Video Transcript:
Hi everyone. This is Ian with the Kay Grant Group. Today we're going to be going over a market update for the series of subdivisions known as Scottsdale Estates. This is going to be for Q4 in 2019. So, let's go ahead and jump on in.
So to give you all an idea where these subdivisions are because I mean even though they're all known as Scottsdale Estates they are scattered and make up a good portion of the old town area. So you have one here that's just south of Chaparral Road and Hayden. Then you have a good size one that right off Hayden just underneath Indian School. The biggest one actually comprises most of this area that's between Thomas and McDowell and just to the right of Hayden as you can see it there. Now we have a little small one that takes up that corner just above a McDowell and right off of Scottsdale road.
When we look at the average price per square foot in Scottsdale Estates it's pretty solidly bucking trends from where we've seen it in the last two years prior where you can see a pretty significant rise in Q3 and then a pretty sharp drop for Q4. However, it is very much taking off and the reason for this has been a running theme for the last month on these updates is that we have a severe lack of inventory. Also these are popular areas for Airbnbs to operate so you are seeing a lot of homes in those areas being renovated, really being nicely updated. So it also is driving up property values there.
Also we're going to be talking about what is the other factor that's playing a role in this. So when we're looking at total homes sold this year in Scottsdale Estates it looks pretty record-breaking even when you average out the prior four years. And if you're looking at just year over year it sold about 21% more homes and with a shortage of inventory that's also going to be driving the price per square foot up that we had seen before. And also, I forgot to mention that year over year we're actually looking at a 10% increase in price per square foot for the same quarter.
So when we look at the total inventory that's actually available in the Scottsdale Estates areas it's actually very few. 22 is actually very, very low based on what historically been available in those areas. Main reason being is that obviously their location, they're very close to Old Town Scottsdale and also they do appeal to a lot of people who like a little bit more of a charming character in their homes instead of the newer homes that are built pretty much with just tan tile roofing and whatever color stucco you want to go ahead and throw at it. So that's another appeal for people in those areas.
So when we're looking at what's available right now these are a little bit more on the lower end or mid range properties that you're going to see that are available in these areas. A lot of them are carports, a lot of them are lacking garages, maybe they need a little bit of work, but also there's some pretty good gems in here. Heck, there's even one that's advertising as a renovation special especially if you're an investor. So at this point this is what we're expecting. It's a really good idea to start bringing your properties onto the market and sell right now while we're on a meteoric rise as far as price per square foot.
All right everybody that was the update for Scottsdale Estates. If you have any questions here's our contact information. We also do free home valuations so feel free to contact us if that's something you want to do. If you're looking to sell your home most certainly give us a call. Right now we're on a meteoric rise of price per square foot in the old town area so you want to make sure you want to sell as high as possible before the quarterly dip. Again, I'm not sure when that's going to come but usually when you have this high of an incline for this sustained amount of time you are going to see a drop eventually. So thanks for listening everybody. We'll catch you next week.