Happy 4th of July! The second quarter has ended and within the next 15 days we will be creating our Q2-2019 report on the Economy and the Metro Phoenix Real Estate Market, plus updating a half dozen to a dozen reports on specific areas or segments of the various sub-markets.

Prior to creating these reports, I can tell you that activity is high right now with Multiple offers on most of our listings. Here is a sample of recent activity on some of our listings. (Sellers)

Address # of Offers Type of Offers Status
9004 E Pershing 3 1 cash / 2 loan Closed
8337 E San Salvador 4 2 cash / 2 loan Under Contract
8543 E Clydesdale 2 1 cash / 1 loan Closed
6337 W Irma 3 1 cash / 2 loan Closed
MCR 096135 2 2 cash Under Contract
6234 E Monterosa 1 1 cash Active

 

If you are thinking of Buying a home now we have been in several situations recently where there were multiple offers and we still ended up getting the home and closing for less than list price. (Buyers)

Address Offers Our Offer Status
7828 E Clinton Multiple Cash Closed Under List Price
21350 E Stacey 1 Loan Closed Under List Price
128784 N 89th Multiple Cash Closed Under List Price
14897 W Aldea Multiple Loan Closed Under List Price

 

Here is a June snapshot of home prices in 12 Cities in the Metro Phoenix area.

It's Friday April 26th... have you noticed something different about the Metro Phoenix Area?

Crickets!
No, there is not an abundance of insects... But it's so quiet you can hear the crickets. Why?
All the Winter Visitors have left the valley so all the stores, restaurants, and roads are empty.

For the past two weeks I have been holding open houses for a $3 million home on Mummy Mountain. (Completely Remodeled with Amazing Views, Click for more info on that home). We have been getting 1 - 5 visitors per day and almost 100% of them were Winter Visitors who already owned one or two homes in Arizona, and were looking for something bigger. (Yes people buy $3 million+ homes in Arizona and only live in them part time... a lot more than you might think!)

This week only one person showed up and he was a neighbor who had seen the home prior to it being remodeled and was curious about how it looked now. After the open house I drove to the store and the parking lot was empty. Then when I drove over the 101 Freeway on the Mountain View overpass, traffic was flowing nicely rather than the endless traffic jam I've seen for the past 6 months.

The Metro Phoenix area gets approximately 22 million visitors per year and many of those visitors come during the "Winter Season" from Late October till Late April. There is no set date when the Winter Visitors come and go, but this year the "Season" appears to have ended on Easter Weekend. The last of the Winter Visitors seem to have packed up and headed back to where ever they spend their summers early this week.

For those of us who remain that means shorter commute times, less lines, and less crowds. It also means 100° temperatures are right around the corner. One long-standing tradition for escaping the heat is the Rim Country about 2-hours North of the Metro Phoenix Area, (Click for more info on the Rim Country)

For those of you who would like to buy a home in Scottsdale or anywhere in the Metro Phoenix area, prices often go down during the summer. We track home prices all over the Metro Phoenix area and already this week we have seen multiple price reductions in most of those areas. If you or someone you know wants to buy, sell, or invest in real estate in the Metro Phoenix area or the Rim Country. Please give me a call or send me a text to discuss what you are looking for (Michael Hankerson @ 602-770-7205)

We also built a couple web pages about why Arizona is a great place to buy a home.

Luxury Home Report for the Metro Phoenix area 2019

Download PDF for the Luxury Home Report for the Metro Phoenix area 2019

Luxury Home Report for the Metro Phoenix area 2019
Luxury Home Report for the Metro Phoenix area 2019

If you had a chance to read our Q1-2019 Report for Residential Real Estate in the Metro Phoenix Area you might have noticed that home prices in zip code 85253, (The Town of Paradise Valley), were up a whopping 16% in the first quarter of 2019 which is very close to where prices were in 2006. A big factor in that price growth is the number of Luxury homes that sold for over $3 million. Luxury Home Sales in the Metro Phoenix area are on track to have their BEST YEAR EVER in 2019! As of April 15, 2019 56 homes sold in ARMLS* for more than $3 million. Below is a map with the approximate location of the 56 homes.

*All data contained in this report is from ARMLS and their terms of use for the data is that All information should be verified by the recipient and none is guaranteed as accurate by ARMLS.

Luxury Home Report for the Metro Phoenix area 2019

Here are the zip codes where more than 1 home was sold for more than $3 million:

    • 83253 # Sold 30 which is 54% Percent of total
    • 85255 # Sold 10 which is 18% Percent of total
    • 85262 # Sold 8 which is 14% Percent of total

Below is a chart that tracks Luxury Home Sales over $3 Million in ARMLS* since 2000. During that period the best year for Luxury Home Sales was 2006 when 140 homes sold for a total dollar volume of $608,633,166. The second best year was 2018 with 138 homes sold and a total dollar volume of $565,007,927.

Luxury Home Report for the Metro Phoenix area 2019

Luxury Home Sales in the Metro Phoenix area are on track to have their BEST YEAR EVER in 2019!

To give you an idea of how well Luxury Home Sales over $3 million are doing in 2019 we also made a chart with the Q1 stats from the two previous best years, (2006 and 2018), and the stats from Q1-2019.

Luxury Home Report for the Metro Phoenix area 2019

Why are Luxury Home Sales so strong in the Metro Phoenix area?
There is no way to say for certain, but here are 3 good reasons.

    1. 26% of the homes were built in 2018 or 2019. New Homes sell for a premium
    2. Home prices in the Metro Phoenix area are still a bargain compared to places like CA
    3. 1031 Exchange money from other areas of the US

Video Summary of the Q1-2019 Report on the

Metro Phoenix Residential Real Estate Market

Q1-2019 Economic & Housing update Metro Phoenix area

Click to Download PDF for Q4-2018 Economic & Housing Update Metro Phoenix area

The stats from the first quarter of 2019 give us a mixed assortment of both positive and less than positive news. From a boots on the ground, "Realtor", perspective it felt as if we peaked last June then rapidly lost steam in the end of 2018 due to rising interest rates. January felt slow, then things got busy again in February. We just listed a home that got 3 offers in 12-days. Plus we are seeing the same thing in certain parts of town with the buyers we are representing... a home in good condition that is not overpriced will often sell within the first 2 weeks, if not the first weekend. Interest Rates are down significantly from the end of 2018 which helps a lot!

All data comes from either the Federal Reserve Bank of St. Louis, (FRED), Freddie Mac, or the Arizona Regional Multiple Listing Service, (ARMLS).
Disclaimer and Terms of Use: Historical data is provided 'as is' and solely for informational purposes, not for trading purposes or advice.
All parties providing this data expressly disclaims the accuracy, adequacy, or completeness of any data and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. No one who provided the data or any of their information providers will be liable for any damages relating to your use of the data provided.

