The Scottsdale real estate market saw continued stabilization in the first month of January with the average sales price almost returning from it's lows of over a year ago. And we continue to see dramatic improvement of the number of homes sold versus last year. At about a 4 month burn rate (the number of months it would take to sell the exisiting inventory at the current sales pace) we are in what is typically observed as a balanced market in Scottsdale. If you're looking to pick up a good deal on a home or condo in Scottsdale, now's the time.
Here are January's numbers for the week ending 1/31/10:
Active Listings: 4,571 (Up 5% from Dec. '09, Down 23% from January 2009)
Homes Pending: 1,316 (Up 16% from Dec. '09, Up 127% from January 2009)
Homes sold in last 30 days: 429 (Down 25% from Dec. '09, Up 70% from Jan. '09)
Burn rate (Inventory on market/by homes currently under contract) = 4 months supply
Avg. Sale price (Solds): $461,283 (Up 9% from Dec. '09, Down 4% from Jan. '09)
Avg. price per sq. ft. (Solds): $163.10 (Up $2 per Sq. Ft. from Dec. '09, Down 10% from Jan. '09)
Avg. Days on Market (Solds): 158 (Up 18 days from Dec. '09, Down 13 days from Jan. '09)
To learn more about Scottsdale real estate click here
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