R E A L E S TAT E R E I M AG I N E D
Real Estate Market Report NORTH SCOT TSDALE 85255
Last year had its challenges, but the real estate market in Scottsdale and the entire Phoenix metropolitan area was very strong. This report provides perspective on the 2020 market compared to the 2019 market in North Scottsdale, your zip code, and data on a selection of specific neighborhoods. L O O K I N S I D E T O S E E T H E L AT E S T M A R K E T D ATA O N T H E 8 5 2 5 5 Z I P C O D E ď ˝
Scottsdale Market Overview In 2020 there were 9,351 homes sold throughout the year in Scottsdale. These sales are a 7.4 percent increase over the previous year, which is 645 more homes. Prices increased with the median home price in Scottsdale being $560,000, 15.5 percent above 2019. The average price per square foot in Scottsdale also rose nearly 13 percent to $281. Homes were selling significantly faster than in 2019, with the average number of days a home was on the market decreasing almost 20 percent to only 73 days. Demand for homes in our area is coming heavily from out of the state. Realtor.com prepares a cross-market demand report. The chart below lists the top ten feeder markets into Phoenix, Scottsdale, and Mesa in the fourth quarter of 2020.
N O R TH S COT T S DA LE M A R K E T
The story in all three zip codes that comprise North Scottsdale is the same. Sales are up, prices are up, and inventory is way down. At the beginning of 2020, there were 934 homes on the market in North Scottsdale. At the beginning of this year, there were only 412 homes for sale. The chart below shows the weekly inventory counts for the past three years, and the drop in available homes is astounding. The median price of a home in the area is $823,500. This median price is 16.4 percent higher than in 2019. The number of homes sold is also up dramatically, with 3,001 homes sold during the year, 23 percent higher than in 2019. Finally, in 2020 homes sold significantly faster than they did in 2019, with the average number of days a home was on the market dropping nearly 20 percent to 104 days.
Top 10 Feeder Markets Phoenix / Scottsdale / Mesa
ACTIVE L ISTING WEEK LY COUNTS BY YEAR | MEA S U R E D WE E KLY
LOS ANGELES - LONG BEACH - ANAHEIM, CA CHICAGO - NAPERVILLE ELGIN, IL
6.9%
RIVERSIDE - SAN BERNARDINO - ONTARIO, CA
3.7%
DENVER - AURORA LAKEWOOD, CO
3.2%
1,380
1400 1200 1000
1,116
1,100
934 953
800 600
YEAR O F LO G DATE 2018
SAN FRANSISCO - OAKLAND HAYWARD, CA
2.8%
TUCSON, AZ
2.1%
SAN DIEGO - CARLSBAD, CA
2.1%
2019
2020
2021
Š 2021 Cromford Associates LLC
% of Total View Count
8 52 5 5 M A R K E T
In the 85255 zip code, home sales were robust, with a 21 percent increase in the number of homes sold over 2019. The increase represents 285 more homes sold in 2020. The median home price in the zip code increased 10.4 percent to $735,000. Just as in the overall market, the average number of days it took to sell a home decreased nearly 18 percent over 2019, to 88 days.
WK 52
WK 48
WK 44
WK 40
WK 36
WK 32
WK 28
WK 24
WK 20
WK 16
2.9%
0 WK 12
NEW YORK - NEWARK JERSEY CITY, NY - NJ - PA
435
413
200
WK 8
3.1%
423 400
WK 4
3.2%
MINNEAPOLIS - ST. PAUL -BLOOMINGTON, MN - WI
Source Realtor.com
1600
WK 0
SEATTLE - TACOMA BELLEVUE, WA
Greater Phoenix - ARMLS Residential
17.3%
A R E A R EP O RTS K E Y N E I G H B O R H O O D S TAT I S T I C S
What this Data Means for Sellers and Buyers F O R S E LLE R S
If you are considering selling your home, this is a great time to do so. It is truly a seller's market. Housing inventory in our market is at a historical low point. One way real estate inventory is measured is called Days Of Inventory. It is somewhat of a theoretical measure because it assumes that if no more homes came onto the market, the number of days it would take for the market to run out of homes at the current rate of sales. In North Scottsdale, this usually averages close to 200 days. At the end of the year, Days of Inventory in North Scottsdale had dropped to a mere 51 days.
