Scottsdale, AZ Real Estate Market Report - Aug. 2016

Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000



The Scottsdale, AZ real estate market rebounded nicely in August off July's disappointing numbers, but is still showing some mixed signals.  The number of homes sold was up nicely over  July 2016 and August 2015. The 12 month moving average sale price still remained pretty much the same month over month and year over year, and now resides at $502,183.  The number of homes on the market is 2,624 with the days on market at 122, 9% longer than last year.  The burn rate (homes pending/home sold) is at 3.86 months, which signals a slight seller's market.  And the highest selling home for the month came in at $8,500,000. This summer has shown signs that the market may be slowing down a bit in Scottsdale.

Here are the latest stats for the month ending 8/31/16:

Active Listings: 2,624

Homes Pending: 919

Homes sold in last 30 days: 700 (Up 14% from July '16, Up 20% from Aug. '15)

Burn rate (Inventory on market / by homes currently under contract) =  3.86 months supply

Avg. Sale price (Solds): $474,967 (Down 4% from July '16, Up 2% from Aug. '15)

Avg. price per sq. ft. (Solds): $201.37 (Down 2% From July '16, Up 2% from Aug. '15)

Avg. Days on Market (Solds): 122 (Up 8% from July '16, Up 9% from Aug. '15)

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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

With 700 homes sold last month, inventory is for just about 3.5 months - making it a great sellers' market - Jerry Murphy .

Sep 14, 2016 03:15 PM #1
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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