Northeast Valley

Dated: 07/12/2017

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Good day fellow residents. I wanted to share with you some valuable real estate news. The Northeast Valley has under-performed the rest of Greater Phoenix for the last 2 years but is now showing some encouraging signs. The annual single-family sales rate has increased from 6,508 to 7,009 since July 2016, a rise of 8%, while the number of active listings has declined by 11%. This combination means that days of inventory have fallen from an above average 201 to a below average 168. This is good for sellers.

When days of inventory readings are below average we tend to see appreciation show up. Comparing the second quarter that has just finished with last year`s second quarter, the average price per sq. ft. for single-family homes is up 6.5%, the best result for any quarter in the last 2 years. Even homes over $1 million are up by 4.9%.

The effect is not uniform by geography however. It is the south and central parts of Scottsdale that have seen the strongest price trends. Again comparing 2Q 2016 with 2Q 2017, we see:

  • 85250 up 15%

  • 85251 up 12%

  • 85257 up 10%

  • 85254 up 9%

  • 85258 up 9%

  • 85260 up 6%

Not so good are:

  • 85268 down 2%

  • 85377 down 2%

  • 85255 down 2%

However parts of the far north have bounced back a bit after a dismal time in 2016.

  • 85266 up 8%

  • 85262 up 5%

The most positive sign is that supply is down from last year and that sales rates are now high enough to avoid the excesses of supply that we experienced in 2016. Sellers must hope that these sales rates can be maintained.

Existing owners are still down-sizing, but retiring baby boomers from out of state seem to be arriving to take their place in sufficient numbers.

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