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Scottsdale

Scottsdale Real Estate Market Update – Home Price, Size and Age: What’s the difference between North and South Scottsdale?

by Dru Bloomfield on January 27, 2010

When home buyers arrive in Scottsdale, they often come with opinions about what part of town they want to live in.  Friends or family will say that they should only live in North Scottsdale, where the newer homes are, or they should find something downtown, close to all the restaurants and night life.  Regardless of the local knowledge that they’ve received, buyers quickly see that North Scottsdale, South Scottsdale, and the area they surround all have personalities of their own.  In addition to home prices varying widely, home size and age is also very different.

To give you some sense of the differences, I’ve broken the city down into 3 areas that are defined on the following map.  The red circle encompasses what I will call North Scottsdale, and the purple circle includes South Scottsdale, downtown, and neighborhoods north to Indian Bend Road.  In between, you will find many of the “ranches”, including Scottsdale, McCormick, and Gainey Ranch. (For today, I’ve left out Scottsdale 85254, since this area is mostly located in the city of Phoenix.)

Scottsdale-zip-code-map-regions
In all of the charts you will see below, the light blue line is the average for all of Scottsdale.  The other lines will denote the various zip codes in Scottsdale.

North Scottsdale: 85255, 85262, 85266

Mid Scottsdale: 85258, 85259, 85260

South Scottsdale: 85250, 85251, 85257

The information I’m providing you is taken from homes currently on the market, not all of the homes in the given geographical area.  It will give you an idea of the differences based on the inventory of single family homes for sale in Scottsdale over the past 3 months.

Average Price per Square Foot

The average price per square foot for a home for sale in Scottsdale is currently $260 per square foot.

south-scottsdale-price-sf-jan10

In South Scottsdale, home prices vary from $120 to just over $200 per square foot.

mid-scottsdale-price-sf-jan10

In central Scottsdale, prices currently average $200-245 per foot, while in the northern parts of the city, prices average $260-330 per square foot.

north-scottsdale-price-sf-jan10

As you can see, there has been a steady, gradual decline in home listing prices pretty much through the city over the past 90 days.

Median Home Age

The average age of a home on the market in Scottsdale is surprisingly just under 15 years. south-scottsdale-home-age-jan10

In the southernmost part of the city, homes for sale are older, with a median age of 50 years, while in the area just north of downtown Scottsdale, the median age is closer to 35 years old.

Further north, the median age of homes for sales in the McCormick and Gainey Ranch areas (85258) is 24 years, while to the north (85260), homes are in the 21 year range, and to the east (85259) towards Fountain Hills, the median age drops dramatically to 13 years.

mid-scottsdale-home-age-jan10

In the northern reaches of Scottsdale, the median age of homes for sale ranges from 8-11 years.

north-scottsdale-home-age-jan10

As you would expect, these numbers are pretty static in all zip codes.

Median Home Size

When it comes to home size, the differences between the areas are even more striking.

The median home size in Scottsdale is just over 3200 square feet.  However, in South Scottsdale the median home size is closer to 2000 square feet.

south-scottsdale-home-size-jan10

In central Scottsdale, the median home size varies considerably more, from a median of 2600 square feet for homes between Indian Bend and Bell Roads (85258 and 85260), and jumping  to 3800 square feet east of that area (85259).

mid-scottsdale-home-size-jan10

In North Scottsdale, homes for sale in all zip codes are considerably larger than the city median, ranging from 3600 to 4300 square feet.

north-scottsdale-home-size-jan10

What’s it all mean?

In South Scottsdale, the homes for sale are smaller, quite a bit older, and less expensive. Think affordable. First-time home buyer. Investment. Rental.

In North Scottsdale, homes are much larger, typically built in the past 10 years, and cost considerably more than the Scottsdale average.  Think luxury. Vacation home. Golf get-away. Desert living.

Then, there’s the middle of Scottsdale playing in with the rest of the picture for a diverse Scottsdale home market, providing a little something for anything thinking of buyer in Scottsdale.

Data Source: Altos Research

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Scottsdale Real Estate: Some Core Statistics

by Dru Bloomfield on December 7, 2009

It’s been awhile since I checked out the Cromford Report stats for Scottsdale real estate.   I think we are looking for some sign of sustainable, positive change, but for the most part, I think many would agree that holding steady is a welcomed change!

