The Scottsdale real estate market continued it's strong spring showing through April. The number of homes sold decreased slightly but prices increased. Sales were down 7% from March and up 2% over last April. The average sale price continued its modest upward trajectory with a 1% increase over March and up 8% over April 2016. The 12 month moving average sale price ticked up 1% month over month and increased 4% year over year, now standing at $516,972. The number of homes on the market is 3,118, 5% less than March. The days on market is at 107 pretty much the same as it's been for the past year or so. The burn rate (homes pending/home sold) is at 3.57 months, slowly shifting back to a more balanced market. And the highest selling home for the month came in at $6,100,000.
Here are the latest stats for the month ending 4/30/17:
Active Listings: 3,118
Homes Pending: 1,214
Homes sold in last 30 days: 805 (Down 7% from Mar. '17, Up 2% from Apr. '16)
Burn rate (Inventory on market / by homes currently under contract) = 3.57 months supply
Avg. Sale price (Solds): $536,035 (Up 1% from Mar. '17, Up 8% from Apr. '16)
Avg. price per sq. ft. (Solds): $222.96 (Up 3% from Mar. '17, Up 6% from Apr. '16)
Avg. Days on Market (Solds): 107 (Up 3% from Mar. '17, Same as Apr. '16)
To receive a free value analysis for your Scottsdale home please call Jerry Murphy at 602-334-3757 or e-mail: jwmurphy@longrealty.com
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