ResalesScottsdale, Arizona Housing Market Mostly Flat
Scottsdale, Arizona Realtors say sales are faster for sellers in the $200,000 range and that sellers in the $500,000 must be a little more patient as war worries offset great interest rates on jumbo loans.
"Since it"s founding in 1888, Scottsdale has grown from a collection of small ranches and farms into a cosmopolitan community of large businesses and upscale amenities," explains Realtor Lynn Coleman. "The city"s famed " resort lifestyle" extends far beyond the luxurious hotels and resorts that are available. Many housing developments feature golf courses and nearby parks and recreational complexes. Named "The Most Livable City" by the US Conference of Mayors in 1993, over 200,000 people now call Scottsdale home. Out-of-state visitors will find Scottsdale to be a warm and friendly paradise in which many relocate or purchase second homes."
"For the month of January 2003," says Coleman, "there were 368 single family residential resale properties that closed escrow during the period, ranging in price from $109,000 to $4,595,000. The average listing price for all properties sold was $432,880 and the average sales price was $415,633. Property in Scottsdale is currently bringing about 96 percent of the actual asking price. The average property sold for $160 per sq.ft. and was on the market for 87 days. In the last 31 days, 927 new listings have been put on the market in Scottsdale with an average price of $677,453. The average price per square foot of these new listings is $214."
Say Realtors Gary Peruzzini and Shauna Hooker, "The Scottsdale area consists of homes primarily built in the late 1950s and early 1960s, usually out of block or brick material. Ceiling heights are typically eight feet and over with traditional floor plans, not the great room type. Lots are usually seven to 10 thousand feet with 70 to 100 feet of frontage. Carports are typical, however garage conversions are common and preferred. The pricing range for this product is very competitive and the market is stable. The nicely remodeled home is carrying a premium if it is in a preferred location and possesses the additional features of a two-car garage and pool. Time on the market is under 60 days and in many conditions sales occur within the first 10 days if the property is clean and priced within two to three percent of market value."
They add, "Real estate as an investment is gaining momentum, in this area, due to the economic conditions with both the equities market and the current interest rate. This market is prime for this type of activity as the pricing is typically under $200,000 and the rental market is desirable due to the proximity to good schools, parks, shopping and freeway access."
"While homes under $200,000 are still appreciating at a regular rate and moving quickly," advise Realtors Lou Vetter and Jill Samuelson, "those over $200,000 up to $500,000 are not changing and slower to sell. There is a large inventory of homes over $500,000 and even many over $1 million; therefore, the owners of those properties need to look hard at their prices, because there is a downtrend, and the market is very slow. This is expected to continue for through at least the first quarter of 2003."
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