Of course we’re rising up out of the ashes; we’re Phoenix!
You may – or may not – have heard (we wouldn’t blame you for avoiding the news lately), but our Valley real estate market is on a hot streak! So, what does that mean for downtown? Here are a few stats and a little insight into our favorite downtown neighborhoods.
After an initial decline in home sales in early Spring due to the pandemic, our Valley real estate market has made an amazing comeback, especially in Downtown Phoenix. With record low mortgage rates, ever increasing home values, and the beautiful tree lined streets and proximity to downtown, more and more people want homes in our charming historic districts. California residents looking to move to the Valley are especially drawn to DT Phoenix, and who can blame them! But there’s a bump in their road to Arizona….. although inventory has been climbing since June, it still remains extremely low.
According to the Cromford Report, here are the stats for single family detached home inventory compared to the same time last year
85003: inventory down 75%
85004: inventory down 50%
85006: inventory down 18%
85007: inventory down 26%
The above zip codes cover the historic districts of Willo, Garfield, Coronado, Brentwood, Country Club Park, F.Q. Story, Del Norte, Margarita Place, Roosevelt, Encanto Palmcroft, Encanto Vista, and Encanto Manor.
Another Phoenix real estate development on the horizon is the Phoenix Country Club Tower. Although we don’t have all the details yet, we do know a few things. After initial opposition from the surrounding neighborhoods in regards to the proposed 164-foot tower at the top of the condos, the builder has agreed to limit the height to 110 feet. This residential building will have 125 units and has been approved by the city council. With so many new units this close to downtown, it could be a game changer for the area. To read more about the Phoenix Country Club Tower, click HERE.
How will all of this impact you? If you’re thinking about buying or selling in Central or Downtown Phoenix, now is the time! In our unique market with rising home values, limited inventory and low mortgage rates, this is a perfect time to sell and downsize or up-size to your dream home.
Want more information about the real estate market in your neighborhood? We love to talk all things real estate and can even give you an idea of what your home would sell for. Give us a call at 602-903-7220.