Terravita NE I G HBO RHOO D R E AL E STAT E MARKE T R E P O RT
R E A L E S TAT E R E I M AG I N E D
What is the housing market like in your neighborhood as we head into the busy season? In Terravita, 60 homes have sold this year. This is on par with the same time period last year. What is different this year is the average price per square foot, which is up 13.4 percent over last year, and the median price is up 2.3 percent to $611,250. Additionally, the number of days it is taking to sell a home in the community is down 64 percent, from 100 days on the market to 36. In North Scottsdale, the market is moving quickly as well. For homes above $250,000 in the three North Scottsdale zip codes (85255, 85262, and 85266), the median price for a home has increased by over 10 percent to $795,000 and the average number of days on the market is down 16 percent to 113 days from 135. The bottom line in our market right now is inventory is down and demand is up. This increases prices and reduces days on market. Terravita is enjoying a seller’s market. LO OK I N SI DE TO SE E T HE L AT E ST MARKE T DATA ON T E R R AV I TA AND SCOT TSDAL E ď ˝
Homes sold in Terravita August 1 - October 5, 2020 ADDRESS
ORIGINAL LIST PRICE
SOLD PRICE
% OF LIST PRICE
PRICE PER SQ. FT.
32924 N. 69th Street
$615,000
$615,000
100.0%
$312
6928 E. Sienna Bouquet Place
$475,000
$462,500
97.4%
$287
6255 E. Evening Glow Drive
$700,000
$658,000
94.0%
$263
32819 N. 70th Street
$499,000
$499,000
100.0%
$299
6634 E. Evening Glow Drive
$950,000
$924,000
97.3%
$307
34042 N. 67th Street
$675,000
$640,000
94.8%
$271
6333 E. Amber Sun Drive
$985,000
$975,000
99.0%
$285
7164 E. Mighty Saguaro Way
$649,900
$640,000
98.5%
$327
7013 E. Stone Raven Trail
$710,000
$710,000
100.0%
$370
6942 E. Thirsty Cactus Lane
$839,000
$839,000
100.0%
$339
6779 E. Nightingale Star Circle
$425,000
$437,500
102.9%
$316
Considering selling your Terravita home? As North Scottsdale experts, we would appreciate the opportunity to earn your business. Our unique sales strategy combines the latest digital marketing tools, staging and styling services, and more exposure on Zillow than any agent in the 85266 zip code. If you want to know more about this, please give us a call at 602-603-0708.
AREA REPORTS KEY N EIG HBOR HO OD STATI ST IC S
SOLD
GENERAL MARKET
Terravita
ACTIVE as of 10/5/20
1/1/19-10/5/19
1/1/20-10/5/20
% CHANGE
It continues to be a seller’s market in the Phoenix Metro area. There are currently more homes under contract than there are homes on the market. This indication of market strength is known as the contract ratio. A balanced market has a contract ratio of 30-60 percent, and the Phoenix Metro contract ratio is 164 percent. North Scottsdale, albeit not as high as the entire market, still has a contract ratio that points to a hot market of 66 percent.
High
$979,900
$985,000
$985,000
-1.0%
Median
$739,666
$597,675
$611,250
2.3%
Low
$575,000
$338,000
$370,000
9.5%
Avg. $ per Sq. Ft.
$344
$262
$297
13.4%
Avg. % of Orig. List
-
0.98
0.98
0.0%
Sold
-
68
60
-11.8%
Active
8
-
-
-
UCB/Pending
15
-
-
-
85266
ACTIVE as of 10/5/20
1/1/19-10/5/19
1/1/20-10/5/20
% CHANGE
High
$4,000,000
$3,700,000
$2,900,000
-21.6%
Median
$1,065,000
$746,250
$799,000
7.1%
Low
$309,900
$338,000
$265,000
-21.6%
Many sellers have held their home off the market because of COVID-19, which is understandable as there are so many unknowns. As we enter the last quarter of 2020, it is clear real estate has done well despite the pandemic. In Arizona, we are benefitting from more businesses moving here, as well as more businesses allowing permanent work from home options. For example, if you worked at Google, you no longer need to go into the office in the San Francisco Bay area and may be looking for an alternative place to live. The allure of lower home prices, less traffic, and a great climate can be quite a draw.
Avg. $ per Sq. Ft.
$347
$259
$279
7.7%
Avg. % of Orig. List
-
0.97
0.98
1.0%
Sold
-
346
360
4.0%
Active
91
-
-
-
UCB/Pending
73
-
-
-
North Scottsdale
ACTIVE as of 10/5/20
1/1/19-10/5/19
1/1/20-10/5/20
% CHANGE
High
$19,500,000
$9,300,000
$24,100,000
159.1%
Median
$1,500,000
$720,000
$795,000
10.4%
Low
$210,000
$230,000
$250,000
8.7%
Avg. $ per Sq. Ft.
$416
$252
$298
18.3%
Avg. % of Orig. List
-
0.97
0.97
0.0%
Sold
-
1830
2037
11.3%
Active
664
-
-
-
UCB/Pending
468
-
-
-
We can help you understand the data in North Scottsdale and develop your personalized selling strategy.
Scottsdale
ACTIVE as of 10/5/20
1/1/19-10/5/19
1/1/20-10/5/20
% CHANGE
High
$19,500,000
$9,300,000
$24,100,000
159.1
Median
$915,000
$529,500
$754,488
42.5%
Low
$250,000
$220,000
$235,000
6.8%
Avg. $ per Sq. Ft.
$388
$256
$280
9.4%
Avg. % of Orig. List
-
0.97
0.98
1.0%
Sold
-
5756
5899
2.5%
Active
1335
-
-
-
UCB/Pending
1125
-
-
-
A GO OD TIME TO SELL
If you would like a sense of the value of your home, try our “Price My Home” feature at scottsdalehome.forsale/7terravita for an instant market assessment.
SOLD
SOLD
SOLD
Seller Case Study Cascada 33296 N. VANISHING TRAIL SCOTTSDALE, AZ 85266 6,489 SQ. FT. 5 BEDROOM 6 FULL BATH, 1 HALF BATH
Sold for $2,092,000 THE BACK STORY The owners of this Whisper Rock Estates home contacted us based on their recognition of the importance of good data and how it can be applied to the pricing, sale, and marketing of a home or property. WHAT WE DID STYLING | The large casita was empty so we needed to create an inviting living space so buyers could appreciate all it had to offer. To take advantage of the expansive outdoor areas, we rearranged furniture creating multiple seating areas. We wanted the homeowner’s rocking chairs to be prominent and with the addition of a large outdoor rug, resulted in a welcoming seating area in the entry courtyard. For video and photography we created an inviting sangria station, with the pool as a backdrop demonstrating a relaxing and refreshing lifestyle.
MARKETING | We had several homes listed in Whisper Rock, so we held a Luxury Home Tour allowing us to crosspromote properties. To create more interest, we combined the tour with an Ice Cream Social, hiring an ice cream food truck for guests. Over 100 people attended which generated significant interest and return visits, providing feedback that allowed us to finetune our marketing. COVID-19 initially created a market slow down, so we used the time to continue to promote the property across all real estate online channels, along with targeted Zillow and Facebook advertising. Through our membership in the Top Agent Network, we reached out to the top agents in the valley to seek potential buyers within their networks. THE RESULT During a four-day period, we received an offer that our client accepted, one back-up offer and two other interested parties ready to place offers. In less than three weeks the house closed escrow and our happy client is now enjoying their new lifestyle.
WATCH THE STU NNI NG VI D EO WE C R EAT ED FOR T H IS H OM E
ScottsdaleHome.ForSale/Cascada
R E A L E S TAT E R E I M AG I N E D
Our customized services for homeowners are designed to prepare, market, and sell homes. We work closely with sellers to ensure their home attracts the attention of qualified buyers. For home buyers, we help preview and identify homes that meet their requirements and dramatically reduce the time spent searching for the perfect home.
Call us at 602-603-0708 for your home buying or selling needs. T H E L IFESTY LE COL L ECT IO N TE A M JORDAN AYAN Partner + Licensed Real Estate Consultant
Each office is independently owned and operated. If your home is currently listed with another broker this is not intended to solicit that listing.
5301 N PIM A R D #1 30 S COT TS DA LE , A Z 85250 THE LIFE ST YLE COLL EC TIO N. C O M