Real Estate 09-07-14

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AZ Real Estate REACH US

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CATHERINE REAGOR REAL ESTATE

A TALE of

Housing market treading water

3 BUYERS

M Location, location, location

etro Phoenix’s housing market is slowing and stabilizing. In July, home sales and prices dipped, prompting analyst housing Mike Orr to repeat that he sees no sign of a bubble-andbust scenario in the near future. Sales fell 4.5 percent from June and 18 percent from July 2013. The Valley’s median sales price was $210,000 in July 2014, down $1,000 from the previous month, according to a report from the W.P. Carey School of Business at Arizona State University. A year earlier, the area’s median was $194,000. “Most of the median-price increase over the last 12 months is because a greater percentage of the homes being sold are in the luxury market, not because home values overall are increasing,� said Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business. At the moment, both demand and supply are low in the Phoenix area. A closer look at the area’s housing market beyond overall sales and price numbers from Orr’s latest report: Supply: Housing inventory is shrinking again. Supply fell 3 percent in July to 24,994. Too many houses on the market in a region with declining sales can push down prices. Last summer, supply was too tight for a healthy market. The number of houses for sale is 36 percent lower now than a year earlier. High-end houses: In July, 553 houses with price tags of $500,000 or higher sold. That’s flat from June. Luxury sales accounted for about 23 percent of metro Phoenix sales in July, up from 21 percent a year earlier.

Smaller home on a smaller lot

Live in a certain ZIP code

The ideal home looks a little different to everybody SUE DOERFLER THE REPUBLIC

i

AZCENTRAL.COM

We all have different thoughts about what makes a house a home. Our home. Our version of the American dream. For some of us, it’s the location. For others, it’s a gourmet kitchen or backyard oasis. For those with kids, it may be the number of bedrooms. Real-estate agent Steve Skarphol, associate

broker with HomeSmart Elite Group’s Paradise Valley office, has found that the neighborhood and its proximity to the buyer’s work, church, conveniences, friends and family rank highest. Other factors include the quality and functionality of the house and the likelihood it will hold its value. “Bottom line for today’s buyers, in my opinion, is that buyers are focusing on the utility of See BUYERS, Page R3

THINKSTOCK

Algarve $299 MOVE-IN!*

See REAGOR, Page R3

950 W. Main St. • Mesa, AZ 85201

480-385-0224

For more information, see our ad inside! *On select units.

Algarve@celticpropertymanagement.com

Paradise Palms I 304 W. Southern Ave. • Phoenix, AZ 85041

602-385-0971 PPalms1@celticpropertymanagement.com

UP TO 3 WEEKS FREE!*

Palms at Glendale 6112 N. 67th Ave. • Glendale, AZ 85301

623-792-9130

Glendale@celticpropertymanagement.com $5

SCOTTSDALE | 5321 East Grandview Road | Open Today 1-4PM

EXPENSIVE FINISHES. Inspiring double Alder doors reveal MLS# the beautifully remodeled plan. Stunning redone island kitchen Bedrooms has elevated Hickory cabinetry. Travertine, French doors, three Bath fireplaces, hardwood floors and floating staircase. View terrace off Pool the lavish master. Redone baths. Enormous bonus room with oldworld charm - arched stone wall, complete bar, elevated theater Sq. Ft. seating, built-ins and fireplace. A private oasis shaded by mature Parking trees the yard has a fireplace, BBQ kitchen, two Ramada’s, pool, Lot Size spa, waterfall, pavered walkways and L-shaped dining patio. HalfZIP Code ACRE cul-de-sac lot. RV gate. Third bay of garage insulated with AC. Original Owner. Priced below $652,000 appraisal. Online Pics – Joseph Callaway Price

Brought to you by Those Callaways, (480) 596-5751

- 5152030 -4 -3 - Yes - 4,110 - 3 Car Garage - HALF-ACRE - 85254 - ThoseCallaways.com - $625,000

see more inside $5

PHOENIX | 4336 North 40th Street | Open Today 1–5PM

POSH SPANISH VILLA NEAR LGO ENTERTAINMENT MLS# DISTRICT. Posh, plush and absolutely perfect, this tony Spanish Bedrooms villa preens with a plethora of improvements all done under the Bath talented eye of its designer owner. Tucked inside the intimate Pool gated community of Dos Puertas steps from the bustling LGO neighborhood entertainment district. Wealth of ‘new’ antique Sq. Ft. doors/windows, stunning raised/beamed ceilings, reclaimed wood ZIP Code floors, much more. Living room w/focal-point fireplace. Kitchen w/ intricately designed backsplash, majestic chocolate-hued cabinetry. Online Pics Price Master suite w/magnificent carved doors/cabinetry. Easy-care garden-like grounds w/lush foliage, shade, ramada, fireplace. Visit tourfactory.com/1223893. See inside for details, directions. Brought to you by Sandra Baldwin, Russ Lyon Sotheby’s International Realty

- 5163645 -2 -2 - Community - 1,707 - 85018 - BaldwinTeam.com - $699,500

see more inside $5


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