A Quick Look At Zip Code 85028 Housing Market
December 20, 2009
The North East Foothills of the Phoenix Mountain Preserve real estate sales update.
(graph: The Cromford Report)
The improvement in the north foothills of the Phoenix Mountain Preserve or more easily alluded to the 85028 zip code has had a marked improvement over last year, in sales that is.
Last year in November 10 homes sold. This year 27 homes and a whopping 35 are pending compared to 11 last year.
This activity is primarily the result of improved pricing. Prices dropped by 28% from last year and are in the year 2002 area which is quite phenomenal.
Inventory has been reduced to a balanced 4.4 month compared to 18 months last year.
All good news. Current owners may not be so happy, but it looks like bottom has been hit and there is only one way up now. Better that then more downward pressure.
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