Depending on whether you look at short-term or long-term numbers, there are 9-11 months of inventory (properties for sale) in the city of Scottsdale.  

Scottsdale-real-estate-inventory

The following definitions will help you see the difference between the short and long-term view:

Days Inventory Based on Annual Sales – The number of days it would take to sell all the currently active listings based on the rate of sales over the last year.

Days Inventory Based on Monthly Sales – The number of days it would take to sell all the currently active listings based on the rate of sales over the last month.

It’s important to look at both of these figures, because the monthly sales figures can be inflated or deflated depending on the time of year.  For example, our numbers in November typically taper off, but this year, they were buoyed by the anticipated end of the 2009 First-Time Home Buyer Tax Credit.

Moving on to look at Market Demand, you can see that the landscape is gradually improving.  Supply is still a bit high.  Demand is improving. But, overall the real estate sales environment in Scottsdale appears to be moving in a positive direction.

Scottsdale-real-estate-supply-demand

The definitions the indexes in the chart above are:

Cromford Demand Index™ is a value that provides a short term forecast for the demand position within the market. It is derived from the trends in pending and sold listings compared with historical data over the previous four years. Values below 100 indicate a weakness in demand, while values above 100 indicate a stronger than normal demand. A value of 100 indicates a balanced market.

Cromford Market Index™ is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer’s market, while values above 100 indicate a seller’s market. A value of 100 indicates a balanced market.

Cromford Supply Index™ is a value that provides a short term forecast for the supply position within the market. It is derived from the trends in active and sold listings compared with historical data over the previous four years. Values below 100 indicate a shortage of supply, while values above 100 indicate an excess supply. A value of 100 indicates a balanced market.

Price per square foot is one of the truest indicators of home pricing. As you can see here, price continue to depreciate in Scottsdale, but the city has not been hit nearly as hard as many of the other parts of the Valley.  Looking at the monthly averages, you can see that possibly we are at a plateau in average sales price per square foot.

 Scottsdale-avg-price-sf-homes-for-sale

I’d like to make a big conclusion about where are going from here, but for now I will just say "It is, what it is."  One thing I do believe is that the worst is behind us.

Data Source: Arizona Regional MLS/ Cromford Report

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Scottsdale: Where Solar is Easy

by Dru Bloomfield on November 13, 2009

From the City of Scottsdale:

When it comes time to install a new solar system, the local permitting process can be a difficult bureaucratic headache.  Or it can be a walk in the park . . . a Scottsdale park.

Vote Solar, a nonprofit organization whose mission is to bring solar to the mainstream, named Scottsdale one of the top five best cities for solar permitting.  Vote Solar cited Scottsdale as one of the best for a variety of reasons:  Vote Solar cites the “best practices” fee of $250 per permit – Scottsdale’s typical charge is $148.  In addition, Scottsdale issues most permits “over the counter” – meaning people can get it with no wait.  Lastly, people can submit plans and purchase the permit online.

For more information about Scottsdale’s solar efforts or this recognition, contact Senior Plans Examiner Dustin Schroff at (480) 312-7762 or dschroff@ScottsdaleAZ.gov, or visit the City of  Scottsdale’s Green Building Program page.

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Scottsdale Water Rate To Increase

by Dru Bloomfield on October 30, 2009

From the City of Scottsdale:Starting in November, you’ll notice an increase in your water rate.  Overall water fees will increase 2.5 percent, raising the typical customer’s bill by 88 cents.  The Scottsdale City Council approved the increase after public hearings last spring.  For questions about water rates, call (480) 312-5685.

Photo Credit: Randy Son Of Robert

  

By the way, all Scottsdale homes are not serviced by the City of Scottsdale.  The American Water serves a band of homes in the area surrounding McDonald Drive.  Another small percentage of homes in North Scottsdale are either on wells, or have water hauled in by truck and stored on the property.

As a Scottsdale home seller, you are obligated to share this information in the Residential Seller’s Property Disclosure Statement you complete when you list your house.

Of the 4,462 homes on the market in Scottsdale today, 4% have water sources other than the city, so while the number is few, you would definite want to know the quality, availability, and cost of water before completing your hyome purchase.  If you do buy a bank-owned home, or the seller disclosure is not provided for some other reason, BE SURE to do your research ahead of time.

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How long is it taking to sell a house in Scottsdale?

by Dru Bloomfield on October 14, 2009

“How long  will it take to sell my house?”

