Excerpt from: Phoenix real estate and news
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| November 08, 2008 | | Arcadia and Biltmore area: Camelback Corridor Home Sales Update For October |
Below is the newest home resale data for both Arcadia and the Biltmore area of Phoenix, AZ. This includes single family homes only. We are heading into what is normally a slower selling season so it's quite normal to see a decrease in sales, though not necessarily an increase in inventory as we have not. Arcadia held strong for quite a while after the market as a whole declined. In fact even a month ago there was a positive short term appreciation rate: it remains positive for the medium term but this is a characteristic of the general market except for a few rogues where long term appreciating has been negative. 85018 Arcadia | October 2008 | September 2008 | October 2007 | October 2006 | Active | 355 | 338 | 337 | 270 | Pending | 26 | 45 | 28 | 44 | Sold | 25 | 32 | 25 | 23 | Inventory in Months | 14.2 | 10.8 | 13.5 | 11.7 | Long Term Appreciation | 9.1% | 9.3% | 11.8% | 14.4% |
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At 9.1% annual average appreciation since 2001 any home owner would be happy. That is a phenomenal return especially when you consider leverage. It's the same case for the Biltmore area of Phoenix which is very popular: it has prestige, lots of shopping and entertainment and a vibrant business area, so it's no wonder long term appreciation is at 8.2%.
85016 Biltmore | October 2008 | September 2008 | October 2007 | October 2006 | Active | 242 | 222 | 217 | 154 | Pending | 22 | 25 | 13 | 20 | Sold | 13 | 13 | 14 | 21 | Month s of Inventory | 18.6 | 17.5 | 15.5 | 7.7 | Appreciation long term | 8.2% | 9% | 11.5% | 12% | Median Price | $255,000 | $266,000 | $328,000 | $300,000 |
(ARMLS data from The Cromford Report)
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