I look at individual zip codes in this update of the Scottsdale real estate market.
There have been steep median home price increases in 85251 (Old Town Scottsdale and eastern Arcadia), 85250 (between Old Town Scottsdale and McCormick Ranch) and 85266 (Terravita, The Boulders, Whisper Rock, Sincuidados and Bellasera).
When I get a chance, I want to spend a few hours diving into the data to figure out what’s really happening to home prices in those 3 zip codes. Are prices really increasing that much or is it that the mix of homes that are actually selling is shifting towards more expensive homes in those areas?
Scottsdale Real Estate Market – June 2012
Here is the Phoenix real estate market update mentioned in the video.
It Looks Safe to Get Back In the Water
The take-away is that median home prices are increasing in Scottsdale so your downside risk on prices is tiny in my opinion, and if you want to buy a home in Scottsdale, sooner would be better than later.
I was born and raised in Phoenix. My father sold real estate (he specialized in farms which explains why I have a Masters Degree in Agricultural Economics). We see a boom and bust cycle about every 5 to 10 years in Phoenix residential real estate.
It certainly looks like we’re at the beginning of the upward part of a new real estate cycle.
Keep me in mind when you look for a real estate agent. (If I don’t work your area of town, I can refer you to an agent I trust who does.)