The housing market in Scottsdale reflects lower inventory, steady prices, and rising median prices. Inventory is currently at 3.6 months, down from January, 2016 7.3 months. This is typical as our weather heats up, so do our sales! The Scottsdale Housing Market update for June, 2016 reflects a steady increase in the median price. Contract prices have remained fairly steady overall, but that would depend on which price range you're searching.
At the height of the housing boom, the median price in Scottsdale was $545,000.
Our official bottom of the housing market was in 2011 and prices have risen dramatically since that time.
Prices have remained steady, but not every home has regained the value it once had at the top of the market.
2011 was the clear bottom of our housing market. The bottom spot on this chart is technically $154.60 per square foot. At $249.21 per square foot, pending sales have bounced around during the last two years, with a modest incline.
Sales for the Scottsdale Housing Market update for June, 2016 totaled 7,706, but of that number; 7,468 were normal sales; 130 were short sales; and 107 were bank owned foreclosures.
Overall the market continues an upward decline. Please check back for a sub-market report by price range to give the total picture of the Scottsdale Housing Market Update for June, 2016.
If you have a home to sell or are looking to buy in the Scottsdale area, please give me a call!