The Phoenix real estate market is one of the hottest in the nation with less than 4,000 currently available homes on the market, compared to 23,000 two years ago. With a lower supply of homes and more homes selling, properties are being assumed quicker than ever before, especially those for sale in the hottest neighborhoods in Metro Phoenix.
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Demand for spacious homes is up for a number of reasons including the work from home COVID-related movement, merging families in search of in-law suites or casitas, low interest rates and the desire to live in a city that provides resort-like living year-round.
Over the last 90 days, Halpern Residential at North&Co. has closed 48.8% of all home sales over asking price, shows anywhere between 50 and 100 potential buyers a new listing during a three-hour open house and deals with an average of 10 to 15 offers per new listing compared to less than five in 2019.
The hottest neighborhoods in the Phoenix Metro Area, based on the appreciation of sold price per square foot and the turnover rate for the number of homes in that area is as follows. The higher the turnover rate, the more transactions that are closing.
No. 1: Arcadia/Biltmore
Sold price per approximate square foot: March 2020 = $313.27
Sold price per approximate square foot: March 2021 = $373.76
• 19.3% appreciation
• Turnover rate for 17,664 homes in this area is 8.52% (see map)
No. 2: North Central Phoenix
Sold price per approximate square foot: March 2020 = $251.23
Sold price per approximate square foot: March 2021 = $292.82
• 16.55% appreciation
• Turnover rate for homes in this area is 12,683 is 7.54% (see map)
No. 3: Downtown and Historic Phoenix
Sold price per approximate square foot: March 2020 = $245.31
Sold price per approximate square foot: March 2021 = $292.00
• 19.03% appreciation
• Turnover rate for homes in this area is 21,329 is 7.32% (see map)
No. 4: Kierland/PV Mall
Sold price per approximate square foot: March 2020 = $238.28
Sold price per approximate square foot: March 2021 = $289.06
• 21.31% appreciation
• Turnover rate for 25,738 homes in this area is 7.06%
No. 5: 32nd Street Corridor
Sold price per approximate square foot: March 2020 = $207.88
Sold price per approximate square foot: March 2021 = $258.23
• 24.22% appreciation
• Turnover rate for 18,026 homes in this area is 6.45% (see map)
Trevor H. Halpern, J.D. is the No. 1 independent agent at Phoenix-based North&Co. and the founder of the Halpern Residential real estate group. As a Phoenix native, Halpern’s deep knowledge of both people and property has allowed him to create client success in all areas of town. As a graduate of ASU’s College of Law, Halpern prides himself on delivering high-level strategy, efficient negotiations and precise tactical execution.
