So, we hear the real estate market is doing really well valley wide and Scottsdale prices enjoying much of that enthusiasm up 21% year over year, but has that translated to higher prices in Troon, Troon Village and the surrounding communities? The answer is yes but maybe not as much as some other areas in the past year but definitely moving in the right direction. It is just that prices of Troon Homes for sale made a larger move (up 11%) from 2011 to 2012 while Scottsdale prices moved very little (3%) and then Scottsdale made a larger move this year, 2012 to 2013, up 17% while Troon Homes for Sale prices only moved up 1%. The period of time for comparison is for the first 80 days of 2011, 2012 and 2013.
Why is Troon Village and other surrounding communities experiencing the prices escalation that rest of Scottsdale homes for Sale is? I can give three reasons. The first is supply, the second is demand and the overpricing. Let me explain.
1) Supply and Demand is the biggest factor in determining of prices of any market and the Troon Village Homes for Sale along with surrounding communities like Glenn Moor, Tusayan, Sonoran Crest, Troon Ridge Estates etc. real estate market is guilty of the same. There are two segments in my analysis. Inventory over a million and Inventory levels under a million. Since the jumbo mortgage market is not as robust as it once was, the upper portion continues to be plaque with an abundance of supply, in this case nearly 12 months of home prices above 1 million in the Troon area. Under 1 million, it is a different story, Troon surrounding communities have around 4 months supply.
2) Demand for the overall market including Troon is pretty strong until we get to the upper market where a jumbo mortgages are leaving buyers with huge cash outlays to acquire a property. Fortunately, the Troon area has lot of all cash buyers but it has them focusing on the best of the best of the inventory, what that means is market priced and most upgraded of the bunch. We are seeing the best of the best homes getting snatched up the first week on the market even in the million dollar range.
It is clear sellers have heard the market is doing better with the average listed home in Troon area being $284/sf but the average sales price of the past 80 days being $239/sf. I agree with those sellers if someone wants to pay me 15% above what my house is worth, I would sell too.
We add all the recent sales in Troon Village to our Troon Village Home Sales page. The data on that page is as narrowed as you can get online. If you’re thinking about selling your home in Troon, start on our seller’s page. We’ll get you a custom handmade report. (Automated tools don’t work when you’re serious about selling.)