This report will focus on the Scottsdale zip code of 85257. This is the southern most edge of Scottsdale and abuts Tempe, almost to the Loop 202. There are currently 97 residential properties for sale, 31 pending and contingent sales, and 149 sales in the last 90 days. These numbers represent a strong market for housing in south Scottsdale.
Properties range in price from a $57,000 condo up to a single family home listed for $499,900. The median sales price is $270,000 with days on market being 67 days. That is below the Phoenix average of 74 days and higher than the median sales price of $230,000.
The Median Sales Price for August is $268,825. As you can see from this graph, prices have steadily climbed since the bottom of the housing market crash in 2011 when the median sales price was $96,000.
There were 529 sales in July, 2016 versus 571 in July, 2015. This lower trend is also repeated in overall sales numbers for Maricopa County, which was down by 268 sales. Notice that there were 2 fewer business days in 2016 versus 2015, which can account for the reduced sales numbers to some degree. The lowest priced sale in 85257 was $34,000 and the highest priced sales is $495,000. There are no other listings for sale under $57,000 to date.
The supply of inventory ticked upward in August. July shows 2.2 months supply while August is 3.6 months as of today, August 30, 2016. Supply always ticks upward after the high selling season in July, but this month is higher than usual. Months supply for the entire Phoenix metro area is 2.9 months today.
If you are currently looking for a home in this zip code, there is slightly more inventory, a quick selling time, and prices are rising. Please contact me for more details!
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