Now that’s a spike! No, your home didn’t go from $755,000 to $944,000 in a 30 day window. Don’t let the spike mislead you, we’re talking averages. Grayhawk only had 9 single-family home sales in March 2013. That’s a small sample. Couple that with the fact that 2 of the 9 sold for seven figures and cue the spike. Let me break it down for you like this…
Retreat vs Park Side
We talk about the Grayhawk market, but we all know that Hayden is a line in the sand. There is a difference in price from one side to other because of the difference in quality of homes, golf course lots, guard-gates, view lots, community pools, etc. So I ran the numbers for the price per sqft for the first quarter for both sides and the difference was…$54/ft ($239 on the Retreat side compared to $185 on the Park side).
Of the 9 homes sold this month 8 of them were on the Retreat side. Does that mean prices went up $50/ft? No, just the average. The value of your home, although rising this year, is not directly tied to price per square foot. I watch these numbers purly for the trendline, not for finding a homes value.
To price property accurately I use guidelines I learned from appraisers. To my credit I’ve been inside significantly more Grayhawk homes than any appraiser and I think that makes a difference. After I find a legit group of comparables I adjust it according to market trends. It’s why I’ve been able to tell the last 71 homeowners their value within 2% of the actual sales price prior to it selling
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