Housing Update for Scottsdale, 85254, $800,000 - $1 Million

By
Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5jVY

Located in the Northeast section of the Phoenix Metro area, the zip code 85254 is known as the "magic" zip code by some for several reasons.  The 85254 zip code has a Scottsdale address, is technically within the City of Phoenix municipality, is in the Paradise Valley School District which ranks well, and there is great retail and proximity to freeways.   It's also home to 45,801 residents with a median income of $105,000. 

 

Overall it's a great time to be selling in this zip code.  More activity equates to more buyers and possibly fewer demands.  85254 is a convenient place to be with great retail and access to anything within a couple mile radius.  The photo shown above is of the Westin Kierland, whch is a world class resort located in 85254. Amenities and entertainment abound in 85254! 

 

Active listings have peaked this year, which is indicative in most areas in Maricopa County.  Currently there are 19 homes for sale priced from $800,000 and $1 million.  Inventory overall has remained low and is still considered under the average for a city of 4.4 million people. 

 Active Listings 85254 $800,000 - $1 million

 The number of listings under contract hit a high in May, 2019 and is still on the high side of being under contract for this list price. This report mirrors in reverse the Active Listings report above. 

Listings Under Contract 85254 $800,000 - $1 million

 The Days on Market in this price range dropped signficantly in June. May saw 93 days on market while June is 35.  Interest rates are still very low which might have something to do with the recent activity.  In May, 2012, the days on market was nearly 2 years in this price range in 85254. 

 Average Cumulative Days on Market 85254 $800,000 - $1 million

 As you can see, the sales rate in 85254 in this price range has not matched the sales rates in 2005 - 2007.  It's my opinion from what I've seen for those that purchased in that time frame and spent more than $750,000, they are more than likely to not have gained value as compared to purchasing before 2005. Sales per year 85254 $800,000 - $1 million

 This chart reflects how long it would take to sell all of the current inventory in this price range and zip code. There are currently 3.2 months supply of homes in 85254 in this price range. It would take that long to sell everything if nothing else were listed for sale.  This is the lowest level of inventory since December of  2010.  Although if this chart were dated back to 2005, we might see a similar level of inventory when homes were flying off the shelves!

 Months Supply in 85254, $800,000 - $1 million

Reports are furnished by subscription to the Cromford Report.  Copying these photos or re-using them is copyright infringement.  

Commentary by Michael Orr, Cromford Report.  

 

July 1 - The housing market in Greater Phoenix is not content with just recovering from the slight air pocket in demand that occurred in 4Q 2018 and 1Q 2019. It is now setting up to be the hottest it has been since 2005, As an example we have just 1.9 months of supply across all areas & types as of July 1, 2019. This is the lowest number at the start of any month since October 2005.

1.9 months is a very low reading (4.5 months is normal) and what makes it even more surprising is that this supply includes listings in UCB or CCBS status, since they are theoretically open to new offers. If we exclude those UCB and CCBS listings, then the months of supply number drops to 1.6.

 

Homes with UCB and CCBS are under contract accepting back up offers, with the later having a contingent sale on another home. 

 

These reports are for one price range in one zip code. If you'd like to see other reports for different zip codes in Maricopa County, please contact me.  And if you're looking for a Scottsdale REALTOR to assist you in buying or selling homes, I'm happy to help! 

Posted by

Signature

Google plus 1

      http://activerain.com/action/blogs_admin/subscribe?subscribed_agent_id=174467

 

HomeSmart Elite Group                                  

8388 E Hartford Dr., Suite 100

Scottsdale, AZ 85255                                                         

(602) 620-2699   DIRECT

www.AZGreenRealty.com

www.GotGreen.info                  facebook   Google + twitter   youtube   linkedin   pinterest   

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Groups:
Arizona Homes
Dedicated Bloggers
Local Expert
Addicted to Active Rain
Hyper-Local
Tags:
scottsdale
85254 homes for sale
85254 housing market report
housing market report 85254
85254 housing update

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,238,631
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Quite a drop in the days on market...look out...thinveniory challenges the market.

Jul 06, 2019 12:42 AM #1
Rainmaker
3,238,631
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Quite a drop in the days on the market...and then we see Thinventory ~

Jul 06, 2019 06:37 AM #2
Rainmaker
1,898,718
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Jan Green - you do have a hot market in this very desirable area.

Jul 06, 2019 07:59 AM #3
Rainmaker
977,460
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

You'er right Sally K. & David L. Hanson .  All of a sudden showings spike and this tells the story! 

Jul 06, 2019 10:27 AM #4
Rainmaker
977,460
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Yes it's been a bit crazy right now in more price ranges Grant Schneider !  

Jul 06, 2019 10:28 AM #5
Rainmaker
1,201,022
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Jan Green - A very hot market moving into June.  I wonder if cooler temps motivated buyers and sellers.  It will be interesting to see how the market moves in mid-July through August. 

Jul 06, 2019 11:43 AM #6
Rainmaker
2,518,625
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

This is valuable real estate market data for home buyers and sellers in Scottsdale, Jane.

Jul 08, 2019 02:11 AM #7
Rainmaker
977,460
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Yes interesting market Sheri Sperry - MCNE® . We're also ahead year over year.  I intend to write that post next!   And it will be interesting to see where we're headed through the summer.  

Jul 08, 2019 08:36 AM #8
Rainmaker
977,460
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Myrl Jeffcoat !  It's interesting how different markets across the country mirror each other!  Have a great day!

Jul 08, 2019 08:37 AM #9
Rainmaker
2,005,620
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Jan Green - One of the many things I like about you as a REALTOR is that you use a variety of different ways to drive home the interest to prospective buyers and sellers in your area. Your marketing strategies are superb!

Jul 13, 2019 09:10 AM #10
Rainmaker
977,460
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Patricia Feager, MBA, CRS, GRI,MRP  - you are such a gem always looking for the positive in everyone1  You are such a great write and I love reading your posts!

Jul 13, 2019 05:52 PM #11
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
977,460

Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
Ask me about Homes in Scottsdale!
*
*
*
*
Spam prevention

Additional Information