85255
ACTIVE as of 01/23/21
High
$27,500,000
$7,800,000
$24,100,000
Median
$1,985,000
$666,000
$735,000
10.4%
Low
$209,900
$160,000
$168,000
5.0%
Avg. $ per Sq. Ft.
$470
$279
$307
10.0%
Avg. DOM
103
107
88
-17.8%
Avg. % of Orig. List
-
97%
98%
1.0%
Sold
-
1,358
1,643
21.0%
Active
152
-
-
-
UCB/ Pending
210
-
-
-
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
% CHANGE
209.0%
North Scottsdale
ACTIVE as of 01/23/21
High
$27,500,000
$9,300,000
$24,100,000
159.1%
Median
$1,995,000
$707,750
$823,500
16.4%
Low
$209,900
$125,000
$168,000
34.4%
Avg. $ per Sq. Ft.
$483
$275
$305
10.9%
Avg. DOM
123
129
104
-19.4%
Avg. % of Orig. List
-
97%
97%
0.0%
When inventory is low, buyers need strategies to ensure that the homes they like can be theirs. The market is as active as it is now when it is a seller's market. A market like this does not mean that a buyer can't negotiate a favorable deal, but a buyer needs to be prepared to jump when they find the right home. Working with a strong agent as your partner when buying is critical. You want someone on your team that truly understands the market, can help you negotiate the best deal, and get from offer to close.
Sold
-
2,439
3,001
Active
416
-
-
-
UCB/ Pending
426
-
-
-
Even though prices are creeping up, this is a great time to buy because of the amazingly low-interest rates. Lenders have a variety of programs that can assist most buyers. Since the rates are so favorable, you may qualify for more than you think. The key in this market is to be pre-qualified before you even start to look.
The reduced inventory is driving home prices in our market higher and sometimes resulting in multiple offers that can drive the selling price above the asking price. In the last quarter of 2020, 15 percent of homes sold above the asking price in North Scottsdale. FOR BUYERS
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
% CHANGE
23.0%
Scottsdale
ACTIVE as of 01/23/21
High
$27,500,000
$9,300,000
$24,100,000
159.1%
Median
$995,000
$485,000
$560,000
15.5%
Low
$71,500
$70,000
$60,000
-14.3%
Avg. $ per Sq. Ft.
$428
$249
$281
12.9%
Avg. DOM
103
91
73
-19.8%
Avg. % of Orig. List
-
97%
98%
1.0%
Sold
-
8,706
9,351
7.4%
Active
887
-
-
-
UCB/ Pending
1,117
-
-
-
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
% CHANGE
A R E A R EP O RTS K E Y N E I G H B O R H O O D S TATI S T I C S Pinnacle Peak Vistas
ACTIVE as of 01/23/21
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
High
$1,595,000
$2,695,000
$3,054,159
13.3%
Median
$1,510,000
$1,017,500
$1,192,500
17.2%
Low
$1,425,000
$575,000
$740,000
28.7%
-4.8%
Avg. $ per Sq. Ft.
$312
$279
$316
13.3%
108
35.0%
Avg. DOM
59
147
82
97%
97%
0.0%
Avg. % of Orig. List
-
96%
97%
-
151
136
-9.9%
Sold
-
28
35
Active
13
-
-
-
Active
2
-
-
-
UCB/ Pending
15
-
-
-
UCB/ Pending
2
-
-
-
Desert Highlands
ACTIVE as of 01/23/21
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
% CHANGE
Silverleaf
ACTIVE as of 01/23/21
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
High
$5,000,000
$2,900,000
$2,500,000
-13.8%
High
$27,500,000
$7,800,000
$24,100,000
Median
$237,900
$1,330,000
$1,300,000
-2.3%
Median
$4,412,500
$2,335,000
$2,330,000
-0.2%
Low
$1,075,000
$615,000
$650,000
5.7%
Low
$1,895,000
$1,130,000
$1,300,000
15.0%
Avg. $ per Sq. Ft.
