The video discusses Scottsdale real estate market price increases, especially in 85250 and 85251.
Why did the median home price increase so much in 85250 and 85251 in the spring of 2012?
Short sale and foreclosures decreased dramatically in 85250 and 85251 from the spring of 2011 to the spring of 2012.
This is especially true for 85250 where distressed sales went from almost 50% of the homes sold in Apr-Jun 2011 to only 13% in Apr-Jun 2012. It would be tough to find a steeper decline in all of metro Phoenix
In addition for 85251, we saw a big change in the mix of homes sold – in 2011 the expensive homes in east Arcadia made up about 20% of homes sold in the zip code while in 2012 east Arcadia made up about 40% of homes sold in 85251.
A mix with double the percentage of homes sold from Arcadia is going to increase the median home price in 85251 even if there were no appreciation at all. But, in fact, there was also very strong real appreciation throughout 85251.
(Okay, this video is a little rough. They’ll get better!)