Please visit www.HankersonTeam.com for more news on real estate, to search for homes, or home value reports

Here are the stats:

    1. The 10-year Treasury Maturity Rate is higher than the 2-Year which is Good
    2. However the spread in the maturity rate is up which is Bad. (and getting worse)
    3. The number of homes sold in Q1-2019 was 14,365 which is Down 11.48% from the same period last year.
    4. The average sale price of a home in Q1-2019 is $375,307 which is Up 3.69%
    5. The average price per foot in Q1-2019 is $169.69 which is Down 2.8%
    6. The total dollar volume for sales in Q1-2019 was $5,391,286,162 which is 5.75% Lower than 2018
    7. The average number of Days-On-Market, it took to sell a home in Q1-2019 is 72 days which is Up 12.5%
    8. The Federal Reserve stopped raising Interest Rates and the Average 30-year Fixed Rate is Down to 4.37%
    9. The Dow Jones Industrial average is Up above $25,000 again
    10. GDP is looks similar to the way things felt last year with it peaking Q2 and declining for the rest of the year

We have reports for many areas of the Metro Phoenix area, but only have 4 in this report due to the 4-page format of this flyer. If you want the charts & stats for your zip code or neighborhood, please call, text, or email. 602.770.7205 or Michael@HankersonTeam.com.
At this time the demand for homes, the prices, and how long it takes to sell a home all depend on the location. Some areas are definitely hotter than others. Our analysis of all Single Family Detached homes in Maricopa County has mixed results and is similar to all of the areas we studied. The total number of homes sold, the total dollar volume of homes sold, and the number of days it takes to sell a home are all trending in a negative direction, BUT the average price is up 3.69% in the first quarter from the end of 2018.
Two of the luxury areas we track, Arcadia and the Town of Paradise Valley have switched positions with the Town of Paradise Valley finally recovering with a whopping 16% price increase to bring the average price of a home in 85253 to $2,329,410. Meanwhile Arcadia has cooled off a bit with a 7.71% price decrease to bring the average price of a home in 85018 to $827,881.
In 85258 which includes the popular McCormick Ranch, Gainey Ranch, Scottsdale Ranch, and Paradise Farms, the average sale price, the average price per foot, and the number of days it takes to sell a home are all trending in a positive direction. If you want the charts & stats for your zip code or neighborhood, please call, text, or email. 602.770.7205 or Michael@HankersonTeam.com.

All SFD homes
(In Maricopa County)

2019 YTD

Units Sold 14366, lower
Ave Price $375,303, up 3.69%
Price per ft $169, down 2.8%
Days for sale 72, up 12.5%
Total $5,391,606,162, lower

85253 SFD homes
Town of Paradise Valley

2019 YTD

Units Sold 117, higher
Price $2,329,410, up 16.16%
Price per foot $396, up 4.9%
Days for sale 180, up 3.45%
Total $272,541,006, higher

85018 SFD homes
"Arcadia"

2019 YTD

Units Sold 144, lower
Ave. Price $827,887 down 7%
Price per foot $300 down 1%
Days for sale 95 down 13.6%
Total $119,215,684, lower

85258 SFD homes
"The Ranches"

2019 YTD

Units Sold 100, lower
Ave. Price $710,000, up 1.2%
Price per foot $271, up 7.0%
Days for sale 86, down 10%
Total $71,033,300, same

Tatum Manor, Tatum Heights, Tatum Lane, & Montaire Neighborhood Report

Click to Download PDF for Tatum Manor, Tatum Heights, Tatum Lane, & Montaire Neighborhood Report

Tatum Manor, Tatum Heights, Tatum Lane, & Montaire Neighborhood Report
Tatum Manor, Tatum Heights, Tatum Lane, & Montaire Neighborhood Report
Tatum Manor, Tatum Heights, Tatum Lane, & Montaire Neighborhood Report

Stats for 2018

There were 33 sales of Single Family Detached Homes in the Tatum area in 2018.
Prices ranged from $255,000 to $426,000 for a total sales volume of $10,686,242.

    • 9 homes sold for $250K - $300K - Yellow (27%)
    • 16 homes sold for $300K - $350K - Light Green (49%)
    • 5 homes sold for $350K - $400K - Dark Green (15%)
    • 3 homes sold for more than $400K - Blue (9%)

Below is a map that shows the approximate location of the sales and prices.

If you or someone you know would like to sell, we have options*

    1. We can list your home utilizing our Comprehensive Marketing Plan (with MLS, yard sign, & much, much more)
    2. We can list your home "off market" and find buyers through our extensive network. (no MLS, No yard sign)
    3. We can find an investor interested in buying homes in the area to make an "as-is" / cash offer for your home.

* All options require signing a standard AAR Listing Agreement. If your home is currently listed with another broker this is not a solicitation for that listing. Please call or text me set up a time to discuss which option works best for you.

Tatum Manor, Tatum Heights, Tatum Lane, & Montaire

2017 to 2018 Comparison

The Tatum Manor, Tatum Heights, Tatum Lane, & Montaire area did much better in 2018 than the rest of zip code 85032 with an average sale price for a Single Family Detached home of $323,826 compared to $304,400. Home prices almost got back to the peak of the previous market, $326,063 in 2007. However higher home prices and higher interest rates lead to it taking a little longer to a home in 2018. The Tatum Manor, Tatum Heights, Tatum Lane, & Montaire housing market is healthy going into 2019, however the appreciation rate in 2019 is expected to be relatively flat. Here are the 2018 stats.

  • Total Homes Sold 33, up 3.13%
  • Average Sale Price $323,826, up 2.24%
  • Average Price per foot $180.26, up 0.63%
  • Average # of Days to sell 56, up 27%
  • Total Sale Volume $10,686,242, up 5.43%

Here is the data and graph from our Excel spreadsheet that tracks MLS home sales in the Tatum area

Q3-2018 Economic & Housing Update Metro Phoenix area

Q4-2018 Economic & Housing update Metro Phoenix area

Click to Download PDF for Q4-2018 Economic & Housing Update Metro Phoenix area

Q4-2018 housing report
There was plenty of good news for the Metro Phoenix area in 2018 which contributed to the strength in the local housing market. Phoenix received 100,000 new residents which is above the average of 70,000 for the past 3 years and that growth is projected to continue somewhere between those figures in 2019. Housing is still affordable here compared to Denver, California & Las Vegas. Plus there was 56,000 new jobs recorded in 2018. The result of this good news is home prices were up 9.08%, the price per foot was up over 14%, and the total sales volume was up 8.43%. There are however economic factors on a national level which are not good and eventually may have an impact on our economy. Rising interest rates are shrinking the buyer pool and the global trade war and stock market volatility have people nervous. The total number of homes sold in 2018 is down slightly from 2017 and in the 4th Quarter of 2018 home inventory was up 7% and the days it takes to sell a home were also up. Both rising inventory and Days on Market are bad. Here is our update to the numbers on our spreadsheet dating back to 1997. Please feel free to give me a call with any questions.

