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Scottsdale, AZ Real Estate Market Report - October 2018
Home sales and prices picked up in the Scottsdale real estate market during October. The number of homes sold was up 8% from September but down 8% from last October. This breaks a four month streak of declining home sales in Scottsdale. The average sale price increased 4% over September and is up 19% from October 2017. The 12 month moving average sale price is up 9% from a year ago, now standing at $577,897. The number of homes on the market is 2,477, 11% more than September, and 11% less than October 2017. The days on market is at 88 down 4% from last year and the burn rate (homes pending/home sold) is at 4.28 months, slowly shifting back to a buyer's market. There are currently 756 homes under contract, foreshadowing a tepid November market report. The highest selling home for the month came in at $3,150,000.
Here are the latest stats for the month ending 10/31/18:
Active Listings: 2,477
Homes Pending: 756
Homes sold in last 30 days: 593 (Up 8% from Sept. '18, Down 8% from Oct. '17)
Burn rate (Inventory on market / by homes currently under contract) = 4.28 months supply
Avg. Sale price (Solds): $592,387 (Up 4% from Sept. '18, Up 19% from Oct. '17)
Avg. ... more
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