Altos Research’s Market Action Index is a proprietary calculation that gives you an idea of the real estate market and whether it favor buyers or sellers. In their metric, an index of 30 or more is a seller’s market.
North Scottsdale
In North Scottsdale, all areas are still tilted in favor of the buyer. For now, the zip code to watch is 85266 since activity has been increasing steadily throughout the year. This new zip code encompasses the areas of the city that are north of Jomax, west of Pima Road, and south Cave Creek and Carefree. On the map below, the area is highlighted in darker yellow.
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Mid-Scottsdale
In central Scottsdale, the market is improving for sellers in the 85254 and 85258 zip codes. The area in 85254 is unique in that homes have a Scottsdale address, while actually residing and receiving services from the City of Phoenix. The communities that primarily comprise 85258 are McCormick, Gainey and Scottsdale Ranches. On the map above, these two zip codes are noted in orange and turquoise.
South Scottsdale
Once again, the area in zip code 85257 is showing that the area is rebounding more quickly than others in the southern part of the city. The red area in the map shows the location of these homes, with excellent freeway access and close proxmity to the university and airport.
The data goes to show you that real estate is really local. Even in the cases of declining markets, you can find desirable neighborhoods where homes hold value well and sell quickly, while contradicting the general trends of the larger area. For now though, it is safe to say that our real estate market still favors buyers, and that some areas of Scottsdale may recover more quickly than others. Let’s hope that these positive trends continue toward a more balanced market continue.
Have a great weekend!
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Today’s Real Estate Update for Scottsdale – Zip codes 85257, 85258, 85254, and 85266 are trending to more balanced market http://is.gd/8yIP