March 2013 Real Estate Market Report

March 2013 Real Estate Market Report

We will hit the numbers real quick and show you “what’s new – new homes subdivisions in the north east valley”

Inventory of Single Family Homes Down 3.4%
Pending Homes increased 7%
Single Family Homes Closed in February increased 14.4% from Jan but down 10% from last year
New Sales in February were up 1.7% but down from last year by 13%
New listings down 9.6% from January and down 2.8% from last year
Average price per square foot was up 2.4% from January and up 28.7% from last year

Low inventory = increased values and lower quantity of home sales.

So What’s New?

I think we all know about Toll Brothers at Windgate Ranch and Montivista. There are the Pulte and D R Horton homes over in the Desert Ridge area. But what’s new and Hot is Lone Mountain.

This subdivision sits in the section of land NW of 64th Street and Lone Mountain. This story is interesting. You see the State Sold this land back around 2000. But it was tied up in law suits for a decade. Isn’t that crazy. Well, they missed the up and down and are able to put a product up for sale that is new at today’s values.

What builders are at Lone Mountain? Pulte, Lennar and Taylor Morrison

This is a great product on huge lots, 90×130. The home sites back to open space and some offer nice views of black mountain. Talyor Morrison offers 5 single level floor plans from 2,691 to 3,814 square feet and priced from $445,990 to $496,990.

They all offer a minimum of 3 car garage. However, with these huge lots 4 and 5 car options are available. Most offer up to 5 bedrooms and play room(s). All the floor plans are great room, so no wasted formal living rooms!

I can’t wait to see this product built over by Desert Ridge and City North. It would sell like Hot Cakes in those areas. Too bad there is no real land in Scottsdale to build a development like this. Well there are 2 sections of land NE of Happy Valley and Scottsdale Road and the other is NE of Hayden and Jomax. The city has designated those preserve, but the state is not on the same page.

This is your Real Estate Market report for March 2013, The Cameron Team keeping you informed. Please remember, builders require that we, YOUR Realtors, accompany you the first time you visit a new home subdivision and register. Never think you are bothering us, call anytime and one of us will meet you.

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