It’s Monday, so why not make a quick report on what’s going on with real estate stats in the Coronado Historic District in Phoenix. I know, you’re thinking “but this is Real Scottsdale Living.” I know, I know. But what’s a native Phoenician who loves this city to do with so many opportunities and REALLY cool places to live.
I’ve run a simple report spanning the past 30 days to give you an idea of a few different things in this area. Firstly, 15 properties have closed escrow averaging a sales price of $113,000 which is 3% higher than the average asking price for those properties. Can anyone say bidding wars? This amounts to an average of $88.54 per square foot. Obviously basing the value solely on square footage does not paint the entire picture for a given property, unless you’re working with a lender attempting to prove value for a short sale.
The highest sale was at $205,000 or $146.20 per foot which was technically part of South Country Club Manor, and the lowest was 1450 E. Sheridan which closed at a mere $42,500, or $36.95 per foot. There’s a clear difference in the quality of the properties on each end of the spectrum.
One, a 3 bedroom, 2 bath, 1500 square foot home and the other a tiny 684 square foot 2 bedroom 1 bath…well, shall we say, interesting property?
In the prior 30 days, 17 properties sold and the average price per square foot was $94.83. Don’t let the fact that the prior 30 days had a higher average. It doesn’t necessarily mean that the market is moving downwardly. In fact, it’s just too small of a sampling of properties to indicate any major shifts in the market. We all know that housing is scarce in the entire valley, which should mean overall upward pressure.
(Disclosure: The crystal ball I used to have broke so I can no longer see into the future.)
Let’s fast forward a bit to the properties that are active in this area. There are currently 23 properties for sale. Of those, 7 are under contract. The rest are fair game ranging in price from $64,000 to $350,000 with an average asking price of $120.23 per foot, as small as 705 square feet up to 1650 square feet. The average days on market for the area is about 44 days giving about 1.5 months worth of inventory, a clear indicator of a seller’s market.
Other than the lack of landscaping, I think my favorite property is the one at 1412 E. Yale. What do you think?