Arizona Biltmore Real Estate Market Report – September 2018

Current Average Active List Sales Price

There are 60 properties on the market at an average list price of $1,161,373

Notice that this number is significantly higher than the average sold price of the 158 homes sold over the last 12 months.
We anticipate seeing the average active list price beginning to move closer to the 12 month average as we move into the winter selling season.

Average Sold Sales price (last 12 mo)

158 properties sold. The average sold price is $605,688.

The average asking price for those homes sold was $630,000.

The Average Active List Price in the 85016 Zipcode is $440,584 (chart below)

There is a 4.29 months supply of inventory in the Arizona Biltmore.

The chart below shows the number of months supply for the 85016 zip code

In the last 12 months, 158 properties have sold in the community.

The Chart below shows annual sales in the 85016 zip code

The blue bars represent the normal sales.
All of the other colors are for distressed sales: grey is for HUD sales, rust is for bank-owned sales, and the aqua color is for short sales.
As you can see the distressed home sales are decreased drastically compared to the 2008 – 2012 era.

August brought normal summer pressure on the sales stats for the Biltmore area. This is how the cycle goes year in and year out. We can expect a ramping up in supply and a greater number of sales as October comes into the picture. We anticipate a nice bounce for sellers this winter all throughout the 85016 zip code and the Biltmore.

Below you can see that the pace of sales in 2018 over 2017 in the city of Phoenix is robust.

As you can see the 85016 zip code is doing very well for itself over the last 5 years.

Over the last 12 months, there are 80 condo sales recorded in the Arizona Biltmore Area.

This does not include any of the tower sales at Esplanade Place, Optima Towers, and Residences at 2211 Camelback.

There are currently 19 condominiums for sale in the Biltmore which is a 3.17 months supply.

When the winter selling season rolls around we anticipate a greater number of condo listings coming to market.

We believe that this increase of listings will be absorbed at a similar pace.

Buyers should review the home or condo inventory before we are in the heart of the winter months.

There could be some deals to be had.

The higher priced home and condominium market could bring a smile to your face if you are willing to brave the hot weather and help one of these sellers who are several months on the market.

If you don’t see what you want now there will be a surge in inventory rolling onto the market prior to Thanksgiving.

We’d love to help you find that Biltmore property you’ve been dreaming of. Give us a call at 1-480-442-3501 and let’s get that bucket list box checked ASAP.

Sellers, the numbers are still tilted slightly in your favor.

This winter we expect to see prices edge over those from the previous season.

If you are looking to sell in the Arizona Biltmore we can help you.

We can be reached at 1-480-442-3501.

Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.

See Additional Reports on the Phoenix Real Estate Market 

Here’s the most recent property listings just added to the database in the Bilmtore.

Thank you for checking out the Arizona Biltmore Real Estate Market Report – September 2018.