All data comes from either the Federal Reserve Bank of St. Louis, (FRED), Freddie Mac, or the Arizona Regional Multiple Listing Service, (ARMLS).
Disclaimer and Terms of Use: Historical data is provided 'as is' and solely for informational purposes, not for trading purposes or advice.
All parties providing this data expressly disclaims the accuracy, adequacy, or completeness of any data and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. No one who provided the data or any of their information providers will be liable for any damages relating to your use of the data provided.

Q4-2018 housing chart

Here are the stats:

    1. The 10-year Treasury Maturity Rate is higher than the 2-Year which is Good
    2. However the spread in the maturity rate is up which is Bad. (and getting worse)
    3. The number of homes sold in 2018 was 68,091 which was Down slightly from 2017
    4. The average sale price of a home in 2018 is $361,945 which is Up 9.08% from 2017
    5. The average price per foot in 2018 is $174.58 which is Up over 14% from 2017!
    6. The total dollar volume for sales of SFD homes in Maricopa County was $24,645,214,883 (Up 8.43%)
    7. The average number of Days-On-Market, it took to sell a home in 2018 was 64 days which is Down
    8. The Federal Reserve raised Interest Rates 4x in 2018 and the Average 30-year Fixed Rate is Up to 4.54%
    9. The Dow Jones Industrial average was Higher at the end of 2018 than 2017, but down from the height
    10. GDP is Lower than the end of 2017.
Q4-2018 Housing data
We are distributing the Q4-2018 report we prepared with the 2019 MPES prepared for us by DLP Marketing so we condensed Q4-2018 from 4 to 2 pages. The stats Michael Orr used in the MEPS report included condos and town homes, the stats in this report do not. Want the charts & stats for your zip code or neighborhood, please call, text, or email. 602.770.7205 or Michael@HankersonTeam.com

Chart for all Single Family Detached homes in Maricopa County 2000 - 2018

2018 Arizona housing chart

Chart for zip code 85253 Single Family Detached homes in Maricopa County 2000 - 2018

Town of Paradise Valley housing data chart

Chart for zip code 85018 Single Family Detached homes in Maricopa County 2000 - 2018

Arcadia housing data chart

Chart for zip code 85258 Single Family Detached homes in Maricopa County 2000 - 2018

McCormick Ranch and Gainey Ranch housing data chart

Arizona housing report

Here is a link to our Metro Phoenix Economic Snapshot

Metro Phoenix Economic Snapshot

Q3-2018 Economic & Housing update Metro Phoenix area

Download PDF for Q3-2018 Economic & Housing Update Metro Phoenix area

Q3-2018 Economic & Housing Update Metro Phoenix area

Q3-2018 once again gives us a mixed bag of stats from the Federal Reserve, Freddie Mac, and ARMLS. Higher home prices and higher interest rates are making homes less affordable and will likely have a negative effect on home prices eventually. Permits for new homes are down and so are many of the home builder stocks. The Average 30-year fixed rate is about .25% higher in October than it was in Q3-2018. As we mentioned in our Q2-2018 report when sales begin to fall, inventory begins to rise, and Days-On-Market rises, the market will react with home prices going down. We added four rows to our charts inside this report that track home sales. As you can see from the red on the charts there were issues in 2006 and 2007 prior to the crash in 2008 even though home prices were still increasing. Right now we are not experiencing a dramatic decrease in sales or increase in Days-On-Market, but we are keeping an eye on them.

All data comes from either the Federal Reserve Bank of St. Louis, (FRED), Freddie Mac, or the Arizona Regional Multiple Listing Service, (ARMLS).
Disclaimer and Terms of Use: Historical data is provided 'as is' and solely for informational purposes, not for trading purposes or advice.
All parties providing this data expressly disclaims the accuracy, adequacy, or completeness of any data and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions
taken in reliance thereon. No one who provided the data or any of their information providers will be liable for any damages relating to your use of the data provided.

Q3-2018 Economic & Housing Update Metro Phoenix area

Here are the stats:

    1. The 10-year Treasury Maturity Rate is higher than the 2-Year which is Good
    2. However the spread in the maturity rate is up which is Bad. (and getting worse)
    3. The number of homes sold in Q3-2018 is 17,120 which is Down
    4. The average sale price of a home in Q3-2018 is $358,377 which is Down slightly
    5. The average price per foot in Q3-2018 is $192.33 which is Up significantly!
    6. We appear to be on track in 2018 to exceed the total dollar volume for sales over 2017 which is Good
    7. The average number of Days-On-Market, it took to sell a home in Q3-2018 is 60 days which is Down
    8. The Federal Reserve raised Interest Rates 3x in 2018 and the Average 30-year Fixed Rate is Up to 4.57% Higher interest rates are Bad and as of October they are about .25 higher than they were in Q3-2018.
    9. The Dow Jones Industrial average is Up (though, like interest rates, October has not been kind to stocks)
    10. GDP is Up significantly!
Q3-2018 Economic & Housing Update Metro Phoenix area

Our Q3-2018 report is a compilation of 9 excel spreadsheets containing nearly 20,000 data points from Federal Reserve, Freddie Mac, and ARMLS including dozens of CMA's to track various aspects of the housing market. The data is from Federal Reserve, Freddie Mac, and ARMLS, but I personally built the spreadsheets and graphs over the past couple of years. We continue to refine and improve how we present this data to not only show you where we are today, but also show you what the data looked like prior to the crash in 2008. These four charts graphically show the Average Sale Price, the Average Price Per Foot, and the Average Linear Growth Rate from a mathematical perspective, (Calculated by Excel not me). When the Average Sale Price is above the Average Linear Growth Rate sellers have an opportunity to sell their homes for a premium price and when the Average Sale Price is below the Average Linear Growth Rate buyers have an opportunity to buy a home at a bargain price. All four of these charts have an Average Sale Price that is above the Average Linear Growth Rate at this time.

Q3-2018 Economic & Housing Update Metro Phoenix area

We changed the criteria of this report to more closely represent the market that most of our clients live in. ARMLS is the regional MLS that includes the Metro Phoenix area and Tucson, but its members can list homes located anywhere in Arizona. Since most of our clients live in Maricopa County, we changed the criteria to include only Single Family Detached homes in Maricopa County. The data and chart are similar to the prior data and chart for all of ARMLS. Today the Average Sale Price for a home is about $50,000 higher than the Linear Average Sale Price. We added four rows to all of the charts to show the percentage of change for the number of homes sold, price per foot, Days-On-Market, and total sales volume. The data in red in these rows shows what happened in 2006 and 2007 that foreshadowed the crash in 2008 and 2009. This additional data will help highlight potential issues should they arise again in the future.

