2017 2nd Quarter Update – Arcadia & Biltmore

Welcome back!  I’m sure that your minds are still on vacation, but school is back in session.  While you were away, Ashley and I welcomed our baby girl, Kenzie Scott Blalock, on June 30th at 10lbs 10oz.  Both Ashley and Kenzie are doing really well and our son, Cash, is thrilled to big a “big bruver.”  I guess things are more predictable the second time around, but I can already see how managing two kids is a little harder than one.  Cash is bouncing off the walls and crashing into the couch as mom tries to breastfeed with one arm, and stiff arm with the other.  Nonetheless, our hearts are full and I’m excited to watch my kids grow up around the same neighborhood that I did.  I wonder which one will want to join the family business first 🙂

Before I dig into the numbers in the Arcadia and Biltmore neighborhoods, I think it is good to give you some information about the Arizona market as a whole.  As of today, there were only 17,759 active listings in the entire MLS.  This is roughly only 2 months of supply as the market sells about 8,500 homes per month.  The only time that we have seen less actives in recent memory was during 2004-2005 and 2013.  A healthy, balanced market typically has 4-6 months of supply.
The Camelback Corridor as a whole continues to hold strong as the market is keeping the gains that have been realized over the past 6+ years.  A lot of people tend to think that summers are slow, but the Arcadia and Biltmore areas tend to do well this time of year as families shuffle before school starts and empty nesters downsize to the Biltmore for a better lock-and-leave lifestyle.  Both of these factors bode well for the summer market.
Arcadia Proper
Q2 2016
# sales -35
Avg Sales Price – $1,697,457
Avg Price/Ft – $390/ft
Avg Days on Market – 208
Q2 2017
# sales – 38
Avg Sales Price – $1,520,757
Avg Price/Ft – $391/ft
Avg Days on Market – 94
In Arcadia Proper, Quarter 2 saw three MLS sales over $3,000,000 and a quicker pace in regards to days on market.  As you can see above, the statistics are very similar year over year when you compare the number of sales and average price/sq.ft. numbers.  Last year, the days on market number of 208 is skewed because of the Nordon Manor sale which sat for 2,143 days on market.  Without that sale, the days on market last year would have been 151 days.  Although I don’t have the numbers here, Arcadia Lite just had its first $2,000,000 sale and Lower Arcadia continues to thrive as it saw 6 sales over $800,000.
Biltmore Proper
Q2 2016
# sales – 32
Avg Sales Price – $967,507
Avg Price/Ft – $329/ft
Avg Days on Market – 167
Q2 2017
# sales – 38
Avg Sales Price – $911,737
Avg Price/Ft – $309/ft
Avg Days on Market – 149
Biltmore is in true form as the Two Biltmore community ($2,000,000+ asking prices) which sits on the Adobe Golf course is now almost sold out.  We personally sold 12 homes in the Biltmore during the quarter and are in need of more listings for our buyers.  Call us today if you live in the Biltmore and are thinking about selling.
Lastly, I want to invite all of you to our “Neighborhood Real Estate Seminar” on August 24th at 6:30pm.  We will be holding the event at our office on 40th Street just north of LGO/Postino.  There will be prizes at the door and an open Question & Answer session.  This will be an RSVP event so if you have interest in coming, please pick up your phone right now and text me your name at 602-561-0445 so that I can reserve your seat.