In 2003 you could buy land fairly cheaply. No one was paying attention because of the stock market crash in '02 and the rally in '03. Let's use 1/2 to 2.50 acre lots in Laveen, zip code 85339, as an example for our historic review. Click the red links for detail.
2003 Average Closed Sales of $61k per acre
2004 Average Closed Sales of $94k... prices had picked up, people were starting to buy
2005 Average Closed Sales of $175k per acre!!
2006 Average Closed Sales of $241k Ridiculous right?
2007 Average Closed Sales of $167k Falling prices but you could still get out...
2008 Average Closed Sales of $163k but only 4 closed sales that year
2009 Average Closed Sales of $50k per acre...bottom fell out
2010 - 2011 is even worse at $25k but the smart people were buying...There were 43 sales in those 2 years.
2012 - 2013 is right back in at $48k and I'm sure some people doubled their money and sold.
2014 - 2015 saw steady growth to almost $58kper acre with 26 sales.
2016 - present Average Closed Sales of almost $68k per acre
Although this is just a random sampling of what has occurred over the past 12 years in a particular zip code, here's my over all analysis of the Metro Phoenix land market: The blood in the streets has washed away, I wish that I had bought at $25k an acre, but prices are still very low and I feel there's a huge upside that could happen very swiftly- or it might take some time for the value of my land to double. Can I do that in the stock market? Do you know the rule of 72? Let's say it takes 5 years for my land to double in value, oh never mind, a better explanation can be found here. None of this really matters anyway since I'm a "Buy N Hold" kinda girl.
I'm definitely a land buyer. How 'bout you?