March Terravita Market Update
Terravita Market Update
April 2, 2023
- Terravita Market Update
- Can Scottsdale North Become A Thing?
- Is Artificial Intelligence Taking Over The World?
- More News You Can Use
- Recap Of Our Live Market Update Event
- Just For Fun
1. March Market Update
April is here, and our normal fantastic weather along with it! Finally. Yee haaaa! No April showers bringing May flowers this week!
To give you some perspective on the Terravita real estate market this month we decided to turn back the clock a bit to those pre-pandemic days of yore. Check out this comparison:
March 2019 March 2023
Just 4 years ago $299 per square foot was the pinnacle of pricing. It had to be a great update in a great location. This month we had a closing almost exactly double that! The market is moving up, and we will cross that $600 per foot barrier soon. You think that’s impressive? The next 4 years could be better.
As you can see in my “News, you can use” section ours is the fastest-growing county in the United States, and there is no reason to see that stopping any time soon. We have discussed all the semiconductor and tech companies coming to the valley. Below I have two new articles on how medical is also booming and within minutes of your home. The effect of Mayo’s land purchase could be huge for Scottsdale North. When this BioTech corridor that Mayo is calling “The Desert Oasis” was first proposed back in 2013, it was suggested that it would bring 30,000 new jobs to the area! I wrote the reporter of the article to see what the projections are now, and it is too early to project. With Mayo’s involvement, it should be amazing.
Demand is coming, and supply is still chronically short. New listings added to the Arizona Regional MLS are the lowest ever recorded, going back at least 23 years. Read that again:
New listings added to the Arizona Regional MLS are the lowest ever recorded, going back at least 23 years.
We already have a shortage of homes in the valley, and new home builders have slowed their growth. If you don’t have residential rentals in your portfolio, you might want to join me in moving some investment dollars that way. Because prices have to go up, and we are seeing the beginnings of it in the Cromford Market Index.
Remember that the CMI is our best leading indicator of market balance. A value of zero indicates a balanced market, and values above 100 indicate a sellers’ market.
Here is the current daily chart for the whole valley:
This is why we are telling our sellers who don’t have to sell to be patient and telling our buyers not to be.
Days on market are not a thing when the market is moving up.
If you’ve been thinking about investing in real estate, now’s the time to do it. And I’m not just saying that because I’ve got a vested interest in it (although I totally do). We are in a gentle sellers’ market, but demand is coming, and prices will be moving up, which means if we don’t act soon, we can get left in the dust. Nobody likes to be in the dust, do they?
Let us know if you are interested.
Go Deeper into Terravita Data
- TV Market Stats
- February Closed Sales Data By Floorplan
- Active Terravita Listings
- Terravita Floorplans
- Read Past Market Updates
2. Can Scottsdale North Become A Thing?
The front page of the Scottsdale North Newspaper this month says what I have been saying all along- Let’s brand ourselves Scottsdale North!! To see why we think it should happen read here: It’s Time To Brand The Area
While we are on the topic
Here is the first article we have seen posted addressing Scottsdale North
One more like this, and we can have Scottsdale North added to Wikipedia.
3. Scott’s April Article in The Scottsdale North Newspaper: Is Artificial Intelligence Taking Over The World?
Hey, have you heard about how artificial intelligence is shaking up the real estate game? It’s not just for sci-fi movies anymore. Our team is always on the cutting edge of technology, and we’ve been using AI to take the home selling experience to the next level. We fed a program called ChatGPT one of our toughest real estate problems, and it came up with a response that sounded like it was written by a real person. It’s not perfect, but it’s a great example of how AI can help us better understand and empathize with our clients. Check out our story Scottsdale North Newspaper story on how AI is changing the game for real estate in Scottsdale North.
AI Takes on Real Estate: How a Computer Understands Scottsdale North
4. And More News You Can Use:
5. Tina Tamboer Market Update
Thanks for joining us for our recent market update with Tina Tamboer! We really appreciate your support of our business.
In case you missed the event, we have a quick recap we can send you, or if you have interest, you can watch the entire event, via PowerPoint. Just click the link below 
and we will send you the information.
and we will send you the information.Contact
6. One More Just For Fun
I went back to check out the $299 per square foot sale in 2019 and found a photo we shared with you before, and it is worth the revisit.
Our twilight night shots have a longer exposure time, and in this case, the photographer captured a Bobcat strolling across the driveway. You can see a ghostly image just between the 2 planters on either side of the garage door. If I remember right, the photographer didn’t even know it happed until he was touching up the photos for us!
Thank you all for reading and supporting our updates. We know there are a lot of things out there pulling for your attention these days. Please let us know anything we can do better.
Click Here For Past Market Updates
Disclaimer disclaimer! Please don’t skip over this one, folks. It’s not your typical boring legal jargon. Just a friendly reminder that our lawyers made us include this so they don’t lose their minds. Read on, if you dare!
*Please note this report is created as of the first of the month and is prone to changes.
**The term “Contracts Accepted” means that there was a new contracted accepted on this home this month. This is to say that this listing has moved from an “Active” status in the MLS to a “Sold” status and begun the escrow process and is heading toward “closing”.
*All information is provided by the Arizona Regional MLS and is deemed reliable, but not guaranteed.
TerravitaRealEstate.com is not in any way affiliated with, or endorsed by, Terravita Community Association, Inc. nor is this in any way an advertisement for services provided by the Terravita Community Association, Inc.
