by Shelley Sakala
The real estate market runs in cycles. If you’re a homeowner, you happen to be in the middle of pretty good one. The median sales price of existing homes in the U.S. has risen steadily for the past six years (great news for anyone waiting on home values to recover from 2008 levels). We’ve seen a similar trend in the Deer Valley and Norterra areas. But it’s important to understand the real estate market on a local level. Each zip code has its own nuances in terms of market conditions and value. And sometimes local conditions vary greatly from the national or even citywide trends.
For example, look at the primary areas served by this publication: Deer Valley and the Norterra area. While the price per square foot has been almost identical, actual price points vary significantly. For starters, Deer Valley has inventory selling for less than $200,000 (a price point nonexistent in the Norterra area). Norterra has inventory in the luxury home market, while Deer Valley does not. That’s not to say there aren’t nice homes in Deer Valley – it just means the homes there are more affordable.
According to the current rate-of-sale vs. available inventory, Deer Valley is currently rated as a strong seller’s market. By comparison, Norterra is a slight seller’s advantage.* So if you’re a Deer Valley home owner, you may be in a stronger position than a Norterra homeowner. But it’s all relative – For a budget of $200,000, Norterra offers no options. And if you’re in the market for a $500,000 home, you won’t find it in Deer Valley.
Market Report (4/17/2018) Deer Valley (85027) Norterra (85085)
Price per square foot $159 $158
Time on Market 60 days 74 days
Most Expensive $395,000 $2,200,000
Least Expensive $165,000 $239,900
Median List Price $232,500 $439,900
Median House Rent $1,200 $1,988
Inventory 50 147