Blog / Arizona Real Estate Market Statistics

This blog contains current Arizona Real Estate Market Statistics.  This blog is updated for the Phoenix metro area, including: Scottsdale, Fountain Hills, Phoenix, Paradise Valley, and Carefree, Arizona.  The real estate market is continuously changing, so please give us a call if you have a question on current market conditions.

Phoenix Area Housing Market Observation

Posted by on Mar 17, 2015 in blog, Market Trend Update, Real Estate | Comments Off on Phoenix Area Housing Market Observation

Cromford Daily Observation ~

The number of active listings for Greater Phoenix (excluding UCB) is 21,829 which seems quite reasonable, if a bit on the low side. However the picture looks rather different when we break it down into price ranges.

Below $150,000 we have only 3,708 listings and the trend is sharply down. There were 5,754 on the same date last year and 4,372 as recently as January 20. Anyone wanting to buy a home is this price range is going to have an increasingly hard time. There have been 1,660 closed sales in the last 4 weeks in this price range, so today’s supply represents only 2.2 months of supply.

Between $150,000 and $250,000 we have 5,711 listings and the trend is sharply down. There were 7,500 on the same date last year and 6,428 as recently as February 7. There have been 2,345 closed sales in the last 4 weeks and the current supply represents just 2.4 months of supply. This is simply not enough to sustain a balanced market.

Between $250,000 and $500,000 we have 7,447 listings and the trend is fairly stable. There were 1,704 closed sales in the last 4 weeks, so we have 4.4 months of supply, adequate for the current demand but just a little below normal.

From $500,000 upwards we have 4,963 listings and the trend is for this total to move steadily higher. The closed sales total over the last 28 days was only 389. We have almost 13 months of supply for homes at or above $500,000. This is too many to allow sellers to feel comfortable. The number of active listings over $2,000,000 has started to climb down for its peak, but between $500,000 and $2,000,000 the count is still growing.

Some good news for higher-end sellers is that a recovery in the low and mid ranges tends to be a long term positive for the high end. In housing, the trickle concept works up rather than down.

S&P/ Case-Shiller® Update

Posted by on Nov 10, 2014 in blog, Market Trend Update, Real Estate | Comments Off on S&P/ Case-Shiller® Update

Another release for the S&P / Case-Shiller® Home Price Index® with prices rising more slowly. The data relates to sales that occurred between June and August 2014 and changes over the last month were as follows:
  1. Detroit +0.85%
  2. Dallas +0.55%
  3. Denver +0.52%
  4. Las Vegas +0.49%
  5. New York +0.42%
  6. Atlanta +0.39%
  7. Chicago +0.36%
  8. Portland +0.34%
  9. Miami +0.30%
  10. Minneapolis +0.29%
  11. Cleveland +0.27%
  12. Tampa +0.19%
  13. Phoenix +0.18%
  14. Boston +0.11%
  15. Washington DC +0.01%
  16. Seattle +0.00%
  17. Los Angeles -0.02%
  18. San Diego -0.08%
  19. Charlotte -0.0%
  20. San Francisco -0.44%

These changes were very small compared with recent years suggesting price stabilization is occurring.

Compared with a year ago there are still some fairly large upward movements, but most of these look like they are losing momentum fast.

  1. Miami +10.46%
  2. Las Vegas +10.12%
  3. San Francisco +8.96%
  4. Dallas +7.32%
  5. Portland +7.25%
  6. Detroit +7.01%
  7. Los Angeles +6.83%
  8. Seattle +6.57%
  9. Denver +6.27%
  10. San Diego +6.22%
  11. Tampa +5.50%
  12. Atlanta +5.26%
  13. Boston +5.03%
  14. Phoenix +4.32%
  15. Minneapolis +3.86%
  16. Washington DC +3.05%
  17. New York +3.05%
  18. Chicago +2.94%
  19. Charlotte +2.53%
  20. Cleveland +0.80%

 

Cromford Report – Scottsdale Luxury Market Update

Posted by on Nov 7, 2014 in blog, Market Trend Update | Comments Off on Cromford Report – Scottsdale Luxury Market Update

The Cromford Report shows how the Scottsdale Luxury Home Market Monthly Average Sales Price per Square foot has been climbing since 2010. There are ups and downs but overall price/square foot has risen.

