By Joseph Callaway,
When looking at real estate statistics, it is easy to fall into the trap of making generalizations or simple assumptions. With that in mind, here is a look at the 85254 zip code that illustrates the diversity of statistics.
From January 1 to December 31, 2019, the average dollar per square foot sold went up 6 percent, from $216/sf to $229/sf, a $13 increase. There were 886 homes sold, up from 851 and that equated to one out of every 16.5 homes…but not all subdivisions are the same.
Equestrian Manor, a gated community south of Cactus Road and west of 64th Street, saw 10 of its 97 homes sell, including the zip codes most expensive sale at $2,375,000 – up from $2,000,000 in 2018. Overall, appreciation was 22 percent and driven by heavy remodeling of these wonderful McMansions.
Sunburst Farms, west of 56th Street and south of Thunderbird Road, had the least turnover with four sales out of 280 homes, or only one in 70 with no growth in prices. Average dollars per square foot remained at $227/sf. Popular for its deep lots and bridal paths, 2019 was a quiet year in this normally hot subdivision. This is a good example of how future activity cannot always be predicted by the past.
North Ranch, just north and east of Horizon High, had 32 sales out of 430 homes, averaging $212/sf. At one of every 13.5 houses sold, North Ranch continues to move well. Up 2 percent from $207/sf in 2018, appreciation can only be described as steady with room to improve.
Kierland, the newer UDC homes further east of 64th Street, performed at about the same 2 percent appreciation experienced in North Ranch, but at a much higher $250/sf. This can be explained by the fact that Kierland was developed 15 years after North Ranch. The land sat in probate for years and was part of the Herberger estate. Another reason for the higher values is proximity to the Westin resort and the Kierland Commons shopping center.
Raskin Estates 2, just south of Thunderbird Road and West of 64th Street, was the most reflective of the zip code with an average sales price of $231/sf. One of every 15 of its 450 homes sold. At 8 percent appreciation, this family subdivision where “everybody knows your name” remains a solid investment.
As you can see, all real estate is local, and many factors go into valuing any home. If you are thinking of selling, it may be best to seek the opinion of a real estate professional. A REALTOR® knows the factors that go into these numbers.
Those Callaways are an independent real estate brokerage with 23 years of experience buying and selling homes in the Magic 85254 ZIP Code.