I was reading an article today about the Phoenix real estate market in AZ Central. It makes some good points the best being really that there is no real estate market sentiment that affects the entire valley.Each location and price bracket is reacting differently as we pull out of the housing crash that began in 2006.
But there are still homes in Paradise Valley and other high-end neighborhoods selling for prices just 20 percent lower than they sold during the market’s peak. Other neighborhoods are also beginning to see homes sell for pre-boom prices from 2003-04, despite the fact the metro area’s median home price is back to 1999’s level.
I meet many out of town visitors who are expecting to find insane bargains when they arrive looking for a second home only to be disappointed. Scottsdale is not Phoenix. The article makes the point that each niche of property creates it’s own market dynamics and this point is well made.
There are now some subdivisions in NOrth Scottsdale with no distressed sales active at all. That changes the dynamics of supply and demand almost immediately as all sellers are now concerned about achieving a good price for any sale. When the market was punctuated with short sales and REO’s those properties dragged down prices through out.
If you are looking to buy a house I suggest really doing research on a hyper local basis. Ignore the wider market trends and really focus on just the locality where you want to live.
It can be easy to spot markets that are firming up faster than others, two I have spotted recently are Carefree homes under $1 million and family homes under $500,000 in North Scottsdale, 85255, 85260, 85258.
If you would like help with analysis on specific subdivision just let me know and I can provided it to you free of charge.