Signs are appearing which show the dramatic downward trend in Phoenix residential real estate is slowing. Supply is growing more slowly and, in a few areas has stopped. Demand is still weak,
Historically, Corte Bella shows better numbers than the Phoenix market as a whole. As a retirement community, many Corte Bella buyers pay cash or have large down payments so, they are less concerned with mortgage rate increases. Our market therefore, tends to be slightly less susceptible to bad economic news and this appears to be playing out again. If the four properties currently Pending, two properties currently Under Contract But Accepting Back-up Offers, and three properties currently Under Contract Contingent On Buyer Sale close, it would be strong evidence of Corte Bella's ability to shake off a wide-spread slowdown in the Phoenix housing market. My expectation is that the bulk of these deals will close and this Winter will be an average Winter although it may look dismal given the torrid market we had the last two winters.
Below are some interesting facts regarding Corte Bella:
Corte Bella listing prices are 3-4% below peak listing prices in 2021 and the first half of 2002.
There are currently 18 for sale listings in Corte Bella.
During the recent hot market, Corte Bella regularly had only 3-4 listings at any given time.
There were seven closings in Corte Bella since July 1.
There are 1,650 homes in Corte Bella. On average, 355 owners live out of state, 456 are absentee owners (28.6%),
The annual turnover of homes averages 8.12% (133 homes).
Corte Bella residents stay in their property approximately 8 years.
YTD, we have closed 82 sales in Corte Bella. The 5-year average is 122 closed sales per year. Closed sales this year will likely be 100-110.
Corte Bella’s average sales price has almost doubled since 2018 (2018 = $357,960, YTD 2022 = $614,588, a $256,628 raw increase.
Speaking of supply, the graph below shows the 85375 Zip Code currently has approximately 3.5 month’s supply of homes (typically, the sign of a solid market) versus this time last year when we had approximately .5 month’s supply.
The take-aways from this past week are:
There are signs of life in the residential housing market.
This winter should be favorable for Corte Bella listings however buyers will be in control and modest seller concessions are anticipated.
Corte Bella listing prices are 3-4% below peak listing prices the past 24 months.
Corte Bella remains a desirable community for buyers.
Here is the tale of the tape for the week of August 8-14.
ACTIVE LISTINGS AS OF 07/31/22:
· 22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner Lot - $409,000***
· 22516 N San Ramon Dr., Quinta Model, 1,283/sf., 2/2, GC Lot - $459,999
· 12812 W Junipero Dr., Arcada Model, 1,660/sf., 2/2, vacant - $475,000
· 13105 W Junipero Dr. Arcada Model, 1,684/sf., 2/2 - $489,900
· 23134 N Loreto Dr., San Marco Model, 1,904/sf., 2/2 - $574,900
· 13432 W Los Bancos Dr., Encanto Model, 2,095/sf/. 2/2, - $589,000***
· 12959 W. Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $600,000
· 12839 La Vina Dr., Encanto Model, 2,095/sf., 3/2, Casita - $625,000
· 23307 N De La Guerra Ct., Arcada Model, 1,684/sf., 2/2, Pool - $615,000
· 22903 N De La Guerra Ct., San Marco Model, 2/2, GC Lot - $635,000
· 22823 N Los Gatos Dr., Encanto Model, 2,095/sf., 3/2, Casita - $649,900
· 22207 N Montecito Ave., Cambria Model, 2,423/sf., 3/2, Pool - $679,900
· 22931 N. Padaro Dr., Encanto Model, 2,095/sf., 3/2, Casita - $649,900
· 12832 W Rincon Ct., Cambria Model, 2,470/sf., 2/2, Pool – $799,925
· 22002 N Valerio Dr., Figueroa Model, 2,785/sf., 2/2, Spa, GC Lot $799,000
· 23109 N Hank Ramon Dr., Figueroa Model, 2,840, 3/3.5, Casita, GC Lot - $810,0000
· 23023 N Pederegosa Dr., Mirada Model, 2,593/sf., 2/2.5, 3-car garage, Pool - $875,000
· 22111 N Giovota Dr., Mirada Model, 2,840/sf., 3/2.5, Casita, GC Lot - $888,000
* New listing this week
** Temporarily off market
*** Price reduction
COMING SOON
None.
UNDER CONTACT ACCEPTING BACKUPS
· 22713 N Pico Dr., Arcada Model, 1,636/sf., 2/2, Remodeled - $549,000
· 12847 W Panchita Dr., Alameda Model, 2,726/sf., 3/2.5 - $699,000
UNDER CONTRACT CONTINGENT ON BUYER SALE:
· 13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000
· 13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
· 23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950
PENDING LISTINGS:
· 22718 N San Ramon Dr., Arcada Model, 1,684/sf., 2/2, GC Lot, Pool - $625,000
· 13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5, 3 car garage - $795,000
· 13307 W Rincon Dr., Figueroa Model, 2,784/sf., 2/2.5, GC Lot, Pool - $897,000
· 22410 N Del Monte Ct., Mirada Model, 2,559/sf, 3/2.5, GC Lot, Water - $925,000
SOLD LISTINGS (07/01/22 – 07/31/22):
· 22719 N Arrellaga Dr., Arcada Model, 1,636, 2/1.75 - $460,000
· 12930 W Micheltorena Dr., Arcada Model, 1,612/sf., 2/2, Remodeled - $550,000
· 13354 W Junipero Dr., Arcada Model, 1,931/sf., Casita, Private lot - $599,000
· 13544 W Figueroa Dr., Encanto Model, 2,095/sf., 2/2, MBR Remodel - $629,500
· 23325 N De La Guerra Dr., San Marco Model, 1,904/sf., 2/2, Pool - $620,000
· 22516 N Padaro Dr., San Marco Model, 1,904/sf., 2/2, 2.5 car garage, Pool - $635,000
· 23227 N Cardenas Dr., Mirada Model, 2,840/sf., 3/3.5, Casita - $700,000
I am a year-round Corte Bella resident and I put 100% of my effort into Corte Bella sales transactions although on occasion, I will assist my sales clients relocating to another area in Arizona. As the market changes it is important you have clear picture of the value of your home should you decide to sell. No one knows Corte Bella better than I do.
I sell Premier Properties with Premier Service.
Comments