PropertyShark is reporting Arizona’s top ranking residential zip codes for 2016 and Tucson has three zip codes on the list, ranking on the 16^th 17^th and 31^st positions in the top 50 zip codes.

Arizona’s real estate market has had a great run in 2016, with both sales and prices expanding, while stock, as in many other regions in the country, contracted. Phoenix, one of the hardest hit markets during the 2008 crash, has been rebounding in a spectacular manner – named the 2^nd best city for homeowners, Phoenix now sports the 2^nd fastest growing home appreciation rate and the 2^nd lowest foreclosure rate among the country’s top metros.

Economic growth and low interest rates paired up to create a seller’s market in much of the state, with Tucson and Phoenix seeing sale prices returned to 2008 levels. Although the luxury segment retained buyer’s market conditions due to high inventory, both Tucson and Phoenix saw significant sales volume gains in the upper end of the market, with increases of 19 percent and 9 percent respectively, compared to 2015 levels, per Long Realty.

Apropos the luxury segment, Paradise Valley, unsurprisingly, grabbed the title of most expensive zip code in Arizona with 85253. Known for its high-end real estate market, Paradise Valley’s median sale price hit $1,040,000 in 2016 – a small price to pay to live in the vicinity of rock legend Alice Cooper, a long-time resident of the affluent Arizona community. For those who prefer a more metal approach over Mr. Cooper’s shock rock, Paradise Valley still has you covered when it comes to rock legends – Judas Priest frontman Rob Halford has lived here for 30 years now.

With a median sale price of $687,100, Scottsdale’s 85262 is the second priciest zip code in our ranking of Arizona’s most expensive zips, while 85266, also in Scottsdale, is the third most expensive zip with a median sale price of $647,500.  The two adjacent North Scottsdale zip codes used to be one zip not too long ago – 85266 was added in July 2007, taking over a chunk of 85262 territory. These two zip codes are defined by the typical North Scottsdale lifestyle of high-end desert style homes framing breathtaking views of metro Phoenix. Golf courses, country clubs and many-starred restaurants dot the area. For those looking to enjoy the spectacular vistas of the Sonoran Desert, this area is bursting at the seams with spectacular hiking and biking trails, with the McDowell Sonoran Preserve Gateway Trailhead connecting to 182 miles of trails.

A picture of Arizona’s priciest zip codes wouldn’t be complete without taking a look at the largest residential transaction of the year.

In 2016, the title was grabbed by 23036 N. Via Ventosa, Scottsdale. Changing hands for $13,700,000, the swanky North Scottsdale home is said to be the second most expensive home ever to trade in Arizona.

At over 25,000 square feet of livable space, the Mediterranean-style home features 9 bedrooms and two lofts, all with private balconies, and a bevy of luxurious amenities, such as an Olympic-sized pool, tennis and basketball courts, two-story fitness center, 12-car garage, spa and sauna and some of the most spectacular city and mountain views North Scottsdale has to offer. The over 6.5-acre estate is located in Arizona’s 4^th most expensive zip code, 85255, known for its pricey real estate, fine dining, posh schools and corporate offices. The median sale price here is $570,000.

Check out the most expensive zip codes in Arizona HERE.

Tucson Association of Realtors (TAR) has released encouraging stats for March 2014. Total sales volume of $226.7 million increased 20 percent over February ($189 million), although still down by 11 percent compared to March 2013.

Despite an increase month-over-month, it was not enough to make up year-over-year unit sales, sales volume, and median sales price which were still in the negative compared to 2013.

Here are the highlights from TAR’s Residential Sales Report:

Home unit sales were 1,131 homes, an increase of 17.7 percent changing hands in the Tucson area since February (961) and 14.9% less than March 2013 unit sales (1,329).

Observers see the 1,131 home closings reported for March showing an increase in median sales price of $162,000, up by $4,000 since February; and $11,950 higher (+8%) over March 2013 ($150,050).

The average sales price of $200,479 was $3,898 higher than February ($196,581); but about 4.5 percent higher than a year ago, that of $191,881 in March 2013.

At the end of March, overall inventory of residential properties was 5,705 an insignificant increase; it is still at the highest level since May, 2011. Year-over-year active listings are 35.5% higher than March 2013 (4,210 units).

In May 2011, there were 5,795 homes for sales in the region, with listings generally trending downward since then, reaching a low of 3,474 units in June 2012. From that point, the housing supply began trending upward until dipping during the spring 2013 selling season.

On average, residential properties spent 62 days on the market in March, 16-days longer than September 2013’s 47-days, the shortest market time since before 2009. With 2,173 sales pending at the end of March, pending sales are trending up by 9.8 percent over end of February.

Conventional loan sales accounted for 37.1 percent of the all the sales in March, continuing to exceed cash sales of 33.5 percent; while FHA and VA loans combined accounted for the remainder according to TAR’s tracking.

Please refer to full March sales report for graphs and additional information here:
https://tucsonrealtors.org/tar-v2/statsMar2014.pdf

Tucson Rental Statistics can be found here:
https://tucsonrealtors.org/tar-v2/statsRentDec2013.pdf