Q3-2018 Economic & Housing Update Metro Phoenix area

The Scottsdale zip code 85258 is the home to McCormick Ranch, Scottsdale Ranch, and Gainey Ranch. In Q3-2018 the average sale price of a Single Family Detached home in 85258 was $704,114 which is up 8.96% from 2017. According to our chart, the Average Sale Price using the Linear Growth Rate is just above $645,000 so the Average Sale Price for homes in 85258 is about $50,000 higher that the Linear Average Sale Price. The Average Days-On-Market is 96 which is down 11% from 2017 which is also good for sellers.

Q3-2018 Economic & Housing Update Metro Phoenix area

The Phoenix zip code 85018 is home to the very popular Arcadia neighborhood. In Q3-2018 the average sale price of a Single Family Detached home in 85018 was $901,045 which is up 15.46% from 2017. According to our chart, the average price using the linear growth rate is around $760,000 so home prices are about $140,000 higher. The Average Days-On-Market is 107 which is up 9% from 2017. In 2011 the average price for a Single Family Detached home in 85018 was just under $380,000 so the Average Sale Price in 2018 is up a staggering 139%.

Q3-2018 Economic & Housing Update Metro Phoenix area

The Town of Paradise Valley zip code 85253 is the most expensive zip code in Arizona. During the bubble of 2004 - 2006 home prices increased an incredible 80%. In Q3-2018 the average sale price of a Single Family Detached home in 85253 was $2,003,495 which is up 10.45% from 2017. According to our chart, the average price using the linear growth rate is around $1,850,000 so home prices are about $150,000 higher. The Average Days-On-Market is 182 which is down slightly from 2017.

Q3-2018 Economic & Housing Update Metro Phoenix area
Q3-2018 Economic & Housing Update Metro Phoenix area
 

Q2-2018 Economic & Housing update Metro Phoenix area

Download PDF for Q2-2018 Economic & Housing Update Metro Phoenix area

Q2-2018 Economic & Housing Update Metro Phoenix area

Q2-2018 gives us a mixed bag of stats from the Federal Reserve, Freddie Mac, and ARMLS. All of the numbers with regards to the housing market in the Metro Phoenix Area are very positive for home owners. However this is the first time since we began our quarterly reports last year that all of the national economic indicators, which could ultimately effect the housing market, are trending in a negative direction. Growth in home prices are directly tied to population growth, jobs, and income and Arizona is doing well in all of those areas so if the national economic indicators continue to trend downward it may not impact us immediately. To help keep an eye on things that could negatively affect the housing market we added the spread in the maturity rate between the 10-year and 2-year Treasury and added the Average 30-year fixed rate from Freddie Mac. Both of those stats are now the worst they have been in many years. If you have any questions, comments, or suggestions on stats you would like to see added to this report, please feel free to contact me.
All data comes from either the Federal Reserve Bank of St. Louis, (FRED), Freddie Mac, or the Arizona Regional Multiple Listing Service, (ARMLS).
Disclaimer and Terms of Use: Historical data is provided 'as is' and solely for informational purposes, not for trading purposes or advice.
All parties providing this data expressly disclaims the accuracy, adequacy, or completeness of any data and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions
taken in reliance thereon. No one who provided the data or any of their information providers will be liable for any damages relating to your use of the data provided.

Q2-2018 Economic & Housing Update Metro Phoenix area

Here are the stats:
1. The 10-year Treasury Maturity Rate is higher than the 2-Year which is Good
2. However the spread in the maturity rate is up which is Bad. (Highest since Q3 2007)
3. The number of homes sold in Q2-2018 is 23,431 which is Up 26%
4. The average sale price of a home in Q2-2018 is $353,836 which is Up 4.58%
5. The average price per foot in Q2-2018 is $158.32 which is Up 1.47%
6. The number of Detached homes for sale in Q2-2018 is 15,759 which is Down 7.68%
7. The average number of days it took to sell a home in Q2-2018 is 62 days which is Down 15%
8. The Federal Reserve raised Interest Rates 2x in 2018 and the Average 30-year Fixed Rate is Up to 4.45% which gives buyers less purchasing power and is Bad for both buyers and sellers. (Highest since Q2 2011)
9. The Dow Jones Industrial average is Down 2.26%
10. GDP is Down 20.75%

Q2-2018 Economic & Housing Update Metro Phoenix area
Q2-2018 Economic & Housing Update Metro Phoenix area

In 2017 I undertook a months long project to chart home prices and economic data to see what a housing bubble looked like on a chart and to see what happened before the crash. When I finished this report it was very clear what the bubble looked like and what happened prior to the crash. While history often repeats itself, there is no way to pinpoint when we are at the top of the market or know how far prices will go down after the peak. The Q1 & Q2-2018 housing data for the Metro Phoenix Area is very strong. The economic data from our Q2 report was not as positive.
Prior to a continued downward trend in home prices these things will happen.
1. Home inventory will begin to rise
2. Days on Market will begin to rise
3. The response to rising inventory and rising Days on Market is price reductions until the market corrects itself.
That is not happening at this time. (July 14, 2018)
Home prices are however, now growing at an unsustainable double-digit growth rate. In most areas we are now near or above the highest home prices we have seen in a decade.

    • Given the fact that we are near or above historic high's I strongly encourage investors with a portfolio of homes in Arizona to meet with us to discuss their exit strategy. We can develop a plan to sell your portfolio of homes, (regardless of the size), in a way that will maximize your ROI.
    • We also encourage home owners who are considering selling their property in the next year or two to meet with us now as well. We can share with you tips on getting your home ready to sell. Plus if we understand your goals, we can keep an eye on your neighborhood and provide you regular updates so you know what homes are selling for in your area.
    • If you are not considering selling you should take comfort from the fact that as bad as home prices were in 2011, they have recovered nicely so if there are similar drops in the future prices will likely recover as well.

The housing bubble began, (the point when prices rose above the Linear growth rate on the chart above), in 2004 and double-digit prices from 2004 - 2006 totaled 59.81%. Home prices went down more than 60% in 2008 - 2009 with the bottom occurring in 2011. From 2014 - 2016 we saw linear growth in home prices, but in 2017 we saw a 12.23% increase and in 2018 YTD we have seen a 16.19% increase so we are now well above the linear growth rate for home prices. In Q2-2018 the average sale price of a Single Family Detached home in all of ARMLS was $346,937. According to our chart, the average price using the linear growth rate is just under $300,000 so home prices are about $50,000 higher.

The three other areas we examined were zip codes in Phoenix, Scottsdale, and The Town of Paradise Valley. All three of these areas are having double digit price growth in 2018 YTD and near or above the home prices from 10-years ago.

Success is in the details

    • The details in understanding the Market Conditions
    • The details in the Marketing Plan to sell your home quickly and for the most money
    • The details in Negotiating a contract to a successful close
    • The details in Transaction Management, (paperwork, time lines, & automated workflow), to a successful close

If you or someone you know is interested in Buying, Selling, or Investing in Real Estate in Arizona we suggest they work with the Hankerson Team because we understand the real estate market in Arizona and understand how important the details are to successfully close the sale.

The Phoenix zip code 85018 is home to the very popular Arcadia neighborhood. It is close to both downtown Phoenix as well as Old Town Scottsdale. Home prices in this area have enjoyed double-digit increases since 2016 and prices are now up 25% from the peak of the market in 2007 and up 134% from the bottom of the market in 2011. In Q2-2018 the average sale price of a Single Family Detached home in 85018 was $882,907. According to our chart, the average price using the linear growth rate is around $750,000 so home prices are about $130,000 higher.
The Town of Paradise Valley zip code 85253 is the most expensive zip code in Arizona. Centrally located between Phoenix and Scottsdale larger homes on 1 - 5 acre estates are the norm. During the bubble of 2004 - 2006 home prices increased an incredible 80%, but after the crash home prices have under performed until 2018 YTD when home prices increased 26.77%. Even with the significant increase in 2018, prices are still down about 14% from the peak in 2006. In Q2-2018 the average sale price of a Single Family Detached home in 85253 was $2,095,280. According to our chart, the average price using the linear growth rate is around $1,900,000 so home prices are about $200,000 higher.
The Scottsdale zip code 85258 is centrally located just to the east of the Town of Paradise Valley and is the home to McCormick Ranch, Scottsdale Ranch, and Gainey Ranch. Home prices in Scottsdale zip code 85258 had linear price growth from 2014-2017, and in 2018 YTD prices have enjoyed a double-digit increase of 15.91%. In Q2-2018 the average sale price of a Single Family Detached home in 85258 was $693,533. According to our chart, the average price using the linear growth rate is around $645,000 so home prices are about $50,000 higher.

Luxury Home Report for the Metro Phoenix area 2018

Download PDF for the Luxury Home Report for the Metro Phoenix area 2018



For the purpose of this report we used a minimum sale price of $3 million as the criteria for a "Luxury Home". *
As of May 15, 2018 Sixty-four homes sold for $3 million or more which is an average of 11.64 per month. That is up 21% from 2017.

*All data contained in this report is from ARMLS and their terms of use for the data is that All information should be verified by the recipient and none is guaranteed as accurate by ARMLS.

As you can see the concentration of homes that sold for $3 million or more in 2018 have been in The Town of Paradise Valley, Silverleaf / North Scottsdale, Desert Mountain, and Arcadia & Old Town. Here are the zip codes where 95% of the homes were sold:

    • 85018 # Sold 3 which is 4.5% Percent of total
    • 85251 # Sold 2 which is 3% Percent of total
    • 83253 # Sold 35 which is 55% Percent of total
    • 85255 # Sold 10 which is 16% Percent of total
    • 85262 # Sold 10 which is 16% Percent of total

The 2018 YTD Luxury Home Stats for homes $3 million or higher:

    • 64 homes sold which is an average of 11.64 per month - up 21% from 2017
    • Average sale price is $4,229,104 - up 4.54% from 2017
    • Average price per foot is $586.06 - up 8.12% from 2017
    • Average time to sell is 196 days - down 21% from 2017
    • Highest Price is $17,500,000 - a new record for the MLS

For comparison purposes we also have the stats for the last three years
The 2017 Luxury Home Stats for homes $3 million or higher:

    • 115 homes sold which was an average of 9.58 per month
    • Average sale price was $4,045,447
    • Average price per foot was $542.03
    • Average time to sell was 248 days
    • Highest Price was $16,650,000 - was a new record for the MLS at that time

The 2016 Luxury Home Stats for homes $3 million or higher:

    • 93 homes sold which was an average of 7.75 per month
    • Average sale price was $4,181,644
    • Average price per foot was $546.62
    • Average time to sell was 253 days
    • Highest Price was $11,110,000

The 2015 Luxury Home Stats for homes $3 million or higher:

    • 89 homes sold which was an average of 7.42 per month
    • Average sale price was $4,278,444
    • Average price per foot was $540.85
    • Average time to sell was 284 days
    • Highest Price was $8,725,294

From the stats it is apparent that Luxury Home market in Arizona is strong in 2018 and continues to see positive growth each year for the past few years.

Success is in the details

    • The details in understanding the Market Conditions
    • The details in the Marketing Plan to sell your home quickly and for the most money
    • The details in Negotiating a contract to a successful close
    • The details in Transaction Management, (paperwork, time lines, & automated workflow), to a successful close

If you or someone you know is interested in Buying, Selling, or Investing in Real Estate in Arizona we suggest they work with the Hankerson Team because we understand the real estate market in Arizona and understand how important the details are to successfully close the sale.

Here is a short 2 minute video that sums up our Q1-2018 report.

Q1 - 2018 Update

Download PDF for Q1 - 2018 Update

Q1-2018: The number of SFD homes for sale is down 3000 units from 20,187 to 17,070. Lower inventory and rising prices indicates the housing market in the Metro Phoenix area is more favorable to sellers than buyers at this time. However low interest rates are offsetting that by giving buyers more purchasing power which is good for both buyers and sellers. When interest rates go up the banks get a higher percentage of your monthly payment and therefore home buyers will get a lot less home for their money. If you are thinking about buying or selling you should do it before interest rates rise to get the best value for your monthly payment. The data in this report is an update to a spreadsheet that contains over 20-years of economic and housing data including 15,000 daily values that we converted to monthly, quarterly, and annual averages to build this chart.

All data comes from either the Federal Reserve Bank of St. Louis, (FRED), or the Arizona Regional Multiple Listing Service, (ARMLS).
Disclaimer and Terms of Use: Historical data is provided 'as is' and solely for informational purposes, not for trading purposes or advice.
All parties providing this data expressly disclaims the accuracy, adequacy, or completeness of any data and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. No one who provided the data or any of their information providers will be liable for any damages relating to your use of the data provided.

Please visit www.HankersonTeam.com for more news on real estate, to search for homes, or to get home value reports

The current data suggests we are in a continued pattern of slow and steady growth in home prices.
Here are the stats:

    1. The 10-year Treasury Maturity Rate is higher than the 2-Year
    2. We are on pace to sell almost 75,000 homes in 2018
    3. The average price of a home is up 6% from $318,429 to $338,333
    4. The average price per foot is up over 5% from $148.06 to $156.02
    5. The average number of days it takes to sell a home is up slightly to 73 days
    6. We are on pace to sell ~$25 Billion of homes in 2018
    7. The inventory of homes is lower which is good for sellers. (But interest rates are low which is offsetting the negative impact that might have on buyers)
    8. For the second time in the past few months a new record high price was set on the MLS - $17,500,000
    9. The Dow Jones Industrial average is up, which could lead to a problem if there is a Stock Market crash
    10. GDP is over 5%

The new tax reform bill, which was signed into law by President Trump in late December, will be effective for the 2018 tax year. The National Association of REALTORS® has put together a useful summary to help you understand how the law affects homeowners and the real estate industry. Below, I have shared direct excerpts from that summary about a few of the major provisions affecting current and prospective homeowners.

Tax Rate Reductions
• The new law provides generally lower tax rates for all individual tax filers. While this does not mean that every American will pay lower taxes under these changes, many will.
• The tax rate schedule retains seven brackets with slightly lower marginal rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Exclusion of Gain on Sale of a Principal Residence
• The final bill retains current law – a significant victory that NAR achieved.
• If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.
Here is a Link to IRS page with more info
Mortgage Interest Deduction
• The final bill reduces the limit on deductible mortgage debt to $750,000 for new loans taken out after December 14, 2017. Current loans of up to $1 million are grand fathered and are not subject to the new $750,000 cap. Neither limit is indexed for inflation.
• Homeowners may refinance debts existing on December 14, 2017 up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the mortgage being refinanced.
• The final bill repeals the deduction for interest paid on home equity debt through December 31, 2025. Interest is still deductible on home equity loans (second mortgages) if the proceeds are used to substantially improve the residence.
• Interest remains deductible on second homes, but subject to the $1 million/$750,000 limits.
Deduction for State and Local Taxes
• The final bill allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes. This $10,000 limit applies for both single and married filers and is not indexed for inflation.
• The final bill also specifically precludes the deduction of 2018 state and local income taxes prepaid in 2017.
Standard Deduction
• The final bill provides a standard deduction of $12,000 for single individuals and $24,000 for joint returns. The new standard deduction is not indexed for inflation.

Click here to view the full NAR summary about what the new tax law means for homeowners and real estate professionals.
None of the information in the NAR report is intended as tax advice, so please consult your tax adviser for additional guidance.

The Hankerson Team Annual Report:
2017 Real Estate Wrap Up

We just finalized the numbers for Q4 2017 and in 2017 both the number of homes sold and the average sale price for homes are up from 2016.

The chart and the details are below.

The Q4 2017 data we just added is part of a 20-Year study into the economy and real estate in Arizona.
(Please take a look at our Special Report to see what happened prior to the crash of 2008) To get your copy of our full report please Click Here

Chart as of Q4 2017

Q4 2917

In Q4 2017 here is where we stand:

1. The number of homes sold in 2017 is up 5.86% from 2016 :)

2. The average sale price of homes in 2017 is up 6.64% from 2016 :)

3. The dollar volume of homes in 2017 is up 12.89% from 2016 :)

4. The number of homes for sale in January 2018 (all) is 20,187

5. The average number of days it takes to sell a home is down to 70, compared to 75 in 2016 :)

6. The 10-year Treasury Maturity Rate is higher than the 2-Year :)

7. The stock market is going up very fast. That could lead to a problem if there is a Stock Market crash. :(

8. GDP is in the 3% - 5% range :)

9. A home was just sold for a new record high price on the MLS for $15,650,000 :)

Here is a PDF copy of our 2017 Real Estate Wrap Up

The data today looks nothing like the data leading up to the housing crash in 2008

What did it look like prior to the crash in 2008?

We sifted through 20-years of Economic and Residential Real Estate Data and put together a report everyone who owns real estate should have. To get your copy of our report please Click Here

Chart leading up to the housing crash in 2008

The Housing Bubble is about to burst

From 2004 - 2006 the sale price of Single Family Detached homes in ARMLS increased by 59.81%, then from 2008 - 2009 they decreased by 60.83%. What I uncovered during this lengthy investigation is that while the stock market and homes prices continued to rise there were multiple warnings signs that something was wrong far in advance of the actual crash. To get your copy of our report please Click Here

Each place we acquired the above data from had multiple disclaimers about the data itself, the use of the data, and any liability for damages relating to the use of the data. Therefore we must make those same stipulations in providing this data to you:
Disclaimer and Terms of Use: Historical data is provided 'as is' and solely for informational purposes, not for trading purposes or advice.
All parties providing this data expressly disclaims the accuracy, adequacy, or completeness of any data and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. No one who provided the data or any of their information providers will be liable for any damages relating to your use of the data provided.

Industrial land at premium due to warehouse demand

Land fit for future fulfillment centers for the likes of Amazon and Wal-Mart saw huge spikes in prices last year, according to real estate services firm CBRE.

In a trend largely stemming from the growth of e-commerce players across the U.S., some plots of land now cost twice the amount they did a year ago, the group found. This is especially true in major markets, including Atlanta and Houston.

In surveying 10 U.S. markets, CBRE found the average price for "large industrial parcels" (50 to 100 acres) now sits at more than $100,000 per acre, up from about $50,000 a year ago.

Industrial land plots of five to 10 acres, which typically house infill distribution centers for completing "last-mile" deliveries, watched their prices soar to more than $250,000 per acre by the end of 2017, up from roughly $200,000 a year ago, according to CBRE. Located in more bustling metropolitan settings, these warehouses must help retailers serve consumers closer to their homes.

To be sure, industry experts say that despite an uptick in construction of late, there's still a long way to go before supply aligns with demand.

"Escalating land prices are a big reason why new supply of U.S. warehouses and distribution centers hasn't kept pace with strong demand in recent years," David Egan, the global head of CBRE's Industrial & Logistics Research division, said in a statement.

"This situation won't go away any time soon, because the markets where distribution centers are most in demand — typically near or in densely populated city centers — have scant available land for industrial uses," Egan added.

According to CBRE's annual research, the most active warehouse construction markets today include California's Inland Empire, northern New Jersey, Chicago and Las Vegas.

Average industrial land prices in Inland Empire mushroomed 35 percent in 2017, the group found. Prices in northern New Jersey and Las Vegas jumped 17 percent, while prices in Chicago were up about 16 percent.

See a complete list of prices here.

The above article was on CNBC https://www.cnbc.com/2018/01/02/internet-giants-fuel-warehouse-demand-as-industrial-land-prices-surge.html

Luxury Estate sells in the Town of Paradise Valley for $15,650,000.

Built in 2011 the 14,200' Contemporary Estate sits on over 5 acres on Mummy Mountain overlooking the Paradise Valley Country Club with outstanding views of Camelback Mountain and the valley. This magnificent estate lived up to it's hype as one of the finest luxury estates in Arizona by selling in just one day for $15,650,000 Cash.

7100 N Mummy Mountain Road, Paradise Valley, 85253 t

The home which is located at 7100 N Mummy Mountain Road, Paradise Valley, 85253, is now the most expensive home sold in the the Arizona Regional MLS since 2000, (as far back as the current ARMLS records go). The $15,650,000 sale price beats the former most expensive home sold in Arizona, located at 5901 E. Edward LN in Paradise Valley, which closed in January of 2017 for $12,750,000 by almost $3 million.

