Scottsdale Real Estate Report 85255 by The Lifestyle Collection - Keller Williams Luxury

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.

W E E K LY M A R K ET AC TI V IT Y R E P O RT The Lifestyle Collection publishes a weekly newsletter that contains new listings, sold listings and listings that are pending.

To subscribe visit scottsdalehome.forsale/Signup.

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TheLifestyleCollection.com

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.

T H E L IFEST YL E COL L ECT ION T EA M JORDAN AYAN Partner + Licensed Real Estate Consultant

Call us at 602-603-0708 for your home buying or selling needs.

Each office is independently owned and operated. If your home is currently listed with another broker this is not intended to solicit that listing. Š2021 The Lifestyle Collection.