The Scottsdale real estate market remained relatively flat in August. The number of homes sold and the average sale price in August increased slightly. Sales were up 2% from July but down 1% from last August. The average sale price increased 2% versus July and was up 12% over August 2016. The 12 month moving average sale price was up 5% from a year ago, now standing at $529,715. The number of homes on the market is 2,379, 2% more than July, and 9% less than August 2016. The days on market is at 97, down 20% from last year. The burn rate (homes pending/home sold) is at 3.86 months, slowly shifting back to a more balanced market. And the highest selling home for the month came in at $3,337,500.
Here are the latest stats for the month ending 8/31/17:
Active Listings: 2,349
Homes Pending: 832
Homes sold in last 30 days: 694 (Up 9% from July '17, Same as Aug. '16)
Burn rate (Inventory on market / by homes currently under contract) = 3.86 months supply
Avg. Sale price (Solds): $531,563 (Up 2% from July '17, Up 12% from Aug. '16)
Avg. price per sq. ft. (Solds): $218.77 (Down 1% from July '17, Up 9% from Aug. '16)
Avg. Days on Market (Solds): 97 (Down 5% from July '17, Down 20% from Aug. '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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