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Bottoms’ Up in Fountain Hills

By
Real Estate Agent with ReMax Sun Properties

The number of homes for sale in our town has dropped to 446 single family houses on the market. That’s a significant reduction from 570 last year. Only 29 are foreclosures. That too is a good sign. As supply and demand equalize we will be back to a stable market. Then prices can begin to go back up. Here’s how today’s market looks:

$90,000-$100,000…..1
$100,000-$200,000….12
$200,000-$300,000….40
$300,000-$400,000….37
$400,000-$500,000….50
$500,000-$600,000….58
$600,000-$700,000…….32
$700,000-$800,000…..33
$800,000-$900,000….20
$900,000-$1M……. 19
$1M-$2M……………. 94
$2M-$3M…--------42
$3m+…..9

We currently have a well balanced inventory with one third of our homes below $500,000, one-third between $500,000 and $1 million and approximately one third of the houses over one million dollars.

There are currently 65 houses in contract. Half of those (35) are between $200,000 and $500,000. The most difficult homes to sell are upwards of $1million.These houses fall in the jumbo loan category with buyers needing a lot of upfront cash (20%-30% down) and verified proof of income.

For most of the Fountain Hills market, things are looking up!

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