Q1 MARKET REPORT 2019 - The Brokerythe brokery / 602.888.6375 / q1 2019 market report / 2 tucker...

thebrokeryaz.com / 602.888.6375

Q1 MARKET REPORT 2019

the brokery / 602.888.6375 / q1 2019 market report / 2

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HELLO, NEIGHBORS!2019 is well on its way as our team at The Brokery continues to live the "Relentlessly Local" motto. Relentlessly

Local is our promise to you that nobody else knows or believes in the neighborhood like we do. Our hyper-local

approach to real estate allows us to not only understand the neighborhood as a whole, but also understand each

individual subdivision within the neighborhoods that we serve. By focusing solely on our sub-markets, we are able

to block out the noise and deliver you the facts that you need to make the most informed decisions.

In our 4th Quarter Report, we cautioned our readers not to get caught up in the "bear market" chatter and other

negative real estate headlines that filled our screens at the end of 2018. We were able to remain calm because our

statistics painted a di�erent picture here locally. Since then, the stock market has bounced strongly from the

December 2018 lows and mortgage rates have recently dropped to around 4%. While many overheated markets

like Seattle, Los Angeles, and New York have all felt weakness and splashed the headlines with noise, the Arcadia

and Biltmore neighborhoods have continued to remain steady. The influx of people, lower supply of housing, and

general a�ordability of Arizona have all been positive for our markets. Today, Phoenix only has 3.6 months of total

supply which keeps us in a seller's market. Locally, Arcadia has 7 months supply and Biltmore has 10 months of

supply.

As always, we wanted to thank all of our neighbors who have made us the #1 boutique real estate company in the

area and we look forward to serving you further in 2019. Additionally, we are in the planning stages of another

Arcadia location that will break ground later this year. Similar to our flagship o�ce on 40th Street, we have tasked

the uber talented team at Studio Ma with creating another piece of architectural significance for our neighborhood.

We view our brokerage locations not only as work centers for our agents, but also as community gathering points

that inspire residents of the area. Stay tuned for renderings and additional information over the coming months.

For real estate help or questions, do not hesitate to call us anytime at 602-888-6375 or stop by the o�ce.

All numbers are deemed reliable, but not guaranteed.


Q1 | JANUARY - MARCH

ARCADIA PROPER44TH ST TO 68TH ST | CAMELBACK TO THE CANAL

Arcadia Proper prices continued to zoom higher in the 1st quarter with average sales prices hitting $1,803,681

which is the highest level that we have tracked. The 1st quarter saw 30 home sales with 11 of those sales

coming in at over $2,000,000. While the upper end of the market and new construction have been red hot

over the past couple of years, we are worried that an oversupply of luxury spec homes may be around the

corner. There are currently 19 listings over $3,000,000 with another dozen or more coming to market within

the next six months. We believe that developers will start to feel the burn soon if they aren't prepared to carry

these homes for a year or more before selling. There are currently 66 homes for sale in Arcadia Proper ranging

from $899,000 to $10,000,000.

NUMBER OF SALES

30 (2019) / 35 (2018) / � 14.3%

AVERAGE PRICE

$1,803,681 (2019) / $1,471,186 (2018) / � 22.6%

DAYS ON MARKET

101 (2019) / 130 (2018) / � 22.3%



ARCADIA LITE32ND ST TO 44TH ST | CAMELBACK TO INDIAN SCHOOL

Arcadia Lite has been the big winner in recent years as prices have consistently outperformed other areas

of the neighborhood. We continue to see a lot of buyers that have been priced out of Arcadia Proper move

over to Arcadia Lite where there is a lot more bang for the buck. Most notable is the area between 36th

Street and 40th Street, Camelback to Campbell where lots are typically 14,000+ square feet and o�er great

walkability. Older homes in the neighborhood are benefiting as lot values have been buoyed by all of the

new construction. There are currently 50 homes for sale in Arcadia Lite between $379,000 and $1,550,000.

NUMBER OF SALES

26 (2019) / 29 (2018) / � 10.3%

AVERAGE PRICE

$762,347 (2019) / $713,878 (2018) / � 6.8%

DAYS ON MARKET

72 (2019) / 64 (2018) / � 12.5%




BILTMORE24TH ST TO 32ND ST | CAMELBACK TO NORTH OF LINCOLN

While we only track single family home sales, the Biltmore also saw 24 condo sales during the first quarter.

Unfortunately, Biltmore homes are taking longer than most to sell at an average of 162 days on market due

to the condition and outdated floor plans for today's buyer. There is also now 10 months of supply on the

market which is higher than normal. Turn-key, remodeled homes around the hotel have been selling quickly,

while the homes that need work have been relatively stagnant. There are currently 51 homes for sale in the

Biltmore between $593,000 and $3,850,000.

NUMBER OF SALES

16 (2019) / 18 (2018) / � 11.1%

AVERAGE PRICE

$923,728 (2019) / $754,987 (2018) / � 22.4%

DAYS ON MARKET

162 (2019) / 163 (2018) / � 0.6%

$808,772


The Brokery is a local real estate brokerage that is relentlessly focused on serving the Arcadia

and Biltmore neighborhoods of Phoenix, AZ. Headquartered out of a state-of-the-art, walk-in

friendly o�ce in the heart of Arcadia, The Brokery is uniquely positioned to serve you and all of

your neighborhood real estate needs. Our experienced team is here to bring you the best in

hyper-local service, knowledge, and responsiveness. Call us today at 602.888.6375 or stop by

the o�ce anytime.

thebrokeryaz.com / 602.888.6375

OUR TEAM

MATT KELLYBRADEN COOLEY DEBBIE PONTIKAS STEVE ZIESER SHANE LEICHTY

CYNTHIA STOCKWELLDesignated Broker

TUCKER BLALOCKManaging Broker

OLEG BORTMANAssociate Broker

HANNA SMITH ELLIOT BARKAN LARA SPERBER CORINNE HALE SAM LEVY JASON GLIMCHER SHANNON SPAIN

BRIGITTE BERRY MICHAEL HOGAN

Q1 MARKET REPORT 2019 - The Brokerythe brokery / 602.888.6375 / q1 2019 market report / 2 tucker...

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