Prices and activity kicked up a bit in the Scottsdale real estate market during March. The number of homes sold jumped dramatically, up 33% from February and up 1% from last March. The average sale price increased 2% versus February and was up 8% from March 2017. The 12 month moving average sale price was up 6% from a year ago, now standing at $546,377. The number of homes on the market is 2,702, 3% less than February, and 17% less than March 2017. Days on market is at 98, down 6% from last year and the burn rate (homes pending/home sold) is at 3.30 months, slowly shifting back to a more balanced market. The highest selling home for the month came in at $4,375,000.
Here are the latest stats for the month ending 3/31/18:
Active Listings: 2,702
Homes Pending: 1,175
Homes sold in last 30 days: 879 (Up 33% from Feb. '18, Up 1% from Mar. '17)
Burn rate (Inventory on market / by homes currently under contract) = 3.30 months supply
Avg. Sale price (Solds): $574,064 (Up 2% from Feb. '18, Up 8% from Mar. '17)
Avg. price per sq. ft. (Solds): $234.54 (Up 1% from Feb. '18, Up 8% from Mar. '17)
Avg. Days on Market (Solds): 98 (Down 1% from Feb. '18, Down 6% from Mar. '17)
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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