The good news continues as AZ golf homes and single family homes across the Phoenix metropolitan area are gaining momentum in their appreciation. Our friends at the Cromford Report have been reporting on the appreciation of single family homes across the state and while not every city is moving forward, AZ golf communities are progressing positively.
At a broad Valley-wide glance, we can see that most cities have appreciated in the average price per square foot over the last 24 months. Glendale leads the pack with an appreciation of about nine percent, Mesa is in the middle at around six percent, and Scottsdale finishes towards the end at just over one percent. Take a glance at how all the major cities stack up:
Although Scottsdale, Cave Creek, and Fountain Hills are at the bottom of the chart, it’s important to note that all three cities have been moving up steadily in the last few weeks. As this is an average percentage of appreciation over the last 24 months, some cities had higher appreciation at some times and lower or actual depreciation at other times. Scottsdale, on the other hand, has been one of the few cities holding on to a stable one to two percent appreciation over the time period.
It’s also important to note that homes in South Scottsdale have been appreciating at a higher rate, averaging out the North Scottsdale area at a lower rate. When we look at the more recent time period of February through April of this year, then compare it to the same period in 2015, we see the following:
- Homes in South Scottsdale zip codes (85257, 85254 and 85251) have appreciated at an average of almost 10%.
- Homes in North Scottsdale zip codes (85250, 85259, 85258 and 85262) have only appreciated an average of about one percent.
- Homes in North Scottsdale zip code 85266 actually depreciated 13%.
On average across Phoenix, we can then see the following average single family home stats:
- Homes over $500,000 rose just over one percent in the price per square foot.
- Homes between $500,000 and $250,000 rose almost 4% in price per square foot.
- Homes under $250,000 rose over 10% in price per square foot.
These home values and locations are right in line with the supply and demand that we’ve been discussing. The higher supply in luxury homes means little price movement (more luxury homes in north Scottsdale), while the lower inventory of homes in the under $250k price point are driving up value and prices.
The big picture is looking good for AZ golf homes, no matter which part of the Valley they are in! To take advantage of the improving market by buying a new Scottsdale golf home or selling your current property, contact The Matheson Team. We’re on top of the market and can help you make the best decision for your investment and your family.
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255