A couple days ago, I wrote a post, Scottsdale Home and Condo Price Update, where the charts showing home prices looked like they were in a free fall. In fact, one of my colleagues at Phoenix Market Trends, commented that it looks “like the median price trend line would be a good hill to ski down, FAST!”.
And it did look like pretty significant, in that particular chart.
I decided to take a look at several of the cities that comprise the Phoenix Metropolitan area, to see how Scottsdale stacked up. Somewhat, arbitrarily, I chose the cities of Phoenix, Scottsdale, Cave Creek, and Queen Creek. As you can see, Phoenix and Queen Creek, median home listing prices have dropped much more significantly over the past year, especially when viewed in terms of percentages. Scottsdale and Cave Creek home median listing prices have decreased approximately 2%, while Phoenix and Queen Creek are closer to 25%.
While it may have appeared in my prior post that Scottsdale home listing values were dropping fast, when put in perspective, Scottsdale has been weathering this storm pretty well.
Please note: Altos Research Corp. reports real-time analysis of the residential real estate market using information based on properties currently listed for sale and available publicly through services like the local multiple listing service. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such.
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Dru,
This seems to be the key, a comparison of Scottsdale against the rest of the valley. It does put things in perspective. I did a focus on the zip code 85018 which is in Phoenix. While Phoenix declined as a whole this zip code increased over 2007.
Artur, Your comment about 85018 really does demonstrate that real estate is local, too. The Arcadia district (in 85018) is one of those close in neighborhoods with larger yards. Older area that’s been highly renovated. Not cookie cutter, at all! Beautiful area and highly desirable.