While prices are definitely on the rise in South Scottsdale, home appreciation in Central Scottsdale is a mix of holding steady and slightly on the rise.
In the McCormick and Gainey Ranch areas (Scottsdale 85258), the average home sales price per square foot has held steady since the beginning of the year.
Moving a north of Shea and west of Scottsdale Road, Scottsdale 85254 (“the magic zip code”) is definitely seeing a resurgence of home sales price. Minimal, but still notable.
Just east of the 101 Freeway in Scottsdale 85260, the average home price per square foot is definitely on the rise, moving from $146/sf in January 2012 to $155/sf in June. Six percent appreciation over 5 months, which equates to almost 15% on an annualized basis.
However, moving even farther east to Scottsdale 85259, you see that home prices are just holding steady in this area of much larger homes, with higher price tags.
The lower priced end of the market is still leading the way, and over time, I suspect, that we will see even more appreciation in the middle and upper prices ranges of the Scottsdale real estate market.