Friends, summer has passed and we are getting into the best part of the year…. football and fall weather. I have been a die-hard Cardinals fan as far back as I can remember. Some of my fondest childhood memories were made watching the Cards play at Sun Devil Stadium during this time of year. I was always drinking the cool-aid (still am) and defending a team that was rarely (never) better than 6 and 10 each year. The past few years have been easier on us, but I still cringe at the sight of yellow and am way too understanding when we underperform…but in Arians we trust! Lets move along to real estate before I get too riled up.
The 3rd quarter looked a lot like the previous quarter as the housing markets in the Arcadia and Biltmore areas continue to normalize from the incredible rise that we saw from 2012-2015. While prices are staying steady, it is taking a little longer to sell homes. Buyers seem to be growing more cautious by the day and have been slower in writing offers than in the past. In my opinion, buyers are more informed than ever and they want to make sure that they evaluate everything before moving on a property which leads to a slower process. This is a healthy market in the fact that it is digesting its gains and getting back to a normal cycle. Healthy growth is good growth.
Arcadia Proper
Q3 2016
Number of Sales – 30
Avg. Days on Market – 119
Avg. Price/Sq.Ft – $353
Avg. Sales Price – $1,407,815
Q3 2015
Number of Sales – 23
Avg. Days on Market – 93
Avg. Price/Sq.Ft – $365
Avg. Sales Price – $1,423,054
Arcadia’s 3rd quarter was steady as she goes. Prices were consistent year-over-year, but houses took about a month longer to sell. Much like last quarter, I attribute this to overpriced sellers and buyers who are less eager than in past years. Last quarter we saw 9 homes trade over $2,000,000, while this month we were back to just 4 which is average for the area. I would expect these steady data points to continue over the next few months.
Biltmore Proper
Q3 2016
Number of Sales – 21
Avg. Days on Market – 126
Avg. Price/Sq.Ft – $282
Avg. Sales Price – $676,179
Q3 2015
Number of Sales – 20
Avg. Days on Market – 158
Avg. Price/Sq.Ft – $267
Avg. Sales Price – $737,607
As you can see above, the Biltmore market continues to plod along as well. Similar to Arcadia, prices are steady, but homes are taking an average of 126 days to sell. Sellers in this market need to be priced right and then have the patience to wait for the right buyer. Buyers in the Biltmore tend to be very picky because it is usually going to be their forever home after downsizing. Another trend that we are seeing in the Biltmore is that buyers want a turn-key solution rather than doing work. This slows the sales process as many homes in this neighborhood are still in need of remodeling. On the positive side, look for the snowbirds to drive some demand to this area in the next few months.
Have a great time during Halloween and do not forget to thank a veteran on Veteran’s Day for their sacrifice. As always, I’m available to answer any questions that you may have about the market. Feel free to call or text me anytime at 602-561-0445.
*All facts and figures are deemed reliable, but not guaranteed. Per MLS on 10/11/2016.