Scottsdale Luxury

Scottsdale Luxury

Cromford Report – Average Home Sale Price/SF – Scottsdale, AZ

Posted by on Sep 5, 2014 in blog, Market Trend Update | 0 comments

Update on Scottsdale Real Estate Market.

The Cromford Report shows that for Scottsdale, Arizona, the Average Sales Price for a Single Family Detached Home, is $192.18/SF. Home prices have seen a steady increase since 2010, when the average sales price was $157/SF. This market segment includes homes priced up to $800,000.
Please click on the Graph below to see more detail.

Scottsdale Ave Sales Price/SF - Non Luxury Segment

Scottsdale Ave Sales Price/SF – Non Luxury Segment

Cromford Report – Average Luxury Home Sales Price/SF – Scottsdale, AZ

Posted by on Sep 5, 2014 in blog, Market Trend Update, Real Estate | 0 comments

The Cromford Report shows that for Scottsdale, Arizona, the Average Sales Price for a Luxury Single Family Detached Home, is $321/SF.  Luxury Home prices have seen an increase since 2010, when the average sales price was $275/SF. The Luxury segment includes homes priced $800,000 and up.

Please click on the Graph below to see more detail.

Scottsdale Luxury Sale Price/SF

Scottsdale Luxury Sale Price/SF

New!!! Real Estate Market Trends by Zip code

Posted by on Jun 17, 2014 in blog, Market Trend Update | 0 comments

June 2014 Market Update

 

Paradise Valley Luxury Market has had a steady Sales Volume increase. The price per square foot has been increasing since mid 2011 with prices averaging $325/SF in 2014.  Price reductions continue to go down, now averaging about 10%.  Price reductions hit a high from 2009 to 2010, when foreclosures were the norm but with the market returning to normal, Sellers are now getting close to their asking price.

Paradise Valley 85253 Luxury Trends 2008_2014

Paradise Valley 85253 Luxury Trends 2011_2014

 

North Scottsdale, 85255, sales volume has been in a slight upward trend since 2008. The Average Sale Price/SF was pretty flat during 2009-2012, but has been in an up trend since 2013.  In 2011 Average Sales Price per square foot was $250/SF and is now $300/SF on average. The Average Price Reductions have decreased over the past 3 years, from 15% to an average of 5%. This means that Sellers are getting closer to what they are asking for.

Scottsdale 85255 Luxury Trends 2008_2014

Scottsdale 85255 Luxury Trends 2011_2014

 

Central Scottsdale, Shea Corridor area, 85259,  sales volume has been in an upward trend since 2011, like other parts of Scottsdale. The Sales Price per Square Foot has seen a slight increase since 2011, going from an average of $190/SF to $230/SF in recent months.  Like other luxury markets the average price reductions have decreased, now averaging between 5%-10%.

Scottsdale 85259 Luxury Trends 2008_2014

Scottsdale 85259 Luxury Trends 2011_2014

 

North Scottsdale, 85260, has also seen an increase in sales volume since 2010. The Sales Price per square foot for this zip code has been pretty steady since mid 2012, averaging $204/SF, while price reductions have gotten smaller with a tighter variation. However the last couple months of 2014, have shown to have a slight increase in days on market and price reductions.

Scottsdale 85260 Luxury Trends 2012_2014

Scottsdale 85260 Luxury Trends 2008_2014

 

North Scottsdale, Pinnacle Peak Area, 85262 has shown an increase in sales volume since the end of 2011. There has also been a slight increase in price per square foot since 2012, and a decrease in price reductions since the end of 2011, with a much tighter variation than before.  Prices are averaging $300/SF in this area with price reductions between 5%-10% in recent months.

Scottsdale 85262 Luxury Trends 2012_2014

Scottsdale 85262 Luxury Trends 2008_2014

 

 

 

 March 2012 Market Update

In Paradise Valley, the Sale Price per Square Foot has been bumping along the bottom since September of 2010. It’s still a great time for buyers to get the most for their money.

2012_04_18_RE_Mkt_Trends_85253

North Scottsdale, Pinnacle Peak area, 85255,  Sales Price per Square Foot has been bumping along the bottom since November 2010.  This is good news for buyers looking in this area. The data shows that the difference between asking price and selling price has tightened up since mid 2011 in this zip code.

2012_04_18_RE_Mkt_Trends_85255

North Scottsdale, Shea Corridor area, 85259,  Sales Price per Square Foot has been bumping along the bottom since September 2010.  This is good news for buyers looking in this area.  The data in this market shows that the difference between asking price and selling price has tightened up since January 2011.