7100 N Mummy Mountain Road, Paradise Valley, 85253 t

This bodes well for luxury real estate in Arizona and the Town of Paradise Valley. As mentioned in my Luxury Home Tour blog last week:

  • In the past 17-Years only 18 homes that were listed for over $10 million actually sold.
  • And of those 18 only 8 of them actually sold for more than $10 million.

The $15,650,000 sale price for the home at 7100 N Mummy Mountain Road in Paradise Valley is significant for a few reasons:

  • It is the new record holder for the highest price home sold in ARMLS since 2000.
  • It was sold in 1 day
  • It was sold for cash
  • It is the 3rd sale for more than $10 million since 2016
  • It is the 2nd sale for more than $12.5 million in 2017

All data is from ARMLS and should be verified by the recipient. None is guaranteed as accurate by ARMLS.

The $15,650,000 sale for the home at 7100 N Mummy Mountain Road in Paradise Valley might have people concerned that we are now in another housing bubble. I looked back 17-years, (as far back as the current ARMLS records go), and from the information I was able to gather we actually appear to be on a linear pattern of sale price growth rather than being in a bubble. Check out the article below.

December 2017: The Hankerson Team Special Report
Are we in a Real Estate Housing Bubble?

Home prices are rising so the question on many home buyers and homeowners mind today is... Are we in another housing bubble?
In our report we charted home sale price data for 17-years in three popular zip codes.
While we cannot predict the future, and financial or natural disasters could adversely affect the housing market at any time, the home sale price data from the past 17-years would suggest the answer is: No we are not in a housing bubble.
Increasing home prices are driven by population and job growth and the Metro Phoenix area has some of the best population growth and job growth in the United States.

Homeowners:

  • If you are interested in selling your property now is a great time to sell. Prices are up not only in comparison to the lows in 2011, but also in some cases from the highs in 2007. Please call, text, or email me to find out what your home is worth.
  • If you are interested in selling, but are holding off until we reach the top of another bubble, there are no indicators that is happening in the near future. In the areas we studied, during the bubble years of 2004 - 2006, home sale prices had double digit increases 3-years in a row. The increases were all pretty similar. In year 1 a 15+% increase, In year 2 a 30+% increase, and In year 3 a 15+% increase for a total 3-year increase of 64% – 80%. In those same areas today the average increases per year for the past 3-years are 3.37% – 7.51%. In all cases that is less than the 17-year average for those areas.
  • If you are not interested in moving at this time, the good news is home values are increasing at a steady pace. If you want more information on what your home might be worth, we offer an on-line home value estimate here

Home buyers:

  • If you are interested in buying a home, now is a good time because interest rates are still near historic lows so you have more purchasing power.
  • If you are interested in buying a home, but are holding off because you think we are in a bubble and want to wait till the prices come down there are no indicators that is happening in the near future. At this time we are on a slow, steady, linear growth pattern for home prices. (With the exception of 85018 which, from a linear average sale price perspective, is a little high)
  • According to the National Association of Realtors; At the national level, housing affordablility is up from last month but down from a year ago. Mortgage rates increased to 4.15 percent this September, up compared to 3.78 percent a year ago. To read the entire NAR article... click here

To download the PDF copy of our report click here

The 17 year history of home prices for zip code 85258

17-year history of home prices in Scottsdale Arizona 85258

Scottsdale Arizona zip code 85258 is best known for the well run HOA's of McCormick Ranch, Scottsdale Ranch, and Gainey Ranch. During the bubble years of 2004 - 2006 home prices in 85258 increased by 64%. These year after year double digit increases were not sustainable, and during the crash of 2008 - 2009 prices dropped by 35%. By 2011 prices had bottomed out and since they had swung too far in the negative direction, during the comeback of 2012 - 2013 prices increased by 27%. Since 2013 home prices in 85258 have increased steadily but are closely following the long-term Linear Average Sale Price. From 2000 to 2017 prices in Scottsdale Zip Code 85258 have increased at 4.31% annually, (Non-compounded). At this time there does not seem to be any indication of a housing bubble in 85258.
To see all the details download the PDF copy of our report.

The 17 year history of home prices for zip code 85018

17-year history of home prices in Phoenix Arizona 85018

Phoenix Arizona zip code 85018 is best known for Arcadia. During the bubble years of 2004 - 2006 home prices in 85018 increased by 72%. These year after year double digit increases were not sustainable, and during the crash of 2008 - 2009 prices dropped by 39%. By 2011 prices had bottomed out and since they had swung too far in the negative direction, during the comeback of 2012 - 2014 prices increased by 55%. Since 2013 home prices in 85018 have increased steadily but are closely following the long-term Linear Average Sale Price with the exception of 2016 when it saw double digit growth. In 2017 it cooled off, but still remains above the Linear Average Sale Price. From 2000 to 2017 home prices in Phoenix Zip Code 85018 have increased at 9.33% annually, (Non-compounded). At this time it would appear that home prices in 85018, from a linear average sale price perspective, seem to be a little high. The higher than average home sale price numbers might be explained by the very high number of Complete Remodels and New Builds in the Arcadia area. Many buyers today, especially in the Luxury Home Market, prefer "Move in Ready" homes that are either new or have been completely remodeled.
To see all the details download the PDF copy of our report.

The 17 year history of home prices for zip code 85253 17-year history of home prices in Paradise Valley Arizona 85253

PV Arizona zip code 85253 is best known for The Town of Paradise Valley. During the bubble years of 2004 - 2006 home prices in 85253 increased by 80%. These year after year double digit increases were not sustainable. The Town of Paradise Valley is the most expensive area in the state of Arizona and the years of the crash were slightly different than the rest of the Metro Phoenix Area. Prices began falling in 2007 and turned into double digit drops in 2009 which continued till 2011. During this period home prices dropped by 43%. By 2011 prices had bottomed out and since they had swung too far in the negative direction, during the comeback of 2012 - 2013 prices increased by 23%. Since 2013 home prices in 85253 have increased steadily but are closely following the long-term Linear Average Sale Price. From 2000 to 2017 prices in Paradise Valley Zip Code 85253 have increased at 3.78% annually, (Non-compounded). At this time there does not seem to be any indication of a housing bubble in zip code 85253.
To see all the details download the PDF copy of our report.

