Scottsdale is a unique city in terms of housing inventory. There is literally something for everyone. There are luxury mansions, horse properties, homes with amazing mountain views, modest homes, fractional ownership luxury homes, high rise luxury condos, and modest condos. This Scottsdale Housing Market Update is prepared from a subscription courtesy of the Cromford Report.
As you can guess, each of these has it's own price range, floor plans, amenities and very different locations. For that reason, this report should be generalized. If you are seeing this report and require something more specific, please contact me and I'll create a customized report.
The first graph reflects Active Listings in Scottsdale. For this Scottsdale Housing Market Update you can see the dip each year around late July, early August where the number of listings drops. Most of our sales occur during the summer months so the number of listings declines. However, as you can see the number of Active Listings during the winter months of 2016/2017 showed much less inventory which created quite a flurry of activity.
As you can see from this graph, the Median Price has remained somewhat constant during the last few years. Our market is more of a balanced market without the extreme highs and lows of the not to distance past. It's notable that the Median Sales Price in Scottsdale has risen from $406,000 to $420,000 year over year.
The next report for the Scottsdale Housing Market Update is for the Under Contract List Price per Square Foot, which has risen from $247.37 to $252.55 year over year for June, 2017. Prices have slowly risen since April 2014 when they peaked at $246.20 after a steep run up. Knowing that prices are not rising rapidly should help sellers to be more realistic in pricing their homes for sale.
It's clear from this graph that foreclosures are very small part of the sales price in June, 2017 for this Scottsdale Housing Market Update. Total sales from May 2016 was 7,891 while May, 2017 produced 8,381 sales, a 6% increase year over year in total sales for Scottsdale. Since this graph includes all price points, bear in mind that Scottsdale Housing Market Update includes sales ranging from $41,000 condo to $6.9 million luxury home.
If you have a home to sell in Scottsdale or looking to purchase real estate in Scottsdale, give me a call!