$425
$297
$301
1.3%
Avg. $ per Sq. Ft.
$738
$546
$569
Avg. DOM
180
250
240
-4.0%
Avg. DOM
141
198
194
-2.0%
Avg. % of Orig. List
-
95%
95%
0.0%
Avg. % of Orig. List
-
96%
95%
-1.0%
Sold
-
34
44
Sold
-
59
79
Active
14
-
-
-
Active
32
-
-
-
UCB/ Pending
15
-
-
-
UCB/ Pending
11
-
-
-
Grayhawk
ACTIVE as of 01/23/21
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
% CHANGE
Troon Village
ACTIVE as of 01/23/21
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
High
$2,950,000
$1,600,000
$2,500,000
56.3%
High
$5,400,000
$4,500,000
$4,587,000
1.9%
Median
$1,150,000
$663,500
$662,400
-0.2%
Median
$2,315,000
$850,000
$1,005,000
18.2%
Low
$700,000
$362,500
$405,000
11.7%
Low
$710,000
$360,000
$375,000
Avg. $ per Sq. Ft.
$359
$258
$274
6.2%
Avg. $ per Sq. Ft.
$429
$269
$308
14.5%
Avg. DOM
21
81
73
-9.9%
Avg. DOM
137
130
105
-19.2%
Avg. % of Orig. List
-
98%
98%
0.0%
Avg. % of Orig. List
-
96%
96%
0.0%
Sold
-
96
112
16.7%
Sold
-
124
171
37.9%
Active
6
Active
22
-
-
-
UCB/ Pending
10
UCB/ Pending
24
-
-
-
DC Ranch
ACTIVE as of 01/23/21
SOLD 1/1/19-12/31/19 1/1/20-12/31/20
High
$6,485,000
$6,100,000
$6,590,000
Median
$2,195,000
$935,000
$839,500
-10.2%
Low
$849,000
$268,000
$243,500
-9.1%
Avg. $ per Sq. Ft.
$489
$355
$338
Avg. DOM
158
80
Avg. % of Orig. List
-
Sold
-
-
% CHANGE
8.0%
29.4%
-
% CHANGE
-44.2% 1.0% 25.0%
% CHANGE
209.0%
4.2%
33.9%
% CHANGE
4.2%
About this Report The data used to prepare this report is from the Arizona Regional Multiple Listing Service and The Lifestyle Collection team compiles the information. If you would like to ensure you receive copies in the future, please sign up at scottsdalehome.forsale/LuxuryReport1. We prepare these data reports periodically in select Scottsdale real estate markets and neighborhoods. If you would like to see information on a community we have not included, let us know, and we are happy to provide it for you. H OW C A N S E LLE R S A N D B U Y E R S U S E TH I S DATA?
Buyers
Sellers
We can help you understand the data in North Scottsdale and develop your personalized buying strategy. If you are interested in learning more about interest rates and programs, allow us to introduce you to one of our lenders.
If you wonder what your home is worth in this changing market, allow us to prepare a no-obligation market report for you. If you decide to sell, we would appreciate the opportunity to earn your business and list your home.
To schedule a complimentary, no-commitment consultation, call us at 602-603-0708.
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About Us We are a boutique, licensed real estate consulting firm focused on providing our clients with truly exceptional service, whether buying or selling a home. We bring together a blend of talent in marketing, design, and negotiation that has allowed us to change the perspective our clients have about the business of real estate. We have invested in the latest real estate technology marketing tools to help us analyze and understand the market in a hyper-local manner. This report is an example of how we are able to present the data that helps our clients make informed decisions about real estate and investments. We also use a variety of social media platforms to actively market every property we list to ensure it is gaining maximum exposure in the places potential buyers will see them. Our customized services for homeowners are designed to prepare, market, and sell homes. We work closely with sellers to ensure their home attracts the attention of qualified buyers. For home buyers, we help preview and identify homes that meet their requirements and dramatically reduce the time spent searching for the perfect home.
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