Hello and thanks for tuning in. This is my March real estate market report for Metro Phoenix, Scottsdale and McDowell Mountain Ranch.
Oh my, What a Beautiful Day it will be today. I noticed NY cancelled their Opening Day for Baseball due to cold rainy weather. Any of you in cold climates, we can set you up with a vacation home, retirement or investment property. Nothing like an investment property to give you a great reason to visit AZ and be able to write it off! Or what the heck, join us here and relocate to AZ.
What’s happening in the world of Real Estate?
3-D tours are on the verge of booming. Check out my video from March to learn more, there should be a link below. We love Cutting Edge Marketing to give our seller’s the UnFair Advantage! We are bringing you 3-D first as we did with Drone video, video tours and video blogging.
Now, let’s review our Real Estate Market here in Metro Phoenix, Scottsdale and McDowell Mountain Ranch?
Every month when I talk about the price per square foot in small market samples, I state that it can be very erratic based on the the low number of sales and the product mix. You know, how many entry level and how many luxury homes are selling. So I thought I would do a 3 month moving average and give you a better example.
First, looking at McDowell Mountain Ranch. Comparing this month to last year and last month we are up 6% and 2% respectively. But when we look at a 3 month moving average we see down 2% from last year and down 1% from last month. I tried a 6 month moving average and got similar results. Moving averages even things out so you don’t have huge spikes.
Looking at the neighborhood at Tatum and Bell in Phoenix, we are down 4% from last year and down 11% from last month. On the contrary, when looking at the moving averages we are up 9% from last year and down 2.5% from last month.
What is this telling us?
Looking at both neighborhoods we see buyers willing to pay extra and sometimes a lot extra for “turn key,” for recent remodels in today’s styles, for views and lot positions. We also see the market penalizing homes for poor upgrades, locations or other negatives. It is so weird to hear a buyer say, “that is so 2008” or “I don’t want the Tuscan Look.”
In McDowell Mountain Ranch, million dollar home sales can spike the averages. Overall values are kind of flat, but nice homes are selling for high premiums.
Let’s look at some quick examples in MMR of the same floor plan by the same builder with a pool. Last May we have 2 closings one at $338k and another at $415k. Then, just last November we have the same floor plans selling at $387k and $417k. I will put the links at the bottom so you can see the photos of each.
We see a similar trend at Tatum and Bell. When looking at the same floor plan by the same builder here is what I see. Last spring average homes were selling at $240 and $255k. However, a completely remodeled in today’s styles home sold for $272K. This spring the average homes are at about $262k and a remodeled home closed at $280k. It was not as nice as the one that sold last year. There is another Pending at $289k and 1 available at $300k. The market is pushing higher.
Let’s look at the numbers for April 1, 2016 from ARMLS for Single Family Homes(Difference is due to no condos etc..) in Metro Phoenix, Scottsdale, McDowell Mountain Ranch, and Tatum and Bell:
- Metro Phoenix 18,412 down 4% from last year, up 0% from last month.
- Scottsdale 2,620 up 14% from last year, up 3% from last month
- McDowell Mtn ranch 59 up 7% from last year, down 6% from last month
- Tatum and Bell 17 up 55% from last year, down 6% from last month
- Metro Phoenix 10,508 up 4% from last year, up 1% from last month
- Scottsdale 746 up 9% from last year and up 3% from last month
- McDowell Mtn ranch 28 down 3% from last year, down 26% from last month
- Tatum and Bell 20 up 54% from last year, up 18% from last month
- Metro Phoenix 7,003 up 8% from last year, up 49% from last month
- Scottsdale 471 up 2% from last year, up 47% from last month
- McDowell Mtn ranch 27 up 35% both from last year, up 80% from last month
- Tatum and Bell 9 flat from last year, up 0% from last month
- Metro Phoenix $134 up 7% from last year, up 0% from last month
- Scottsdale $220 up 4% from last year, up 1% from last month
- McDowell Mtn ranch $244 up 6% from last year, up 2% from last month
- Tatum and Bell $151 down 4% from last year, down 11% from last month
- New listings 7,157 up 6% from last year, down 4% from last month
- Sold Last Month 7,070 down 9% form last year, up 1% from last month
- Months supply of homes
- 6 month supply comparing Active to Closed
- 6 month supply compared to Sold (new sales for the month)
We are in season and homes are selling. Sales are up and so are average prices.
Are you thinking of buying or selling a home? Would you like to see the best newest Cutting Edge technology in selling homes to Net you the Most in the sale of your home?
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