The Scottsdale real estate market was also a mixed bag in October. The number of homes sold increased, but the average sale price fell. Sales were up 11% from September and up 8% from last October. The average sale price decreased 7% versus September and was down 5% from October 2016. The 12 month moving average sale price was up 4% from a year ago, now standing at $528,293, down $2,070 from the 12 month moving average through September, the steepest decrease in several years. The number of homes on the market is 2,779, 3% more than September, and 11% less than October 2016. The days on market is at 92, down 9% from last year and the burn rate (homes pending/home sold) is at 4.21 months, slowly shifting back to a more balanced market. The highest selling home for the month came in at $3,150,000.
Here are the latest stats for the month ending 10/31/17:
Active Listings: 2,779
Homes Pending: 867
Homes sold in last 30 days: 647 (Up 11% from Sept. '17, Up 8% from Oct. '16)
Burn rate (Inventory on market / by homes currently under contract) = 4.21 months supply
Avg. Sale price (Solds): $496,598 (Down 7% from Sept. '17, Down 5% from Oct. '16)
Avg. price per sq. ft. (Solds): $221.51 (Up 1% from Sept. '17, Up 6% from Oct. '16)
Avg. Days on Market (Solds): 92 (Down 12% from Sept '17, Down 9% from Oct. '16)
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