Arcadia Homes Monthly Real Estate Report - July 2011
Arcadia is a very unique neighborhood, located in the 85018 Zip Code in Phoenix, AZ. Because much of Arcadia is located in what many consider to be the best school district in Arizona (Scottsdale Unified School District), and offers such amazing dining/shopping opportunities and lush green neighborhoods, this area has become extremely popular for people looking for their next home. Add to that its proximity to Old Town Scottsdale, and you get the perfect combination when looking for your next home. The 85018 Zip Code is commonly referred to as Arcadia, and for the purposes of this report, I have included all real estate activity that has occurred in the past month within 85018.
Subscribe to my blog to get a copy of the Arcadia Homes Monthly Real Estate Report each month. The report is meant to keep you up-to-date on the latest real estate trends in the community. Click on the chart below to make it larger.
Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.
Active: Listings that are currently listed as being "Active" in the MLS.
Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.
Closed: These are homes that closed escrow during the month of July/2011.
Traditional: These are listings that are "non-distressed" (i.e., not short sales or bank-owned).
Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.
Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.
Other/Misc.: These are listings that are classified as being owner agent, probate, court approval required, etc.
There are currently 227 Active Listings on the market:
160 Are Traditional Listings
29 Are Short Sales
27 Are Bank-Owned
11 Are Other/Misc.
There are currently 157 Pending Listings:
41 Are Traditional Listings
78 Are Short Sales
25 Are Bank-Owned
13 Are Other/Misc.
During the month of July/2011, there were 81 Closed Listings:
32 Were Traditional Listings
18 Were Short Sales
28 Were Bank-Owned
3 Are Other/Misc.
Finally, in the Arcadia Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in July/2011.
The Average Price/Square Foot for homes sold in June/2011 in Arcadia was $117.14 per square foot.
The Average Price/Square Foot for homes sold in July/2011 in Arcadia was $109.73 per square foot.
This represents a 6.8% decrease in price/square foot within the community from May/2011 to June/2011. The fact that 28 of the 81 homes that closed escrow were bank-owned homes or short sales probably had a lot to do with this.
If you are looking to buy in the Arcadia community, feel free to contact the Arcadia Homes Team directly for a more in-depth analysis of area. We pride ourselves on our long-standing reputation of representing buyers in the Arcadia market, as well as surrounding neighborhoods in the area.
Or, if you are looking for the exclusive Arcadia MLS Search, you've come to the right place. Our MLS Search allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you'll love it!
As I said at the beginning, I will be posting this information on a monthly basis. If you'd like to keep abreast of the latest happenings, feel free to subscribe to our blog to receive the Arcadia Homes Monthly Real Estate Report.
Below is a map of all available homes currently listed in the Arcadia area. If you would like to conduct your own search, simply click on the red "Search" tab, enter your parameters into the search boxes, and you can search anywhere in the Metro Phoenix/Scottsdale markets. You don't need to click away from this page, and we don't ask for your name or email address to use this amazing search engine. Enjoy!