fountain hills market report · sity residential marketing and property management in fountain...
TRANSCRIPT
FOUNTAIN HILLSMARKET REPORT
2017 MID-YEAR MARKET REPORTOn behalf of the team at Sonoran Lifestyle Real Estate, we are pleased to present the 2017 Mid-Year
Market Report for Fountain Hills. The Fountain Hills market is robust, finishing one of the best years on record,
with sales strongest in lower and mid-range of residential housing, where demand continues to outpace
inventory, a situation that has become crucial in the price ranges under $400,000.
MID-YEAR COMPARISON, 2017 VS 2016
QUICK FACTS AROUND TOWNFountain Hills is riding a wave of optimism in 2017. Over the past 4 years, the market has been statistically rising out of the housing crisis of the mid-2000’s. Yet, only now, in 2017, are we seeing major development and growth in the community. Adero Canyon in the western part of the community is now open for sales, featuring two outstanding builders in Camelot Homes and Toll Brothers. Prices range from the $800,000’s to well over a $1 million in a natural canyon setting with impressive views to the eastern mountain ranges. Sales in those communities have been brisk. CopperWynd Resort and Club, next door, under new owners Bill Hinz and Sarah Nolan has recently been updated, but is also getting a $100 million renovation that will increase its hotel capacity to 128 units in the first phase, and more to come in future years. FireRock Country Club is now in its final phase with the development of The Overlook by Toll Brothers, with patio homes starting in the $700,000’s.
Downtown Fountain Hills is also buzzing over the development of another $100 million project in Park Place, a mixed-use development that will bring a much needed urban retail environment to the Avenue of the Fountains, along with 230 apartment rentals to open soon, and luxury condominiums in a later phase. The four story buildings are currently under construction, with occu-pancy expected in early 2018. Park Place, by Shea-Connelly Development, is their second in Town Center, with Morningstar Senior Living now open and (beautifully) operational.
On the Education front, Fountain Hills School District has announced the re-purposing of its Four Peaks School facility into a vocational training facility for high school aged and above. The campus will focus on timely areas of career training, such as medical coding. New businesses are finding their way to the community, such as The Outdoorsmans in Town Center and Dry Heat Brewery scheduled to open soon in the Eagle Mountain Shopping Center.
OVERALL MARKETOverall confidence in our market grew in 2017, with total sales volume increasing by 2.7% Y-O-Y to $187.7 million; average sales price of all residential increased by 3.1% Y-O-Y to $412,516. At first glance, it would appear that the inventories and total number of unit sales (all residential combined) have remained static, Y-O-Y. A closer look reveals that our market is continuing to change, shifting upward in price as the inventory and unit sales Under $500k decreased by 7%, yet this segment is still the bulk of our market, at 75% of the market. In our mid-range, Inventory and Sales $500k – $1 million increased 40% Y-O-Y, while upper price ranges Over $1 million Unit Sales decreased Y-O-Y by 35%, and Inventory grew 22%.
SINGLE FAMILY/PATIO HOMEThe average price of SF/PH decreased a modest 1% to $522,243, while unit sales in this segment increased 4.4% to 286 sales. The decrease in average sale price is likely due to the decrease in sales of homes over $1 million, with only 17 in 1st Half 2017 vs. 26 in 1st Half 2016. In a separate study of ONLY Single Family Homes, (not included here … call for details) the average price per foot of single family homes reached an all-time high of $209/ft in June, 2017.
486TOTAL TRANSACTIONS
AVERAGE LOT PRICE
$157,294
$522,243 AVG PRICE SF/PH
AVERAGE PRICE CONDOS,
TOWNHOMES AND GEMINI/TWIN
$228,172
TOTAL DOLLAR VOLUME INCREASE
2.7%
AVERAGE SALE PRICE INCREASE
3.1%
AVERAGE PRICE PER SQUARE FOOT OF SINGLE FAMILY HOMES, JUNE 2017
$209/FT
➔
➔
SonoranLifestyle.com
16824 E Ave of the Fountains Fountain Hills, AZ 85268
480.816.5557
CALL US
We also have a great
study of Sales and Inventory
of Homes and Condos by
Neighborhood we would love
to share if you are curious
about your neighborhood.
MARKET REPORTFOUNTAIN HILLS, AZ REAL ESTATE
MID-YEAR 2017
CONDOMINIUMS, TOWNHOMES AND GEMINI/TWINWhile condos were the big ticket in 2016 with 183 Mid-Year sales, sales seem to have returned to a normal pace in 2017 with 168 units sold. Prices, however, increased a whop-ping 7.4% Y-O-Y to an average of $228,172, the highest they’ve been since 2008.
VACANT LANDSales of vacant lots increased mod-estly, with 32 units sold. Average prices decreased considerably by 20% to $157,294. Around town, num- erous spec homes are being built, but on inventory that has generally been owned for some time.
LUXURY HOMESAs mentioned earlier, Luxury Homes over $1 million have seen a decrease in unit sales of 35%, yet this may be a delayed reaction due to new con-struction in Adero Canyon that will have a delayed closing. Regardless, inventory of homes over $1 million has increased by 22%, causing addi-tional pressure for existing homes, especially those with multiple lev-els and without elevators as Baby Boomers continue to choose homes that are easier to live in.
