The Phoenix real estate market is one of the hottest in the nation, with fewer than 4,000 properties currently available in the market, compared to 23,000 two years ago. With fewer homes on offer and more homes sold, real estate is being adopted faster than ever, especially those for sale in the hottest neighborhoods of Metro Phoenix.
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Trevor H. Halpern, JD, is the No. 1 Independent Agent for North & Co. and the founder of the Halpern Residential Real Estate Group.
The demand for spacious homes has increased for a number of reasons including COVID-related work from home, the merging of families in search of suites-in-law or casitas, low interest rates, and a desire to live in a city that has a Resort-like life is on offer all year round.
In the past 90 days, Halpern Residential at North & Co. has completed 48.8% of all home sales above the asking price, showing between 50 and 100 potential buyers a new listing during a three hour open house, and dealing with an average of 10 to 15 offers per new listing compared to fewer than five in 2019.
The hottest neighborhoods in the Phoenix Metro Area, based on the appreciation in the sales price per square foot and the turnover rate for the number of homes in that area, are as follows. The higher the turnover rate, the more transactions are completed.
No. 1: Arcadia / Biltmore
Selling Price Per Approximate Square Foot: March 2020 = $ 313.27
Selling Price Per Approximate Square Foot: March 2021 = $ 373.76
• Appreciation by 19.3%
• The sales rate for 17,664 homes in this area is 8.52% (see map).
# 2: North Central Phoenix
Selling Price Per Approximate Square Foot: March 2020 = $ 251.23
Selling Price Per Approximate Square Foot: March 2021 = $ 292.82
• 16.55% revaluation
• The sales rate for homes in this area is 12,683, which is 7.54% (see map).
# 3: Downtown and Historic Phoenix
Selling Price Per Approximate Square Foot: March 2020 = $ 245.31
Selling Price Per Approximate Square Foot: March 2021 = $ 292.00
• Appreciation of 19.03%
• The sales rate for homes in this area is 21,329 which is 7.32% (see map).
No. 4: Kierland / PV Mall
Selling Price Per Approximate Square Foot: March 2020 = $ 238.28
Selling Price Per Approximate Square Foot: March 2021 = $ 289.06
• 21.31% appreciation
• The sales rate for 25,738 homes in this area is 7.06%
No. 5: 32nd street corridor
Selling Price Per Approximate Square Foot: March 2020 = $ 207.88
Selling Price Per Approximate Square Foot: March 2021 = $ 258.23
• 24.22% appreciation
• The sales rate for 18,026 homes in this area is 6.45% (see map).
Trevor H. Halpern, JD, is the No. 1 Independent Agent in Phoenix North & Co.. and the founder of Halpern Residential Real estate group. As a native of the Phoenix, Halpern has achieved customer successes in all areas of the city due to his extensive knowledge of people and real estate. As a graduate of the ASU College of Law, Halpern prides itself on delivering high-level strategy, efficient negotiation, and precise tactical execution.
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