by Dru Bloomfield on April 19, 2009
Scottsdale is one of those long, skinny towns that has very definite north, south, and central neighborhoods. Prices tend to increase, from south to north.
Today, I’ve created some charts (with the help of Altos Research) to show the current differences in these varying markets.
Current median list price for South Scottsdale (85257) has dropped down to just over $200K. While the area just north of downtown Scottsdale (85250), the median listing price is now running about $375K. The area around McCormick, Gainey, and Scottsdale Ranches (85258) has not see a drop in listing price. To the north, where DC and McDowell Mountain Ranches are located in zip code 85255, median listing prices have hovered right around the $1 million dollar range.
In this next chart, you can see that in all areas have really experienced a reduction in price, if you look at it from a median price per square foot basis. South Scottsdale has taken the brunt of this depreciation.
Although the northern part of Scottsdale has kept its listing prices high, inventory has actually increased slightly, where as in the other zip codes to the south, fewer homes are now available for sale.
Finally, pricing really does have an impact on how long it takes to sell a home. As you can see here, in 85255 and 85258, it is taking longer and longer to sell a home. However, in downtown and South Scottsdale, you are seeing a plateauing of days on market, or the number of days it takes to sell a home.
Scottsdale’s real estate market has not been as impacted by foreclosures as many of the other areas around Phoenix. Also, the majority of the homes on the market in north Scottsdale do not qualify for FHA financing or fall into the jumbo loan category, and with the tightened mortgage market, there has been an impact, resulting in a slower market.
Move-up buyers have been sitting on the sidelines waiting to see what is going to change. However, once there’s an increased level on confidence in the real estate market and our economy, I do think that we will see an increased number of home sales. Owners who purchased prior to the market run up, with equity in their homes, will decide that selling their current home in today’s market will give them the opportunity to buy up. Lower home prices and the lowest interest rates in years will drive this change. It’s bound to happen, it’s just a matter of when.
by Dru Bloomfield on November 13, 2008
Believe it or not, you can buy real estate in Scottsdale for under $100,000, especially in today’s market. Granted there are not many homes in this price range, when compared to the whole Scottsdale market, but they are available. Twenty eight homes, primarily condos, have sold in the city at these entry level prices, since the first of the year. Most are located in the southern part of the city, but a few are further north, in McCormick Ranch.
Scottsdale Homes Sold in 2008 for $100k or less
Here are a few of the details:
| Type |
# Sold |
Avg. Size |
Avg. Price |
| Coop |
5 |
683 sf |
$ 52,760 |
| Condo |
18 |
703 sf |
$ 84,344 |
| Townhouse |
3 |
893 sf |
$ 95,600 |
| Patio Home |
1 |
624 sf |
$ 75,000 |
| Manufactured Home |
1 |
648 sf |
$ 99,900 |
| Detached Single Family |
0 |
- |
- |
Most of the condos and townhouses are in Belcara at McCormick Ranch (85258) and Woodland Springs (85251), with others in Ciento, Rancho Antiguia, Summerfield, Hallcraft Villas, and Quail Point.
As of today, three homes listed at $100,000 or less are under contract, and 48 more are on the market. The average time to sell since the beginning of the year has been 110 days, but in looking at just the past three months, the average has dropped to 74 days. Still, we have a significant inventory in this price range.
Prices for single family homes are starting at $121,000 today. In my next market report, I’ll focus on the homes price between $100,000 and $200,000, since that is where most first-time home buyers are looking.
by Dru Bloomfield on October 20, 2008
Here are the latest Altos Research real estate market updates for all Scottsdale zip codes. These freshly updated reports are in a one page executive summary format. If you’d like the more detailed report for your zip code that includes an overview for the whole of Scottsdale, please call or email me.
This week’s update:
85262 – Listing prices have been decreasing. Days on market is increasing. Inventory is decreasing.
85266 – Median list price steady. Days on market and number of homes available increasing.
85255 – Median list price and days to sell are holding steady. Inventory tightening.
85260 – Median list price steady. Days on market increasing. Inventory tightening.
85254 – List price trending down. Days on market and inventory are increasing.
85259 – Listing prices and days on market are holding steady. Number of homes on market is decreasing.
85258 – Listing prices are holding steady. Days on market up. Inventory down.
85250 – List prices trending upward. Days on market decreasing. Inventory tightening.
85251 – Listing prices trending upward. Days on market decreasing. Inventory decreasing.
85257 – List prices holding steady. Days on market increasing. Inventory decreasing.
Assessment: Northern Scottsdale, particularly in the 85259, 85260, 85255, and 85266 zip codes, are still experiencing a market that heavily favors buyers, while activity in southernmost Scottsdale (85257) is holding steady with the improvements we have seen over the past several months.
by Dru Bloomfield on October 12, 2008
by Dru Bloomfield on October 12, 2008