44
82
57
35
21
918
8
34
79
62
45
34
15 125
0
10
20
30
40
50
60
70
80
90
$200-$300 $300-400k $400-500k $500-600k $600-800k $800-$1m $1-1.5m $1.5 m +
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End: 2016 vs 2017Homes & Patio Homes Sold by Avg. Price
105
50
15 112
85
46
27
90 1
0
20
2016 1st Half Units Sold 2017 1st Half Units Sold
40
60
80
100
120
< $200k < $300k $300-400k $400-500k $500-600k
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End 2016 vs 2017
Condos & Townhomes Sold by Avg. Price
2016 1st Half Units Sold 2017 1st Half Units Sold
6
15
42 2
10 0
9
17
31 1 1
0
2
4
6
8
10
12
14
16
18
< $200k $200-300k $300-400k $400-500k $500-600k $600-800k
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End: 2016 vs 2017
Custom Homesites Sold by Avg. Price
2016 1st Half Lots Sold 2017 1st Half Lots Sold
44
82
57
35
21
918
8
34
79
62
45
34
15 125
0
10
20
30
40
50
60
70
80
90
$200-$300 $300-400k $400-500k $500-600k $600-800k $800-$1m $1-1.5m $1.5 m +
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End: 2016 vs 2017Homes & Patio Homes Sold by Avg. Price
105
50
15 112
85
46
27
90 1
0
20
2016 1st Half Units Sold 2017 1st Half Units Sold
40
60
80
100
120
< $200k < $300k $300-400k $400-500k $500-600k
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End 2016 vs 2017
Condos & Townhomes Sold by Avg. Price
2016 1st Half Units Sold 2017 1st Half Units Sold
6
15
42 2
10 0
9
17
31 1 1
0
2
4
6
8
10
12
14
16
18
< $200k $200-300k $300-400k $400-500k $500-600k $600-800k
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End: 2016 vs 2017
Custom Homesites Sold by Avg. Price
2016 1st Half Lots Sold 2017 1st Half Lots Sold
44
82
57
35
21
918
8
34
79
62
45
34
15 125
0
10
20
30
40
50
60
70
80
90
$200-$300 $300-400k $400-500k $500-600k $600-800k $800-$1m $1-1.5m $1.5 m +
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End: 2016 vs 2017Homes & Patio Homes Sold by Avg. Price
105
50
15 112
85
46
27
90 1
0
20
2016 1st Half Units Sold 2017 1st Half Units Sold
40
60
80
100
120
< $200k < $300k $300-400k $400-500k $500-600k
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End 2016 vs 2017
Condos & Townhomes Sold by Avg. Price
2016 1st Half Units Sold 2017 1st Half Units Sold
6
15
42 2
10 0
9
17
31 1 1
0
2
4
6
8
10
12
14
16
18
< $200k $200-300k $300-400k $400-500k $500-600k $600-800k
UN
ITS
SOLD
PRICE RANGE
Comparison of Fountain Hills @ Year-End: 2016 vs 2017
Custom Homesites Sold by Avg. Price
2016 1st Half Lots Sold 2017 1st Half Lots Sold
480.816.5557
SonoranLifestyle.com
16824 E Ave of the Fountains Fountain Hills, AZ 85268
480.816.5557
For more information about homes, condos, rental properties or homesites in Fountain Hills, AZ, please contact one of our local associates. Be sure to check out our Relocation Guide at: www.MoveToFountainHills.com.
WELCOME TO FOUNTAIN HILLS Stunning sunrises and 300 days of sunshine; friendly people and lots of fun activities to share with them; a healthy lifestyle of creative local eateries and outdoor recreation, beautiful scenery, flowers and critters found nowhere else in the world. That’s Fountain Hills and we’re delighted to share it with you!
Incorporated as a town in 1989, the community has a total area of 18.2 square miles. With a population of 22,235, the density of 1.9 person per acre is one of the lowest in Maricopa County! The hilly terrain with its beautiful arroyos and canyons provides dramatic views of the eastern mountain ranges including the Mazatzals, Goldfields, McDowells and Superstitions.
The boundaries of the community are completely natural, with mountains, Indian Communities and the McDowell Mountain Regional Park the backdrop for this world-class community. Of course, the World Famous Fountain is its center-piece, providing a reminder at the top of every hour throughout the daytime of how lucky folks are to live and work here.
ABOUT SONORAN LIFESTYLE REAL ESTATESonoran Lifestyle Real Estate is a specialty real estate firm focused on high inten-sity residential marketing and property management in Fountain Hills, Arizona. The company also assists clients in Scottsdale, Rio Verde, Goldfield Ranch and the Valley of the Sun. In these lifestyle-oriented markets, a high degree of famil-iarity with the product, the people and the local environment is necessary to achieve success. The sales team is experienced and effective, always willing to go the extra mile for clients that become, more often than not, good friends!
Situated in the heart of Fountain Hills, only ½ block from the World Famous Fountain, Sonoran Lifestyle offers a unique office environment that is elegant and comfortable, designed with state of the art technology to quickly educate clients about the unique character of the community. We invite you to take advantage of the company’s extensive array of tools, including the “Market Report” as well as the “Sonoran Lifestyle Relocation Guide” and its insert “150 Ways to Enjoy the Sonoran Desert Lifestyle”, a publication designed to promote the area, its activities and its real estate.
CUSTOM HOMES
HOMESITES
CONDOS & RENTALS