Eye On Arizona
Arizona Housing, Travel, Golf, Real Estate
-
Phoenix – Mesa – Scottsdale Home Sales on the Rise
The Arizona cities of Phoenix, Mesa and Scottsdale, experienced an increase in single-family detached home sales in March over the months of February and January. The Phoenix home sales increased 28%, up 538 closings from February to a total of 1,951 closings in March. Homes Sales in Mesa increased by 25%, while sales in Scottsdale increased by 21%. Buyers are taking advantage of the lower interest rates and the higher degree of home affordability and scooping up bargain priced homes.
Areas like Phoenix are seeing multiple offers on affordable homes. The table below presents an overview of the single-family detached home statistics in the Phoenix, Mesa, and Scottsdale market. It also reveals the numerous amounts of bank owned, short sale, and auction properties.
Market Snapshot: Single Family-Detached Home Statistics for Phoenix-Mesa-Scottsdale
Phoenix
Mesa
Scottsdale
Total Homes Available on the Arizona Flex MLS
8,365
6,757
3,935
Active Short Sales
1940
743
499
Active REO, Bank Owned
2,916
663
264
Auction Properties
(owner occupied)*
5,000*
3,465*
1,707*
Total Homes Closed
March 2009
1,951
506
243
February 2009
1,413
379
192
January 2009
1,283
325
170
Average S-F Detached Home Price
$279,223
$ 293,498
$ 1,186,146
Average Days on Market
143
146
211
With lower interest rates on buyer’s sides, it is a good time to purchase. Once the economy begins to turn around, renowned economist, Dr. Joel L. Naroff, President of Naroff Economic Advisors, predicts that the Fed may raise interest rates sharply. He states that the Federal Funds rate could rise from 0.5 or 1% to as high as 4.5% within a six-month period at the first signs of an economic recovery. Overall, Naroff expects the second half of 2009 to have a stronger fourth quarter than other economic models currently predict.
Sources:
-
*Data gathered through ARMLS. Owner Occupied Residential. http://armls.imapp.com/ilinks/search, many of the auction properties are not listed on the MLS and include all owner-occupied properties; therefore the number of homes available in the table does not reflect this number.
-
FlexMLS. 31 March 2009.
-
Knowledge @ W.P. Carey. The Economic Forecast? Cloudy with a Chance of Shower, at Least until 2010. 18 November 2008.
Information deemed reliable, but not guaranteed.
Community of the Week: Las Sendas, Location: Northeast Mesa, Arizona
-
Las Sendas View from the Tonto National Forest
-
Sunset Views from Las Sendas
The picturesque master planned community of Las Sendas is located adjacent to the Tonto National Forest, in Northeast Mesa, Arizona. Las Sendas is elevated from the Valley of the Sun, providing spectacular sunset and city lights views. The Las Sendas Golf Club’s championship golf course, designed by Robert Trent Jones Jr., traverses throughout the community. Other amenities found within this wonderful master planned community include tennis, basketball, and volleyball courts, two heated swimming pools and spas, trails, bike paths, playgrounds, ball fields, and a fitness center and therapy spa. Many planned activities for all ages are offered throughout the year.
The present market condition is a buyer’s market, with many short sale or bank owned properties for sale. Below is a table that displays the most recent housing activity in Las Sendas. Homes that are currently active on the market, pending, and have closed in the last three months are presented below.
Monday Snapshot of the Las Sendas Housing Market
Home Status # of Listings Average List Price Average Sold Price Average Approx Square Feet (SF) Average List Price/Approx SF Average Sold Price/Approx SF Average Cumulative Days on Market Active 176 $850,395 3,398 $ 223.04 236 Pending 13 $336,045 2,387 $ 141.82 101 Closed since 02 Jan 2009
25 $513,362 $483,910 2,781 $ 162.56 153.42 126 Source: ARMLS.Flexmls.com 02 March 2009
Las Sendas has a wide selection of housing types and styles available. The community offers everything from the affordable to the luxury, from the Mediterranean to the Tuscan style architecture, from townhomes, to single-family tract homes, to custom homes, all within gated subdivisions. The price ranges for homes begin at approximately $175,000 for 1,605 square feet, while larger tract homes, up to 3,400 square feet are starting in the low $400,000 range, and custom homes start approximately at $600,000. Golf course homes are available, with prices ranging from $369,000 to over $1.9 Million. Custom Home Lots are still available, with some backing up to the Tonto National Forest, offering gorgeous views of Red Mountain and the sunset and city lights.
For further information on housing in Las Sendas and around the Mesa, and Scottsdale area, view ArizonaRedRockProperties.com.
-
