Scottsdale Speeding Toward a Balanced Market

Scottsdale Speeding Toward a Balanced Market

The Cromford Report reports that on March 16th, of this year, the Greater Phoenix Metro cities totaled 4,367 listings. Just over 4 months later, we now total 16,235 current listings and growing. The following housing styles and their listing supply increase:

  • Single-family Detached – up 344%
  • Townhouse – up 370%
  • Apartment-style – up 288%
  • Gemini / Twin – up 130%
  • Loft-style – up 240%
  • Patio Home – up 257%
  • Mobile Home – up 65%
  • Modular / Manufactured – up 20%

Many of our cities are now in the “Balanced Market Zone” and some, including Buckeye and Queen Creek are now in a “Buyer’s Market.” This incredible speed from Seller to Buyer’s market is historic.

99% of Arizona’s Growth from Migration, Per Census Maricopa County Fastest Growing U.S. County

99% of Arizona’s Growth from Migration, Per Census Maricopa County Fastest Growing U.S. County

I went to the Suns game yesterday (vs Philly) with my buddy Walter. He has owned Suns season tickets since the Steve Nash era, the last time the local team was a championship caliber team, besides last year. I usually drive to these games, and they’re most always at night, but yesterday Walter graciously drove and it was an afternoon game. Now, why does this matter, and what’s it got to do with real estate?

Glad you asked.

Not driving, and being able to be an observer, I was blown away with the upward growth (literally) of downtown Phoenix. Numerous high-rise cranes were building modern commercial and residential structures. Former run-down neighborhoods (not all) were sprouting economic vitality. The arena (Footprint Center) was like no other arena event I’ve ever attended. It was a sellout (and it’s not even the playoffs) and the fan/arena noise was an amazingly fun assault on the senses. Of course, it does help to have the best pro team in the nation😉


“…the Phoenix Metro community as a whole, saw more population growth than any other metro community…”

According to Census data, Arizona’s population gained almost 100,000 this past year. And 99% of our resident growth is attributed to migration, rather than the “natural change” of births and deaths. Of the 98,330 new residents, only 832 were attributable to natural change. Check out this article from the Business Journal:

Maricopa County alone, added more residents (58,246) than any other County in the country. Further, the Phoenix Metro community as a whole, saw more population growth than any other metro community, behind only Dallas-Fort Worth-Arlington area. Arizona ranks, per the Census, as the 3rd fastest growing state in the U.S.

What was just a few years ago never really discussed, but is now the most oft question of the day for The Bodeen Team:

When will this (price escalation) end? Based on the above local and statewide story, not real soon. Seemingly, our demand for a limited supply of housing will continue unabated for the foreseeable future. This will further increase values locally, and statewide.

Caveat: Having said that, in 46 years of residential real estate experience, I’m no stranger to market changes. And when they happen, they can happen quickly.

North Scottsdale Friday Focus – 85262

North Scottsdale Friday Focus – 85262

North Scottsdale’s 85262 zip code is home to some of the most prestigious communities in all of Arizona, which include:

  • Troon North
  • Estancia
  • Desert Mountain
  • Mirabel Club
  • Carefree Ranch
  • Pinnacle Canyon
  • Merit Crossing
  • Rio Verde
  • Legend Trail
  • Candlewood Estates

THIS is “North” Scottsdale! Higher elevations, gorgeous desert, city light, golf, and mountain views show off the beautiful Sonoran Desert. 85262 is one of those zips that many think (dream) about when you mention “north Scottsdale.” Just off the beaten path, it’s still close to amazing North Scottsdale shopping, dining and entertainment in Kierland, Scottsdale Quarter, and DC Ranch.

Desert Mountain, the amazing luxury golf mecca is home to some of Arizona’s most beautiful homes. Rio Verde is getting well known for large acre-plus homesites, rural living, amazing mountain / Four Peaks views, quiet and solitary living in a Covid-Post Covid era.

Troon’s name is all you have to say with nationally acclaimed golf and resort living in one of the desert’s most incredible settings.

