As we wrap up the third quarter of 2016, we can look back and forecast a strong fourth quarter and overall a good 2016 for AZ golf homes.
The Phoenix real estate market held steady in quarter three, despite the traditionally lower sales as we coming out of summer. In Phoenix, Q3 is usually the weakest of the year. While this still may be true in 2016, we can look at the figures of Q3 2015 and see that overall, our average sales prices have increased. This table from our trusted friends at the Cromford Report show exactly how much improvement we’ve seen in each price range.
[insert October 3 table here]
As we can see, the average price per square foot has increased most in the up to $150K range. The next few prices ranges up through $400K also show increases. These increase rates, from 7.1% to 2.2%, are above the inflation rate. While still an increase, the 1.3% and 1.6% from $400K to $750K are right in line with inflation.
These numbers go hand in hand with the low supply but high demand for single family homes under $250K that we’ve been commenting on all year. This table also shows the sluggish luxury market from $750K to $2M. But surprisingly, the biggest increase in price per square foot is in the over $2M range, though we should note that there were just under 60 total transactions in Q3 in this range.
Average price per square foot aside, when we look at active listings we also see improvement along with details of the supply versus demand predicament. This table, also courtesy of the Cromford Report, shows the number of active listings in October 2015 versus October 2016.
[insert October 2 table here]
The single family home listings under $200K have dramatically decreased, especially in the lower price points. As we reach the $250K mark, we see things get stronger until $300K. After a small dip from $300K to $400K, growth rises with the price brackets, peaking at a 21% increase in active home listings between $1.5M and $2M. Again, in line with the slower luxury market. We expect more luxury AZ golf homes to hit the market in Q4, as well, and into 2017.
This is all good news, whether you’re buying, selling or renting a home in one of our Arizona golf communities. For more detailed information on the market in your specific area and advice on the best time to make a move, contact the Matheson Team.
Don Matheson
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255
480-405-4228
don@azgolfhomes.com
[gravityform id=”6″ name=”CONTACT US” title=”false” description=”false”]
Q3 2016 shows signs of a strong Q4 for AZ golf homes