Metro Phoenix Economic Snapshot - August 2017

How is Real Estate in the Metro Phoenix area doing? The last three homes I listed for sale were under contract within the first week. It has also been challenging to help our buyers and renters find nice properties this year that were not overpriced. You might think those results are typical considering the fact that Realtor.com predicts the Metro Phoenix Housing Market will be the #1 market in the US in 2017. But the real estate market is a little more complicated than that. There are areas of town where about 50% of the homes listed for sale are sold within the first 30-days. In a hot area like that, you do not want to be part of the 50% that did not sell because buyers and agents assume something is wrong with the home if it has been for sale more than 90-days. There are also areas of town where about 50% of the homes listed for sale expire unsold after 12 months. If you are serious about selling your home you really do not want to be in that position either. The price, condition, and marketing are all very important factors in selling a home quickly and getting a good price for it. We take advantage of extensive Pre-MLS marketing, recommend painting and other improvements to get it ready to sell, and work with our clients to develop a pricing strategy to achieve the results they desire. Please feel free to contact me with any questions.

Your home is likely your most valuable asset, therefore you probably want to know how the Real Estate Market is doing even if you are not interested in selling right now. One of the many services we offer our clients is preparing reports every year on the real estate in Arizona and the Metro Phoenix Economy. We also publish more specialized reports by zip code or subdivision. Our most current report for the Metro Phoenix area is above.
Please feel free to contact me any time to get a detailed report on the zip code or subdivision you live in.

June 2017 Every part of the Metro Phoenix area is different, so to give you an example of a pretty big slice of it we ran almost 100 CMA's for eight zip codes along Scottsdale road from the 202 Freeway in the South to the 101 Freeway in the North. Here are charts on 8 zip codes from 85257 in the South to 85254 and 85260 in the North. The bottom of the market, (lowest prices), for all 8 of these zip codes was 2011. From 2011 - 2017 all of the zip codes have seen a significant increase in sale prices, so if you purchased between 2010 and 2012 for investment purposes now might be a great time to take your profits. We are selling properties for an investor now and doing very well for him. From 2011 - 2017 all eight of the zip codes increased in price, but from 2007 - 2017 only four of the zip codes saw price increases. The main reason for price increases in those four zip codes is full home remodels and new build activity in those areas. Many buyers today are looking for new or completely remodeled so it is not surprising that areas with the most remodeled homes are doing the best percentage wise. Here are the eight zip code charts with prices from 2007 - YTD 2017 plus a few notes for each area. We started with 85257 in the South then headed North along Scottsdale road to the Kierland and Scottsdale Airpark area.

South Scottsdale zip code 85257 85257 Real Estate Chart

Prices for single family homes in 85257 are up 9% since 2007 and up 127% since 2011. This is primarily due to the large number of remodels going on in this area as well as the jobs at ASU's Skysong and the popularity of downtown Scottsdale just to the North.

Arcadia zip code 85018 85018 Real Estate Chart

Prices for single family homes in 85018 are up 10% since 2007 and up 106% since 2011. This is primarily due to the tremendous number of very high end remodeling occurring throughout this area as well as the the popularity of Arcadia. 85018 is one of the hottest real estate zip codes in the Metro Phoenix area. For more information on 85018 click here

Arcadia and Downtown Scottsdale zip code 85251 85251 Real Estate Chart

Prices for single family homes in 85251 are up 9% since 2007 and up 111% since 2011. This is primarily due to the tremendous number of very high end remodels in the Arcadia portion of this zip code. 85251 is home to part of Arcadia as well as downtown Scottsdale, (formerly Old Town Scottsdale). This report focus only on single family detached homes, but 85251 is home to some of the best Luxury Condos in Arizona. For more info on Scottsdale Luxury Condos Click here. or For more information on 85251 click here

Scottsdale zip code 85250 85250 Real Estate Chart

Prices for single family homes in 85250 are up 21% since 2007 and up 106% since 2011. 85250 is becoming an increasingly popular alternative to Arcadia and Paradise Valley due to its close proximity to both and all of the amenities along Scottsdale road from Downtown Scottsdale to Lincoln Road. There are a number of multi-million dollar sales in this zip code between Scottsdale Road and the canal, North of Vista and South of Lincoln Rd.

The Town of Paradise Valley zip code 85253 85253 Real Estate Chart

Prices for single family homes in 85253 are down 20% since 2007 and up 39% since 2011. Buyers today are often looking for homes that have been completely remodeled within the past two years and since many of the resale homes in the Town of Paradise Valley have not been remodeled in more than 10-years it is not as popular for resale homes as Arcadia is today. There are two major new developments; Mountain Shadows and the Ritz Carlton, plus several smaller infill developments. Those new home developments are doing well. Until doing major remodels become popular again on older homes in 85253, growth in sale prices will likely see slower growth than other areas. Location, Lot Size, and Views are all big selling points for homes in the Town of Paradise Valley. For more information on 85253 click here

The Hankerson Team Report: November 2017 (click for the PDF version)
The McCormick Ranch Neighborhoods of Cochise Elementary School The McCormick Ranch Neighborhoods of Cochise Elementary School
McCormick Ranch, Scottsdale Ranch, Gainey Ranch, & Paradise Farm zip code 85258 85258 Real Estate Chart Prices for single family homes in 85258 are down 17% since 2007 and up 44% since 2011. 85258 is dominated by well run HOA's which can make major remodels more difficult. The price point for homes in 85258 is also higher which reduces the number of people doing remodels in this area. With that said, 85258 is both centrally located and a very desirable part of town to live in, so homes that have been remodeled recently are selling very quickly and even homes that have not been remodeled in 20-years are selling fast as long as they are clean and priced accordingly. Golf Courses, Lakes, Green Belts, Jobs, Schools, and the 101 Freeway are all big selling points in 85258. For more information on 85258 click here
Scottsdale Airpark, Cure Corridor, West World zip code 85260 85260 Real Estate Chart Prices for single family homes in 85260 are down 21% since 2007 and up 50% since 2011. 85260 is home to the Scottsdale Airpark, the Scottsdale Quarter, West World, and some businesses in the Cure Corridor. The 101 Freeway make it easy to get to all the jobs in 85260 and also allows residents of 85260 to get pretty much anywhere else in the valley quickly as long as it is not rush hour. Older homes with larger lots dominate 85260 west of the 101 freeway and newer homes in HOA's dominate the east side of the 101 freeway. There are also a number of large horse properties along Cactus road.
Kierland zip code 85254 85254 Real Estate Chart Prices for single family homes in 85254 are down 4% since 2007 and up 67% since 2011. 85254 is home to Kierland a one of a kind walkable urban environment combined with the resort amenities of the Westin Kierland Resort and Spa and the Kierland Golf Club. The larger lot size of the homes south of Cactus Road make it a more affordable alternative to 85253 and all the newer homes in the Kierland area are new enough that significant remodeling is not required yet. It's therefore not surprising that the pricing is almost back to the 2007 levels. This report focus only on single family detached homes, but 85254 is home to some of the best Luxury Condos in Arizona. For more info on Scottsdale Luxury Condos Click here. or For more information on 85254 click here

 

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January 2017 Metro Phoenix Economic Snapshot

Coldwell Banker is #1 in the Southwest and the US