Single Family Detached Home Pricing:

Current home prices start at $375,000 up to $19,500,000. The average list price is $2.46M. The average home sale price in the past 6 months is $1.37M. There are good home values under a Million, however, with a sale of one home at $299,000. There are 55 homes currently priced between $375,000 and $1,000,000.

Up to Date 85262 Real Estate as of October 23rd, 2020

Today Last Month Last Year 1 Year Change
Active Listings: 340 307 353 -4%
Pending Listings 59 64 44 +34%
Sales Per Month 68 57 27 +152%
Sales Per Year 635 594 549 -%
Months of Supply 5.0 5.4 13.1 – 8.1 Months
Appreciation – Median* 10% 7% 11% +1%
Average Price – Sales** $1.19M $1,173M $824K +16%
Median Price – Sales*** $900K $880K $818K +10%

*Annual Median

**Annual Average

***Annual Median


Ten Bathrooms? In my opinion, not the best lead-in for this AZ Central article describing the most expensive home sale in Arizona’s history. Being a guy, I’d probably lead with the amazing 17 acre parcel in DC Ranch’s Silverleaf with the 10 car garage, followed by 29,700 Sq Ft

Considering Buying or Selling in North Scottsdale or the Northeast Valley. Give Mike a call at 602.689.3100 or send an email to:

[email protected].

The North Scottsdale Real Estate Advisory – Friday Focus: 85260

The North Scottsdale Real Estate Advisory – Friday Focus: 85260

Scottsdale’s 85260 Zip Code is located in the desirable NE Valley. It is bordered by Bell Rd and Frank Lloyd Wright on the North, Shea Rd on the South, Scottsdale Rd on the west, and Thompson Peak Parkway on the East.

Notable neighborhoods in this desirable community include:

  • Bent Tree
  • Buenavante
  • Rancho San Carlos
  • Desert Fairways
  • McDowell Ranchos
  • Mountainview Ranch
  • Paradise Valley Ranchos
  • Patterson Ranch
  • Pima Crossing

Much of the 85260 community is made up of larger near-acre lots – horse acres are what we call them, as many of these neighborhoods allow horses. Great schools and convenience shopping are nearby. Freeway access is very convenient too. Just a few minutes to the Loop #101 Pima Freeway, and 7-8 minutes to State Route 51.

Great Schools Ratings

One of the finest K-12 Charter schools in the 85260 Zip is Great Hearts Academy, with two locations also including a 5th – 12th. Cheyanne Traditional Elementary is also a top rated PK-8. There are a number of excellent College prep (Notre Dame Prep) and Christian schools (Thunderbird Christian Elementary in 85260.

Style of Homes

Many of the homes in the 85260 Zip were built in the 80’s. Modern home designs include Santa Barbara and Territorial style homes with vaulted or raised ceilings, many with larger lots, and many

with private pools. Many are family oriented two story homes.

Up to Date Real Estate as of October 1st, 2020

                                                            Today            Last Month              Last Year       1 Year Change
Active Listings:                               90                   87                               116                 -8%
Pending Listings                             32                   34                               28                   +14%
Sales Per Month                             53                   42                               42                   +26%
Sales Per Year                               520                 509                             575                 -10%
Months of Supply                          1.7                  2.1                              2.8                  -1.1 Months
Appreciation – Median*                11%                09%                            06%                +5%
Average Price – Sales**                $738k             $717K                         $628K            +18%
Median Price – Sales***                $770K            $750K                        $685K             +12%
*Annual Median
**Annual Average
***Annual Median


Considering Buying or Selling in North Scottsdale or the Northeast Valley. Give Mike a call at 602.689.3100 or send an email to: [email protected].

North Scottsdale Real Estate Friday Focus: 85259

North Scottsdale Real Estate Friday Focus: 85259

Some folks may wonder why we include the 85259-zip code in North Scottsdale? The same folks rightly ask the question about 85254, 85258, and 85260 as well? After all, if you look at the long (32 miles) city of Scottsdale, you’d see it to be more central or South Central than north.

