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Scottsdale, AZ Real Estate Market Report - Dec. 2016

December saw the Scottsdale real estate market pick up a little bit heading into the new year.  However, the numbers are still not stellar.  Sales activity was up 8% over November and 5% over last December, but the average sale price decreased again by 1% and only 2% year over year. The 12 month moving average sale price was also flat month over month and increased only 3% year over year,  now standing at $510,841.  The number of homes on the market is 3,162, up 15% over with the days on market at 104, 2% less than last year.  The burn rate (homes pending/home sold) is at 5.12 months, continuing to move toward a buyers market.  And the highest selling home for the month came in at $5,325,000. Entering the new year we are seeing a continued downward trend in the Scottsdale real estate market. Stay tuned for further updates.
Here are the latest stats for the month ending 12/31/16:
Active Listings: 3,162
Homes Pending: 767
Homes sold in last 30 days: 629 (Up 8% from Nov. '16, Up 5% from Dec. '15)
Burn rate (Inventory on market / by homes currently under contract) = 5.12 months supply
Avg. Sale price (Solds): $509,947 (Down 1% from Nov. '16, Up 2% from Dec. '15)
Avg. ... more

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