Join Ian as he covers the current status of the market for the Optima Camelview luxury condo complex.

 

 

 

Video Transcript:

 

Hi everybody,

 

This is Ian with The Kay-Grant Group and today we will be going over a market update for the Optima Camelview for March 2020. We will be looking at current and past purchase trends and look at what is available on the market. So without further adieu let’s get started.

 

When we look at the five year historical price per square foot in the Optima you can see that there is some extreme seasonality to it when we average the inventory together. Due to the fact you can have condos that range from $300,000 all the way up to $2.5 million that can cause the averages to be a bit misleading when looking at them as a whole, so let’s break them down.

 

This is a graph of one bedroom condos with all of the bathroom variants. We actually see a downward trend but is still historically higher than other first quarter trends since 2018. We have seen a few price drops on several of the one bedroom variants listed but overall if you were looking to buy, or indeed sell one right now, you will still be beating historical lows for selling, and historical highs if you are buying.

 

For the two bedroom variants we see them trending more upward in popularity and price. Not as high as last year's first quarter but it will end up higher than all other first quarter trends. Now if you were looking to sell a two bedroom condo right now you should be able to get a fair asking price. Though most that are currently listed right now are a two bedroom variant and their average time on market is significantly lower than years prior.

 

When we move to the three bedroom and above variants, which usually run around $700,000 or more, that is where we are seeing a lot of movement that is driving the overall average square footage price much higher. With about 20 listings that meet this criteria, which is close to half of all of the listings in Optima right now, we are seeing several of these listings already getting asking price or just under. So if you are sitting on the high end of the market, now might be a good time to list.

 

To keep us more informed of what is going on in the valley  let’s take a look at overall market trends from the Arizona STAT Report, which is current as of January. Here we see 16,045 available inventory in the valley which is quite low when you look at it year over year, 30% less in fact. 

 

But to give you a peek into what March is going to hold, or the end of the first quarter, this is the total inventory numbers from 2019 where we had 23,164 homes available.

 

And it is a little hard to see but this the current total available inventory as of the publishing of this update, 15,727 which is a 32% deficit year-over-year. So what does this mean? Is that on average this is a very good time to get your property on the market. The Optima currently has 47 listings available of those seven are under contract pending sale. There are 727 properties in the Optima, that means there is only a 6% availability, for juxtaposition a typical luxury condo complex inventory that is available for sale usually runs around 10% to 11%.

 

Something else of note. The Caesars Republic hotel broke ground in late February. Though it will not be completed until late next year, we do think this has the potential to significantly raise values in the Optima Camelview. So if you are looking to buy now this could be a reason to do so, especially if you are in the mid-market range.

 

If you have any questions feel free to give us a call or if you are looking to buy or sell we would be more than happy to help. We have listed a significant amount of properties in the Optima and our average time on market so far is running at half the average in that complex.

 

Thanks for watching everyone!

 

You can also call us at 480-387-3990 or submit a contact form.