The question above is easily the most common question I am asked, so it makes sense to speak to it here in our first edition.
One of the contributing factors for all the bubble talk is that lately there has been some reporting that our real estate market is back to the home pricing set in the 2006 pre-bust market. That is exciting news, but unfortunately it doesn’t have the benefit of being true. There are some metrics that matched those pre-bubble levels but saying that we are back to those pricing levels is more than a little deceptive. Speaking directly to this topic, our local numbers guru Michael Orr of the Cromford Report says, “We therefore estimate that the average single-family home in Maricopa County has a 14 percent rise in price to achieve before it reaches its value in June 2006. Individual homes will obviously vary quite a bit.” And even that appraisal speaks to a much lower price point than the Scottsdale North market.
Continue reading: Scottsdale North News