The Scottsdale real estate market is feeling the pain of this deep recession, which has hit everyone hard. The year over year numbers showed some sharp drop offs in every category. Scottsdale's market is suffering as well due to the high number of luxury homes on the market. That segment of the marget has been fairly stagnant for the past couple of yearys. Homes are starting to stay on the market a bit longer as evidenced by the uptick in days on market for those homes that have sold.
Here are August's numbers through the week ending 8/31/10:
Active Listings: 4,153
Homes Pending: 1,178
Homes sold in last 30 days: 322 (Down 30% from July '10, Down 34% from August '09)
Burn rate (Inventory on market/by homes sold last 30 days) = 4.5 months supply
Avg. Sale price (Solds): $346,110 (Down 2% from July '10, Down 15% from August '09)
Avg. price per sq. ft. (Solds): $137.50 (Down $8 per sq. ft. from July '10, Down 13% from August '09)
Avg. Days on Market (Solds): 165 (Up 31 days from July '10, Up 5 days, 3% from August '09)
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