June 1, 2017 Terravita Market Update
For those of you back in the cooler climates you can rest comfortably knowing that we locals are now enjoying our normal average temperatures for this time of year. While it reminds us of what is coming in our future, it really is great now. (Particularly if you are a golfer. Less people playing, and the ball goes further!)
Speaking of averages, if you go by historical averages, Terravita had a good sales month in May with 10 homes going under contract. The reason I mention the “historical” averages though is that for the last 2 years the May sales numbers were anything but average. May sales for 2015 & 2016 were almost double the number we saw last month, and that leaves us behind in sales for the 2017 selling season.
As I mentioned last month, the new home builders are certainly a factor cutting into Terravita’s sales numbers. But there was another interesting article written that may be food for thought as well. Oddly, the article is written by a financial company based in London, England titled: Phoenix, Arizona: home sales below par in golf-course communities
Unfortunately, it is a subscription only website so I couldn’t create a link for you to read it. After speaking with a nice Financial Times employee named Ram who is based in Asia to try and obtain permission to share the piece, it didn’t work out. If you Google the headline though, you can likely find a link that works. I don’t think the article really says much of anything, but my job is to give you guys the info so that you can make your own decisions. He did give permission to post a small excerpt of the piece so here is that:
“Golf-course homes in remote locations are not selling as well as they once did,” says Orr. “Golf-course homes in the centre of the valley sell very well.” Phoenix Tastes have changed, Lieb says. Buyers want new homes with modern amenities, close to the city, not the big homes that are the staple of many of the outlying golf communities.”
Let’s hope for an exceptional June sales month and wherever you are, enjoy the summer weather.
Here are the May 2017 Terravita Real Estate Market Statistics: