Over the course of the last six months, homes in the Kierland area have both seen an increase in prices and a decrease in inventory. To many, it is a welcome sign of a positive market returning. While there are many draws to the area, some people cannot help but to question if we are headed for another real estate bubble?
Most agree the answer to that question is no. The recovery that the Kierland area and Arizona, in general, have experienced has been steady and continues to lean towards a seller’s market with more buyers than homes available. The inventory of homes in the Kierland area has continued to decline to the point it now is considered a seller’s market. Kuldip Verma, of Vemaland, one of the largest landowners in the Phoenix area, states that overall “And the inventory from 57,000 homes in 2008 has gone down to 16,000 homes in 2013,“and the North Scottsdale area is no exception.
With a variety of parks, outdoor areas, shopping and new restaurants opening consistently, homes in the Kierland area continue to be in high demand. Kierland Commons, Scottsdale Quarter combined with a number of outdoor parks and recreational facilities make the area attractive to buyers. Buyers are unfamiliar with the niche of beautiful home choices in the area, but after experiencing it firsthand rarely want to look elsewhere. While the inventory of the area is less than in years past, with the variety of housing choices from single family to condominium living, the Kierland area has something to offer everyone.