The Sovanna condo community at Scottsdale Country Club is enjoying a strong real estate rebound. Typical of Scottsdale as a whole, the condos in this beautiful golf course neighborhood have seen their average selling price rise 12% over the last 18 months. Here’s a quick snapshot of Sovanna’s real estate market over the last five years:
-The average selling price for the 4 most recently sold units is $232 per square foot, up considerably from Sovanna’s low point in 2011 of $207. Sellers rejoice . . . it feels good to be making money again!
-In 2009, there were 7 sales with an average of $229 per sq ft.
-In 2010, there were also 7 sales and the average was $216 per sq ft.
-In 2011, there were 11 sales at an average of $207 per sq ft (this was Sovanna’s low point).
-In 2012, there were 23 sales (!!!) with an average price of $212 per sq ft (the market was on the way up).
-And so far in 2013 there have been 9 sales at an average of $223 per sq ft (as mentioned above, the 4 most recent of these 9 sales had the even higher average sales value of $232 per sq ft).
Sovanna also mirrors Scottsdale as a whole in the amount of inventory available to Buyers . . . very little! At the time of this post, there are only two properties on the market in Sovanna! So, with the 2013/2014 snowbird season rapidly approaching, and with the snowbird season’s usual increase in Buyer activity, it would appear that, with strong demand and low supply, we’re likely to see values rise further. Sellers may continue to smile!