Terravita Market Updates

The Terravita real estate market numbers were strikingly similar to last year’s numbers which, as I have mentioned before, is a bit of a disappointment. With the Canadian dollar and oil prices continuing their descent, Canadian buyers are staying away in droves, yet Terravita continues to hold her own. Here is an interesting video and article on the Canadian situation:

Weak Canadian Dollar Impacting on Valley Housing Market

But don’t read this as bad news. Valley wide, existing home sales are up 12.8 % year-over-year and new home sales are also up – just not at the same pace. Year-to-date, new home sales are up 11.9% compared to last year and were up 9.7%in October versus October 2014. You can tell the builders are optimistic, too. New construction permits are up 76% over last year, and Forbes magazine recently suggested Arizona would lead the nation in job growth through 2019. They called the state one of the “brighter spots in a slumbering U.S. economy.” Construction, once a pillar of the state’s economy, has gained 4,700 jobs over the past 12 months, which ranks seventh among the 11 major industrial sectors.
Buyers who capitalize now can expect to see continuing upward trends. If you’ve ever thought about a Terravita residence, don’t wait for prices to keep going up. Call our office today at 480-634-5000!

October 1, 2015 Terravita Market Update

The Terravita real estate market took a breather this month. Only one closing and it was a foreclosure! Not to worry. The season is about to begin…October is here!

I should note that this month is a great illustration of why we include the Annual Average Price Per Foot along with the Monthly Average Price Per Foot in the chart below. As we come out of our off season months, the monthly average trend line can look pretty scary. The annual average brings us back to reality.

Here are the September 2015 Terravita Real Estate Market Statistics:

September 1, 2015 Terravita Market Update

September 1st signals the end of the Terravita real estate summer doldrums. The summer months predictably mean below average monthly home sales and lower than average price per foot numbers. Generally these triple digit temperature months are where the desperate sellers and the bargain hunters come to meet, and that explains the results we saw this month and last. But fear not . . . the Fall selling season is just around the corner and the real estate market is looking good. But don’t take my word for it. Here are some articles that came out this month:

Phoenix ranks as sixth best U.S. real estate market but Texas dominates

Phoenix real estate market still hot, but becoming more balanced

How becoming a millennial hotspot could stir foreign investment in Phoenix

Phoenix home builds bring relief to tight housing market

June sales ‘exceptional’ as metro Phoenix housing rebound continues

‘Boomerang’ buyers returning to Phoenix housing market

Here are the August 2015 Terravita Real Estate Market Statistics:

July 1, 2015 Terravita Market Update

Terravita real estate sales slowed a bit in June (predictably), with 4 homes going under contract. That’s still twice as many as the 2 homes that went under contract last June! And it gets better.

A year ago, a total of 43 homes had sold and closed escrow during the previous 12 months. By contrast, since last June we have had twice that number under contract, and 66 homes have closed escrow. That is a 100% increase in sales and 50% increase in closings since June 2014!

Terravita Market Fun Fact

Here’s a prime illustration of how far we’ve come. 6747 E Eagle Feather is the record holder for the highest price per foot ever sold in Terravita, at $373. This 1,409 square foot Arbor Model sold for $525,000 in June of 2007, at the peak of the real estate boom. It sold as a foreclosure in September 2010 for just $285,000, after languishing on the market for nearly a year.

This home sold again last month for $400,000, after only 19 days on the market. That’s an impressive 76% of its top-of-the-boom price. (See below for a brief history)

The track record of this home tells us just about all we need to know about our real estate market over the last decade.

Look for another uptick this fall as the weather cools and buyers get more active.

6747 E Eagle Feather Sales History

Here are the June 2015 Terravita Real Estate Market Statistics: