Review the Old Town Scottsdale Real Estate Market (identified as the 85251 real estate sales)

In this video, we'll review the 85251 real estate market including homes that sold in the first half of 2016 as well as homes and condos for sale in the 85251 zip code.  The 85251 is the zip code of Old Town Scottsdale.

 

Prefer to read about 85251 home sales?  Read this:

Hi, this is Geoff Lilienfeld with The Kay-Grant Group. We are here today to take a look at the Old Town Scottsdale, Arizona real estate market. We're going to specifically describe Old Town Scottsdale for our purposes as the 85251 zip code. Of course, there are parts of 85251 that aren't necessarily considered Old Town, but it's a really good starting point. The majority of that zip code really would be considered Old Town. One of the first things that I want to point out here is this price per square foot trend. Going from February of 2014 through today, we definitely see a trend line of the average price per square foot increasing. One of the things that may be responsible for that would be the number of distressed properties. That number has gone very, very quickly down since the housing crash back in 2008, 2009. That can definitely play a role. There's also a lot of flipping going on and in general, we are just seeing a market rebound for sure. Each year the price per square foot in the area has been going up.

One of the other items that we want to take a look at here, are just these number of closed listings. In June, we had 115 listings close in the 85251 zip code. 91 in May. 113 in April. You'll notice the average days on market here in May and June have remained pretty steady at 109. If we come down here, we can take a look at the activity by quarter. You'll notice that in the second quarter here, that we had 39 one bedrooms close in 85251. 159 two bedroom homes. 80 three bedroom. 32 four and 8 five bedroom homes close. Average close price on these five bedrooms was 1.3 million at $338 per square foot. It's likely that luxury condos played a role in that. Though, at five bedrooms, that's definitely a very large condo. I think those are also very large homes. Probably more so, the condo market plays a role in these two and three bedroom homes. Obviously, Old Town Scottsdale is well known for having quite a few luxury condos.

If we look at what's currently on the market, it's no surprise that the two bedroom homes comprise the largest number of listings at 150 homes. Back to the discussion of condos in Old Town Scottsdale, there's definitely quite a few. That drives this price per square foot up. That's where we see this price per square foot approaching $297 at 150 two bedroom condos. For three bedrooms, we see 94 and again, a similar price per square foot as the two bedrooms. Just to remind you, this is not specifically condo data that we are looking at, but in this 85251 zip code that definitely plays a very large role.

We will note that the price per square foot here is staying fairly steady through 2016. We do see this jump to 215 for June and we don't have the full data pulled in yet for July. Not necessarily something that we want to base any numbers off of. I think the important thing to note is that we are continuing to see this price per square foot trend in an upward direction which is great for Old Town Scottsdale and of course, specifically that 85251 zip code. That does conclude our Old Town Scottsdale market update. If you're interested in purchasing or selling a home, whether that's in Old Town or anywhere in the Scottsdale Phoenix metropolitan area, please give us a call. Our phone number is 480-387-3990. You can also text that number or email Andrea. Her email is andrea@kay-grant.com. Thanks so much.

Interested in learning more about the Old Town Scottsdale real estate market?

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