Scottsdale Housing Market Update
Scottsdale is a unique place to live and a fun place to visit. From this terrain map you can see that there are amazing mountain ranges to the north and to the east. Every zip code is shown so you can see the diverse area. There are hiking trails, 48 golf courses, hiking trails, and many outdoor activities. Indoor entertainment venues abound as well! Try:
Butterfly Wonderland the largest in the southwest;
OdySea Aquarium the largest in the southwest;
Talking Stick Resort & Casino showcases live bands and entertaining shows;
Indoor Sky Diving, a new attraction in Phoenix;
Fashion Square Mall; Ipic Theaters provide luxury movie watching
The Scottsdale Housing Market Update is as hot as the weather this summer!
As of July 1, 2017 there were 2,602 Active Listings in Scottsdale. That number is still dropping so I expect to see a lower than average listing count versus previous summer lows. Inventory was lower than normal during the winter months. The $500,000 to $1.5 million inventory of homes has gained momentum in Scottsdale, reducing inventory even further.
This graph reflects the Under Contract Price Per Square Foot, a key report as no other report provides this data. Being able to forecast prices by zip code and price range tells me where prices are going. This can also serve as a key listing tool for a seller to know not to over-price a home for sale in certain areas. Notice the slow rise in price per square foot over the last 3 years for this Scottsdale Housing Market Update.
The next report for the Scottsdale Housing Market Update July 2017 reflects how many months supply of inventory exist. If all of the homes sold and no new inventory were listed for sale on the MLS, it would take 3.1 months to sell it all. That's a relatively quick market considering the inventory is priced as high as $17,995,000! Notice the spikes in inventory occur in January of each year. Most of our sales occur between March and October as a whole, but can vary by zip code.
Notice that the summer months reflect most of our sales as shown below. Also notice the continual upward trend since the crash of the housing market that bottomed in Scottsdale in 2011. You can also see that the orange and turquoise sections of the graph are HUD, Short Sales, and Foreclosures. Those represent a very small fraction of current sales.
These reports are provided by the Cromford Report by subscription. If you are interested in specific data and reports, please contact me.
If you are interested in buying or selling a home in the Phoenix Metro area, please give me a call. Great service is provided along with complimentary energy audits to provide more detail than other agent sales.