The Scottsdale real estate market seems to have hit a bottom. Scottsdale had been showing some signs of waning under the pressure of the economic downturn from the preceding months. But lately the tide seems to be turning. Homes sold and pending sale are up over March and last April, the average sale price seems to be stabilizing and homes that were on the market for a while but repriced to meet the market are now selling. All in all this bodes well for Scottsdale. That being said, there are still some fantastic bargains in Scottsdale right now. And when the market picks up full swing again, the homes in Scottsdale are going to appreciate at about double the rate of homes in other parts of the valley.
Here are April's numbers for the week ending 4/30/09:
Active Listings: 5,389 (Down 7% from Mar. '09)
Homes Pending: 1,002 (Up 18% over Mar. '09)
Homes sold in last 30 days: 491 (Up 30% from Mar. '09, Up 12% from April '08)
Burn rate (Inventory on market/by homes sold last 30 days) = 6 months supply
Avg. Sale price (Solds): $464,001 (Down 3% from Mar. '09, Down 23% from April '08)
Avg. price per sq. ft. (Solds): $178.17 (Up $2 per Sq. Ft. from Mar. '09, Down 24% from April '08)
Avg. Days on Market (Solds): 168 (Up 7 days from Mar. '09, Up 17 days from April '08)
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