Thursday, October 4, 2007

ZIP Code Report - 85022

First up, this ZIP is where my heart is. I grew up here, in Moon Valley, and still recommend that neighborhood to any of my buyers looking for a home to raise their kids in.  I call it the McCormick Ranch of Phoenix. Awesome neighborhood schools. Plenty of shopping & dining nearby. A quick 5 minute car ride to freeways 51, 17 and 101. Mature landscaping. Beautiful older homes. Each one has character, a big lot, and plenty of interior space to spread out. Lots of split floor plans. Downsides? Lots of sunken living rooms. Hey, whaddya gonna do? We were all a little nutso in the late 70's and some builder convinced us that sunken living rooms and conversation pits were hip.

Quick Stats on ZIP 85022

Absorption rate for the past 30 days (Sept 4 to today) is 10%. Sellers in this ZIP, you've got it easier than most! A 10% rate is awesome compared to the overall Valley, which I believe is bottoming out at 5% in past few weeks. But don't let that go to your heads, 85022 sellers. Good as your number is relatively speaking, it still means that only 10% of the homes for sale are actually selling in any given month. You've still got to price aggresively and stage your home with flair.

(For novices, 'absorption rate' is a simple math equation. There are 550 homes for sale in ZIP 85022, and 55 sold in the past 30 days. Real estate blog ActiveRain explains it best: "The total amount of available product is divided by the total amount of product sold in the previous month.")

Average days on market is 85.

Average sale price overall is $251,441. This breaks down into $330,599 average sale price for a single family, detached home, and $180,077 for condos/townhomes.

Budget minded & first time buyers can buy into 1 of 2 great school districts by looking at The Cliffs at North Mountain (a condo conversion at 1720 E Thunderbird Road where students attend Shadow Mountain schools) and Quail Hill (kids at the intersection of Coral Gables road & Central Ave attend Lookout Mountain schools). Sale prices in these two subdivisions run between $165,000 and $200,000.

That's it for now. TOMORROW: 85022's Best Kept Culinary Secrets