By Mike Bodeen · 13 February 2017
When $12,750,000 is a Deal
Compared to high end home sales prices in Los Angeles, Manhattan, or Vail, $12 million would make a paltry down payment. But in Paradise Valley, Arizona, one gets a heart thumping 2.5 acre estate. And amazingly, as you look through the photos, you’ll see that this home is wonderfully and beautifully down to earth – not extravagant, not over-the-top. Very cool!
Check here to see the full listing
Market Update
The single family valley-wide market continues in healthy form from a number of different angles. If you recall, though we prefer to forget, 2008-2011 was our horrific market meltdown. Notices for foreclosures were near 11,000 per month, monthly foreclosures were averaging over 5000 per month!
Fast forward to January 2017 where we now have the fewest foreclosures pending that we have ever recorded in Maricopa County. The total stands at 2,248 and the lowest record previously was 2,253 in May 2006.
Not only do we have the lowest foreclosure activity, the trend is for it to get quieter still. We have seen pending foreclosures decline 26% in the last year and 4% in the first 6 weeks of 2017.
Also, take note of our deed sales (includes private deals, not just homes marketed on the MLS)
Total sales for single family homes & condos were up 21% over January 2016
The median sales price was up 5.4% since last year from $223,000 to $235,000
New home closings were up 47.5% from 602 to 888
The median sales price for new homes was up 9.4% from $302,498 to $330,874
Re-sales closings were up 17.7%
The median sales price for re-sales increased 5.2% from $212,000 to $223,000
The S&P Case Schiller monthly report came out last week showing Phoenix monthly price increases (+0.32%) in the number 7 position nationally ahead of notable metro areas such as Seattle (+0.24%), Portland (+0.16%), Los Angeles (+0.15%), and San Francisco (-0.06).
Altogether the Real Estate side of things continues to look pretty sunny here in the Valley and we continue to be optimistic.
-Mike