2 million mark.
  • Downtown Tucson Revitalization: The Rio Nuevo Project is bringing new attractions, housing, commercial development and restaurants to Downtown Tucson.
  • High End Home Demand: Strong interest from buyers of high-end condos being built in downtown Tucson for $300,000 to $1 million.

Buyers and sellers ranked Phoenix as having the second best appreciation thanks to the number of good paying jobs, continued investment of businesses in the area and the expected population growth up until 2010.

View the detailed results of the 2007 Arizona Real Estate Survey at

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