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 Arrowhead Ranch Real Estate Report

Elise Fay

Elise Fay, REALTOR®

Our last update in December 2015 talked about the strength of the market and we predicted that we would see approximately a 7.5% price appreciation, year over year. So what has happened during this quarter of 2016?

So far we have seen a 6% increase in prices in the 1st quarter, year over year.  Last year the valley as a whole had a 6.5% appreciation in prices, with some parts of the valley seeing higher numbers.

Right now, we have approximately 22,000 active listings on the market. This same time last year we also had about 22,000 active listings. No real change there. But…this March we sold 8502 homes. In March 2015 we sold about 7900 homes. Why the increase in demand?  Supply, Demand and Low Interest Rates.

sibbach-team-logoWith solid price appreciation, sellers are now “unfrozen” or entering the spring thaw, coming out from underneath heavy mortgage debt and can now sell, buyers have recovered as well. We typically see a 5% price increase when inventory is about 4-5 mos supply. Now and for the past 8 mos. we have seen inventory still at all time lows of about 3.3 mos. Lower supply, stronger demand. Buyers are out in full force, ready, willing and able to buyer. Are you ready to sell?

Arrowhead Sold Homes –March 2016

Sold Address Square Footage Price
3/1/2016 20786 N. 61st Dr 3167 $489,900
3/8/2016 21693 N. 61st Ave 2239 $339,500
3/25/2016 6353 W. Aurora Dr 1827 $290,000
4/5/2016 6154 W. Quail Ave 3309 $415,000
4/15/2016 5640 W. Arrowhead Lakes Dr

3655

$570,000

 

Sibbach Team For Sale sign

There are a couple factors helping our demand rise. 1  Banks will now lend people money  who have short sold or foreclosed on a house over 4 years ago. These tenants are now turning back into buyers. 2. Confidence. Our marketplace has seen positive appreciation since the the dark years. Financing is still somewhat tight, so this type of market growth is much healthier than what we witnessed in 2005. 3. Population growth. Improving economies around the country are allowing people to sell their homes and move to the sunshine. Arizona is the only state that has rising population in each of the generational categories that are buying homes; Millennials, Gen Xers, Baby Boomers, etc.

Arrowhead Ranch Real Estate Report

Another yeElise Fayar has come and gone. I hope everyone had a wonderful holiday season and I sincerely wish you and your loved ones a healthy and happy 2016! So what happened in 2015?

Here are some market stats:

  • 84,171 homes sold in 2015. 10% increase over 2014
  • Approx 2.8 mos of inventory. At this time we have about 20,556 homes for sale. On average we sell about 7000 homes/month.
  • Just as we predicted prices rose about 6.7% for 2015
  • Over 100,000 people have moved to Arizona this past year.

 

Another indicator of a strong housing market is seen in the number of “new builds” in our area. A small explosion is taking place in N. Peoria along Deer Valley Rd & the Lake Pleasant Corridor.

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Top 1% Realtors in Maricopa County

Elise Fay

Elise Fay, REALTOR®

We are 4 full years past the bottom of the real estate market and for the most part we have recovered. There is lower than average inventory of homes (still some folks cannot sell yet), prices are up, demand is strong, people are relocating, others are downsizing, upsizing or just looking for a change of scenery. What remains true is “fixed up houses sell for more money in a shorter amount of time”. Our exclusive stager can help you maximize your $$$. *Call me for a special “New Build” Home Tour and ask about my buyer incentive plan when you take me on your first visit.

 

Arrowhead Sold Homes – Dec 2015

Sold Address   Built Features Price
12/2/2015 5315 W. Mohawk Dr    1996 63FRDXPO3G3S $535,000
12/4/2015 6515 W. Louise Dr    1994 32FRDX3G $300,000
12/18/2015 6177 W. Pontiac Dr    1995 32R2G2S $215,000
12/15/2015 20262 N. 61st Ave    1992 32FRDPS2G $278,000
12/15/2015 22014 N. 59th Ln    1994 54FRDXP3G3S $396,250
12/23/2015 5926 W. Louise Dr    1994 43.5RPSO3G2S $375,000
12/24/2015 6551 W Lone Cactus    1992 42.5FRDXPSO3G3S $386,500
12/29/2015 5958 W Fieldstone    1994 42FRO2G3S $279,000
12/30/2015 21624 N. 59th Dr    1994 32FRDO3G6S $297,000
12/30/2015 21508 N 65th Ave    1993 42.5RDP3G $389,500
12/30/2015 20739 N. 56th Ave    1994 42.5FRDX3G $400,000
12/30/2015 5568 W Rose Garden    1995 42.5FRDXP3G $410,000