2012_04_18_RE_Mkt_Trends_85259

North Scottsdale, 85260, Sales Price per Square Foot has been on an upward trend since May 2011, an indication that the market may be recovering in this area. The data in this market shows that the difference between asking price and sale price has tightened up since August 2011.

2012_04_18_RE_Mkt_Trends_85260

North Scottsdale, 85262, Sales Price per Square Foot has been bumping along the bottom since September of 2010.

2012_04_18_RE_Mkt_Trends_85262

Overall there are good news in Real Estate for both Buyers and Sellers as evidenced by the market data. Great time for Buyers to get the most value and for Sellers to get their asking price.

Real Home Prices vs Zestimates

Posted by on May 13, 2014 in blog, Market Trend Update, Real Estate | Comments Off on Real Home Prices vs Zestimates

Cromford Report Daily Observation …

Unfortunately Zillow® has decided to provide 12-month forecasts for home values. Since the figure given is a forecast for the Zestimate® value, it does not necessarily have any relationship to REAL market value. On the other hand, this means it can never really be challenged because the Zestimate is created by Zillow in the first place. In the past Zillow Zestimate’s have often been greatly divergent from real market values. They have often been extremely volatile for no apparent reason, sometimes rising or falling by 10% or more in just a few weeks. There are Zestimates that were 80% below or 200% above true market value, though this sort of aberration seems to be getting rarer.

The fact is that a real appraisal or professional CMA are the only sensible ways to estimate a home value. Even these can vary a lot depending on who conducted them, and Zillow’s Zestimate numbers really should be used for entertainment purposes only. As long as they are used purely for entertainment value they not a problem. Unfortunately ordinary members of the public tend to think there is some real world basis for them,

In February 2012 Zillow predicted that Phoenix metro home values would increase by 0.6% between December 31, 2011 and December 31, 2012.

The actual change in average $/SF was 29.5%, so Zillow was only wrong by 28.9 percentage points.

For the country as a whole, They predicted a 3.7% decline in values during 2012 and no housing bottom before 2013. Funny how they never mention that any more.

The Zillow prediction for 2013 was for national home values to rise by 3.3%. Phoenix area values were predicted to rise by 8.5%. Phoenix actually rose by 16.7% in 2013 and the national increase was about 13%. Again there is almost no correlation between Zillow’s forecast and what actually happens.

The Power of Words to Sell Your Home

Posted by on Apr 30, 2014 in blog, Market Trend Update, Real Estate | Comments Off on The Power of Words to Sell Your Home

A new study reports that the words used in listings can help increase the sale price of the home. On average, each property characteristic mentioned in a listing increased the sale price by just under 1% and the probability of selling the home by 9.2%. The study found listings that provided detailed information about amenities and features such as granite countertops and wood-burning fireplaces, sell for more money. Of course, if it’s stated the home must, indeed, have these features. The study didn’t include standard features, just the premium ones. A listing with 15 additional property characteristics can sell for about 13.5% more.

So, when it comes time to sell, think of your home’s features and how you’d describe them to your dear friend. Your agent and you can then determine which words evoke the most positive emotion and paint the best picture of your home.

Paradise Valley Homes Sales Price

Posted by on Apr 24, 2014 in blog, Market Trend Update | Comments Off on Paradise Valley Homes Sales Price

Paradise Valley Homes Sales Prices

Paradise Valley Homes Average Sales Price per Square Foot, has been trending upward since 2012. This can be seen on the chart below which is taken from the Cromford Report and it shows sold prices for homes in Paradise Valley, Arizona. The prices have been a bit noisy with dips and highs, but overall there is an upward trend in pricing. In March 2012, average Paradise Valley Homes Sales Price was $244/SF and in June 2014, the average sales price was $304/SF.

 

Screenshot 2014-04-24 14.59.38

Paradise Valley Homes Sales Prices

Fountain Hills Sales Price($)/SqFt 2010-2014

Posted by on Apr 24, 2014 in blog, Market Trend Update | Comments Off on Fountain Hills Sales Price($)/SqFt 2010-2014

Fountain Hills sales prices/SF are trending up since 2010, though a little less than Scottsdale prices/SF.

Fountain Hills Ave $/SF

Fountain Hills Average Sales Price/SF