It was not too long in Scottsdale’s past (1960’s) that if you lived around Shea Blvd, that was considered “nose-bleed” country. Even McCormick Ranch (85258) was considered pretty far north from Old Town.

So the answer seems to be that for many of us who have been here for awhile, these zip code communities were a part of North Scottsdale.

85259 Zip Code contains numerous upscale communities, such as Stonegate, The Ancala Country Club, portions of Scottsdale Ranch, Scottsdale Mountain, Cactus Gates, Rancho Trinidad, Hidden Hills, and Bella Montagna.

Mountain and City light views, terrific convenience to recreation, shopping, golf, and health facilities abound. In fact, some folks refer to the Shea Blvd N/S dividing line as the “Medical Mile” with Honor hospital and the Mayo clinic plus hundreds of all types of medical offices within a few miles.

Schools are excellent in the 85259 community which includes Desert Mountain High and Middle public school. One of the highest rated schools in the country is the Basis Charter School encompassing grades 5-12. Anasazi Elementary is another excellent choice.

As of the fall of 2020, 91 homes were listed for sale at an average list price of $1.32M. Pending listings average list prices were $860,000, while closed sales over the past 6 months averaged $842,000.

Real estate as of October 2nd, 2020

Today            Last Month              Last Year       1 Year Change

Active Listings:                                91                   98                               172                 -47%

Pending Listings                              35                   33                               25                   +40%

Sales Per Month                             44                   48                               46                   -04%

Sales Per Year                                  499                 501                             523                 -05%

Months of Supply                          2.1                  2.0                              3.7                  -1.6 Months

Appreciation – Median*              12%                09%                            05%                +07%

Average Price – Sales**                $860              $845K                         $798K            +08%

Median Price – Sales***              $770K            $750K                        $685K             +12%

*Annual Median

**Annual Average

***Annual Median

Considering Buying or Selling in North Scottsdale or the Northeast Valley. Give Mike a call at 602.689.3100 or send an email to: [email protected].

Snow Birds Increasing this Year?

Snow Birds Increasing this Year?

Good news for Scottsdale’s snow birds! According to this past Saturday’s Phoenix Republic insert (AZ Republic) the Climate Prediction’s Center’s outlook calls for a “warm, dry winter for the Southwest, including the Phoenix metro area. At the same time our country’s neighbor to the north via The Canadian Farmer’s Almanac, the Climate Prediction Center, and La Nina forecasts are all predicting a cold winter for Canada. This chilly forecast could of course include our upper Midwest states such as Minnesota and North Dakota.
Oh, and by the way, do you think we might get a visitor bounce from Cubby-land to begin their defense of the crown during March spring training? Chris, a wonderful client and friend took me out to see my first Cubs game at their new Mesa ballpark last spring. It was a blast! Grab some tickets as soon as they’re announced.
Snow Birds
Baseball is in a renaissance that we haven’t seen in decades. Thank you, Chicago, and Cleveland. Baseball may yet reclaim the title America’s past-time! And the baseball capital of the winter/spring world just happens to be — Phoenix, Arizona!
Okay, that’s a pretty good case for an increase in Snowbird population,this winter, but will that translate into increased sales? Rentals?
I say yes to both. In fact I’ll go out on a limb to say that it will be the best winter for buying AND leasing that we’ve had in years. This could mean a run on inventory which could very well cause a spike in pricing in the moderate price range of $250k to $500,000. I also think we’ll see a spike in number and price in “Executive Leases” which are luxury homes being leased for a minimum of 12 months.
And I don’t believe Tuesday’s election plays any real significant part in short term sales numbers regardless of who wins. My gut feeling is we’re starting a strong move forward in AZ housing.

Strong October Sales!
     October sales were very strong across the valley compared to last year.  Looking at various cities and their sales transactions in the public records for this past October, we see the following growths over 2015:
Oct 2015 Sales
Oct 2016 Sales
Sun City
Paradise Valley
Cave Creek
Sun City West
Queen Creek

*All data courtesy of the Cromford Report