Terravita Market Update
May 2, 2023
April Market Update
- Terravita Market Update One Big Thing – Better Than It Looks.
- Sweet Basil Culinary Center
- More News You Can Use
- Thought For The Day
1. One Big Thing – Better Than It Looks
On the surface and according to the numbers, the Terravita real estate market had a boring month in April. But when you looked more closely, it was really something special.
In April, there were fewer Terravita sales than usual, and the prices kept going up. The same results have been happening all year. Not as many homes are selling, but the ones that do keep getting more expensive.
But the number and quality of high-price-per-foot sales were very interesting. Many of the most expensive sales of the year happen in March and April. But I can’t remember a time when there were so many great homes for sale in such a short time.
From homes that have been updated very well to lots with beautiful views and even houses that have the best of both worlds! This year, buyers looking for great homes were in luck. We had a great time showing off and having open houses for these beautiful homes, and we loved hearing your thoughts on them. So, thanks for coming by!
Why It’s Important
The seller’s market is getting stronger, but we continue to see questions about the market‘s direction and whether a crash is imminent. Another article came out last week that raised more concerns: “Metro Phoenix sees negative home price growth for the first time since the Great Recession.”
Such data can be misleading, potentially affecting the prices buyers are willing to pay due to misunderstandings. I often find myself educating other agents on the actual state of the market.
The Case Shiller mentioned in the article uses outdated data from three months ago, which can be misleading in a dynamic market. To give you a feel the difference timing can make here is an example.
Recent Terravita Averages Over Time
1-Year Average: If you asked about the Terravita market‘s average price per foot, using data from the past 12 months would give an average of $446 per foot.
6-Month Average: In a normal market, appraisers would look back just six months. In this case, the average would be $447 per foot.
3-Month Average: In a rapidly changing market, appraisers use a three-month average, which amounts to $467 per foot.
Pendings: In a very dynamic market, appraisers will consider pending sales, as they are likely much closer to the actual value. Currently, the average price per foot for pending sales in Terravita is $520 per foot.
April saw high average pricing ($484) and the highest price ($541), with five closings over $500 per square foot and Terravita‘s first $2 million closing! Next month promises even more excitement, with multiple sales expected to surpass $600 per square foot (assuming they close escrow).
This should clarify why April was a stronger sales month than it might appear and emphasize the importance of using up-to-date data when evaluating the market. (Note: this is also why we have been telling our clients since last fall that this would likely be a late selling year. We felt April and May could be the best months of the year.)
Amazingly, my newspaper article this month was right on point. Here is my May 1st Scottsdale North Newspaper article:
Go Deeper into Terravita Data
- TV Market Stats
- April Closed Sales Data By Floorplan
- Active Terravita Listings
- Terravita Floorplans
- Read Past Market Updates
2. Sweet Basil
We are excited to share the story of an amazing business that recently made the move from Midtown Scottsdale to Scottsdale North! Sweet Basil Culinary Center recently opened at La Mirada on Pima and Pinnacle Peak.
Cooking hasn’t been my thing, but after meeting the owner, Martie, and discovering what they have to offer, I couldn’t help but feel excited, and we think you will too! Happy watching, and we hope to see you there soon!
3. More News You Can Use
I thought this was a good reminder for all of us about our stuff.
Another Scottsdale North Story!
4. Thought For The Day
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.
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.