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.
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.
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.
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.
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!
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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!