2024
REAL ESTATE MID-YEAR MARKET UPDATE
FOUNTAIN HILLS, RIO VERDE AND FORT MCDOWELL
With over $96 million of homes sales priced over $1.5 million YTD, Fountain Hills is clearly one of the valley leaders in luxury home sales.
2024
REAL ESTATE MID-YEAR MARKET UPDATE
FOUNTAIN HILLS SUMMARY:
At mid-year, Fountain Hills has seen 360 sales of all homes at an average price of $861,560, an increase of 7.4% compared to $802,183 June 2023 Y-T-D. While the 360 sales represent a 4% decrease from last year’s 375 sales, the average days on market has also decreased 10% to an average 66 days on market. Total Inventory has increased 5.4% over 2023 levels, with 157 units on market July 1, 2024, still considered to be historically low.
The most active price category of sales in Fountain Hills so far this year is $750,000-$1.5 million, with 122 sales YTD compared to 94 in 2023. Home sales over $1.5 million also increased 15% with 37 sales ... 20 of those over $2 million. The number of home sales priced under $750,000 declined Y-O-Y by 19% compared to mid-year 2023 despite the fact that inventory remained static. Many sales of homes and condos in this category traditionally appeal to investors and second home buyers and are interest rate sensitive.
The Fountain Hills Luxury Market continues to chug along as well! There are, essentially, two distinct categories of Luxury Home sales: Adero Canyon and everything not in Adero Canyon. While the majority of luxury activity is not within Adero Canyon, you cannot discount the 19 sales made year to date within the community at an average price of $1.6 million for a total $30.7 million in volume. Compare that to the other 27 homes sold within Fountain Hills at an average of $2,431,723 (for all homes over $1.5 million) or $65.6 million. With a total of $96.3 million YTD over $1.5 million, Fountain Hills is clearly one of the valley leaders in luxury home sales.
Overall, the Fountain Hills market is quite strong and is still squarely in a Seller’s Market. The Cromford Reports, based on Multiple Listing Service data and which we rely on for valley-wide information, has posted Fountain Hills as one of the Top Five strongest “seller” markets so far in 2024 for Maricopa County.
FOUNTAIN HILLS TRIVIA: The average price of a Fountain Hills Home 10 years ago: $413,428 – less than half of today’s price of $861,560!
ALTERNATIVE TRIVIA: When and where was the first sale over $2 million in Fountain Hills?
ANSWER: March 30, 2004 on Horizon Trail in FireRock Country Club.
RIO VERDE SUMMARY:
The planned communities of far, northeastern Maricopa County include Rio Verde, Tonto Verde and Trilogy at Verde River. Just a short 12 minutes north of Fountain Hills, these golf-oriented communities provide not only fabulous golf, but also pristine Sonoran Desert views that include the Mazatzal, Superstition, McDowell and Continental Mountain ranges. The Verde River is also part of this scenic wonderland.
While some homes within these communities can be up to 45 years old, you’ll also find homes currently being built by Shea Homes and all ages in between. Yet all of the homes, regardless of age, offer casual southwestern architecture, open floorplans and backyards that beckon you to enjoy the outdoors. Older homes are often delightfully updated. Each community features a private country club with a variety of amenities between them as well as varying levels of clubstyle golf.
A little sister to the Fountain Hills market, the areas provide a wide range of prices from the $400’s to well over $1 million.
During 1st half 2024, 94 homes averaging 2,441 sq ft sold for an average of $943,000 ... or $385/ft.
Yet, to break it down between communities is interesting, especially given the quality and lifestyle offering of the homes in each development.
• In the Rio Verde community – the original development, for instance, 37 homes sold 1st Half 2024. These homes averaged $711,257 with ample sizes of an avg, 2361 sq. ft. at $296/ft.
• Tonto Verde, the second community developed in the late 1990s and early 2000’s are larger still. During 1st half, 23 homes at an average of 2,761 sq ft. sold at approx. $1 million or $368/sq. ft.
• The latest community Trilogy at Verde River, offers a wide range of sizes starting at 1500 sq. ft. Trilogy enjoyed 34 home sales in 1st half 2024, at an average size of 2312 sq. ft, priced at $1.1 million or $493/sq. ft.
2024 REMAX SUN PROPERTIES
MID YEAR REAL ESTATE MARKET
A little sister to the Fountain Hills market, the Rio Verde neighborhoods provide a wide range of prices from the $400’s to well over $1 million, and fabulous golf! The housing is elegant with outdoor spaces that beckon you to enjoy the outdoors.
In North Scottsdale and in Goldfield Ranch (northeast of Fountain Hills) you’ll find ranch style properties ranging from 1 acre to large commercial ranch and breeding operations, perfect for those who want the true western lifestyle!
RANCH PROPERTIES IN GOLDFIELD RANCH:
• RIO VERDE CORRIDOR: In North Scottsdale along the Rio Verde Drive corridor, between 128th street and the Rio Verde Communities, you’ll find ranch style properties ranging from 1acre to large commercial ranch and breeding operations. During the 1st Half 2024, 76 of these properties sold, averaging 1.9 acres in size with homes that averaged 2800 sq. ft at an average of $1,011,229. The largest of these was a 19 acre commercial operation featuring a stunning 3800 sq. ft. home, full-size steel covered arena and multiple stables and barns. Some of these properties do not feature ranch buildings, but most all have horse privileges.
There were 38 Custom Homesite sales during the 1st Half 2024 averaging 2.94 acres per sale at $329,932, or an average of $165,000 per acre. The largest of these sales, an outlier, was 28.9 acres in size.
Water in this area is often available with a well ... many homesites have well shares with 2-3 other participants. Some areas do not have a quality of water that is drinkable, and therefor their water source is hauled in by local, private trucks. Sewer is generally not available and a septic tank is required.
• GOLDFIELD RANCH: Northeast of Fountain Hills lies a county island (Maricopa County) featuring pristine desert homesites with big views of the Superstition, Mazatzal and McDowell Mountain ranges. Some of the features of this area include a short drive to either Fort McDowell Casino or Saguaro Lake and Marina. There is a private airstrip and large commercial horse training facility in the area. Existing properties are often ranch -oriented but some sites simply feature stunning custom homes with amazing views. Sites range from 4.7 acres to over 40 acres. During 1st Half 2024, there were no home sales and only 5 homesite sales averaging 6.9 acres each at $333,000 ... or $49,869/acre. Homes rely on private wells and septic. Roads have minimal pavement and fire protection is by The Fort McDowell Indian Reservation.
