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Scottsdale, AZ Real Estate Market Report - Feb. 2019
Home sales increased for the first time in three months, and prices rose a bit too in the Scottsdale real estate market during February. The number of homes sold was up 24% from January but down 7% from last February. The average sale price increased 1% from January and is up 7% from February 2018. The 12 month moving average sale price is up 8% from a year ago, now standing at $586,692. The number of homes on the market is 2,808, 4% more than January, and 1% more than February 2018. The days on market is 100 days, 1% more than last year, and the burn rate (homes pending/home sold) is at 3.69 months, now leaning toward a buyer's market. There are currently 1,044 homes under contract, 11% less than last year, foreshadowing another slow month in March. The highest selling home for the month came in at $6,450,000.
Here are the latest stats for the month ending 2/28/19:
Active Listings: 2,808
Homes Pending: 1,044
Homes sold in last 30 days: 617 (Up 24% from Jan. '18, Down 7% from Feb. '18)
Burn rate (Inventory on market / by homes currently under contract) = 3.69 months supply
Avg. Sale price (Solds): $603,154 (Up 1% from Jan. '18, Up 7% from ... more
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