The 1st quarter of 2016 is now behind us and so are my 20’s! I turned 30 on March 26th and while it’s bittersweet, I know that life has bigger things in store for me in the years ahead. My early twenties were spent grinding in the Marine Corps and at Arizona State, after which I was lucky enough to find what I truly love to do. I plan on fulfilling my passion for real estate and serving the community to the best of my abilities in the coming decades. Cheers, to turning 30! 🙂
The 1st quarter of 2016 was a roller coaster of emotions for most of the public. The Federal Reserve raised interest rates on December 16, 2015 and the stock market was quite turbulent, swinging wildly with high volatility throughout the quarter. Investors flocked to the safety of the bond market which helped to keep rates low and the real estate market hot.
Arcadia Proper 2016 Quarter 1 vs. Arcadia Proper 2015 Quarter 1
Sales – 20
Avg. Days on Market – 127
Avg. Price/Sq.Ft. – $373
Avg. Sales Price – $1,795,525
Sales – 24 Sales
Avg. Days on Market – 103
Avg. Price/Sq.Ft. – $355
Avg. Sales Price – $1,462,719
The Arcadia Proper market Is up 5% on a price/sq.ft. basis year-over-year. Quarter 1 in 2016 was anchored by 5 sales over $2,000,000 including the $6,000,0000 sale of 6415 E Exeter. Overall, the market was a little slower, but prices continue to rise steadily.
Biltmore Proper 2016 Quarter 1 vs. Biltmore Proper 2015 Quarter 1
Sales – 15
Avg. Days on Market – 68
Avg. Price/Sq.Ft. – $300
Avg. Sales Price – $701,713
Sales – 19 Sales
Avg. Days on Market – 109
Avg. Price/Sq.Ft. – $297
Avg. Sales Price – $786,982
The Biltmore market was very active this quarter as sold homes only sat on the market for an average of 68 days. My team and I continue to see an influx of people from all over the Valley returning to central. There is no better place than the Biltmore when it comes to a central location, golf, and other neighborhood amenities.
We should see a steady 2nd Quarter as rates remain low and families shift around for the summer. Feel free to call me any time if you want market statistics or insight on current market conditions.
Tucker Blalock, Biltmore Lifestyles Real Estate