Just a Year Ago...
Things have changed quite a bit in just one year in Arcadia Proper. Last year investors and builders were buying older homes with plans to build new or do drastic remodels. Those new homes and remodels are now coming to market and it is reflected in the change of the average sales price we are seeing right now in the neighborhood.
Between 8/24/13 to 9/24/13 homes within the Hopi school district had an average sales price of $632,995. The highest price sale was $1,240,000. Just one year later, between 8/24/14 and 9/24/14, the average sales price was $1,098,703 with the highest price sale of $3,695,000!
The number of sales decreased from 20 to 16 and the average market time increased by 78 days. This is not surprising. More expensive homes have a smaller pool of buyers, therefore the market time is typically longer.