I can count on this question in every listing appointment. And the short answer is, “Depends”.

Depends on:

  • Where your house is located
  • How you price it
  • What kind of condition it’s in
  • And a host of other external factors that buyers and sellers don’t have direct input into, like interest rates, tax incentives, consumer confidence, …..

Today, I’ve pulled some Altos Research housing data, to show you how long homes have been listed for sale in Scottsdale.  In this first chart, for the whole of Scottsdale, you can see that number of days on the market peaked in July and has started a steady downward trend.

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However, we all know that real estate is local, so I’ve done a quick comparison of the Median Days on Market for several Scottsdale zip codes.

First, from the southernmost part of the city, Scottsdale 85257, time to sell a house didn’t start decreasing until the September.

Scottsdale real estate 85257 - Median Days on Market - Single Family Homes

In Scottsdale 85258, where McCormick and Gainey Ranches are located, Days on Market matched the same pattern as the City of Scottsdale and started decreasing in July.

Scottsdale real estate 85258 - Median Days on Market - Single Family Homes

The same trend is true for Scottsdale zip code 85255, home to McDowell Mountain and DC Ranches, as well as Grayhawk.

Scottsdale real estate 85255 - Median Days on Market - Single Family Homes

However, moving northward toward Carefree and Cave Creek, you can see that the zip code 85266, home to many luxury homes and the community of Terravita, the number of days to sell a house still has not peaked.

Scottsdale real estate 85266 - Median Days on Market - Single Family Homes

When it comes times to sell your home, you will want to look a lot closer at statistics in your neighborhood.  Some subdivisions sell much more quickly than others, so it’s imperative you have a good sense of what is going on close to home, as well as in the surrounding areas.  Armed with current and relevant data, you and your agent can then price your house to sell, know just how long it might take.

Related Links – More Scottsdale Real Estate Statistics

To take a look at what is going on currently (as of the day your are reading this post), you can look at the following reports for the city of Scottsdale and then for each Scottsdale zip code:

Scottsdale Real Estate Statistics – Single Family Homes

  • 85262 – North Scottsdale including Desert Mountain, north of Jomax and east of Pima Road
  • 85266 – North Scottsdale including Terravita, north of Jomax and west of Pima (new zip code as of 7/1/2007)
  • 85255 – North Scottsdale, including DC Ranch, Grayhawk, and McDowell Mountain Ranch
  • 85260 – North Scottsdale, between Shea Boulevard and Bell Road
  • 85254 – Scottsdale address, but located in City of Phoenix. North of Shea and South of the aqueduct.
  • 85259 – North Scottsdale, mostly east of 104th Street and west of Fountain Hills
  • 85258 – Central Scottsdale, including McCormick Ranch and Gainey Ranch
  • 85250 – Central Scottsdale, between Chaparral and Indian Bend Roads
  • 85251 – Downtown / South Scottsdale, between Chaparral and Thomas Roads
  • 85257 – South Scottsdale, south of Thomas Road to the Tempe border

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Scottsdale Electronics Recycling Day – October 10th

by Dru Bloomfield on September 27, 2009

monitors

Have some out-dated, obsolete electronic gear that needs to be recycled?  The city of Scottsdale does a great job at setting up these events. 

Load your car.  Head towards 90th Street and Via Linda.  Follow the signs.  When you get to the city’s yard, city employees will unload your car, and you will be on your way, probably in less than 5 minutes. All of the city recycling events are efficient and well managed.

You will probably see one of the biggest piles of old TVs and monitors ever!

Details:

Date: October 10th, between 7:30 am and 2 pm

Location: Corporation Yard, 9191 E. San Salvador Dr. 

Why?

Electronics make up the bulk of the waste that threatens the environment because of the potentially dangerous elements contained within them.  Recycling these items prevents them from reaching landfills . . . and creates less waste and provides usable items to organizations that can recapture their value. 

What kind of electronics are accepted?

  • Computers/Peripherals: PC’s, Printers, Keyboards, Scanners, Mice, Monitors, Circuit Boards and Hard Drives.
  • Office Equipment/Products: Telephones, Cell Phones, Answering Machines, Pagers, Typewriters and Calculators.
  • Entertainment Equipment: Cameras, Televisions, Recorders (VHS and DVR) DVD Players and Stereo Equipment.

Need more info? 

Call (480) 312-5600 or check out the  City of Scottsdale’s Recycling information.

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