Scottsdale Housing Market Update

By
Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

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

And for a list of destinations offering summer specials, click here! 

 

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.

 

Scottsdale Active Listings June_2017

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.  

Scottsdale Under Contract Price Per Sq Ft

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. 

 

Scottsdale Months Supply of Inventory

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. 

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Comments (11)

Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Jan really good analysis of the Scottsdale market. I for one am very happy to NOT see the orange and turquoise colors - not many of them anyway.  Have a great weekend!

Jul 06, 2017 10:50 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Anna Banana Kruchten, CRS . I hear you!  I'd like to never do another short sale listing or purchase.  They drain your patience.  Likewise, have a great weekend!

Jul 06, 2017 11:13 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Jan -Scottsdale is the premier luxury address in the Phoenix area.  Thanks for the update.

Jul 06, 2017 02:41 PM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Jan - This is an excellent market report for Scottsdale, full of data and background that will be of great interest to anyone with an interest in real estate there. Have a great weekend!

Jul 07, 2017 03:01 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Grant Schneider !  Have a great weekend!

Appreciate your review and feedback Dick Greenberg .  Have a great weekend in your new home!

Jul 07, 2017 08:00 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Love the detailed market analysis, just wondering what do you get in your market for $17+million? on a side note what is Barry Goldwater's old home worth now days? the one he lived in about 35 years ago? Endre

Jul 13, 2017 09:46 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Endre Barath, Jr.  You're so funny!  $17 million?!  Well, I see 3 for sale over $17 million - 2 are in Paradise Valley and one in Scottsdale.  The one inScottsdale is on 4 acres in exclusive Silver Leaf in DC Ranch, 20,805 sq ft, 6 bedrooms and 14 bathrooms?!  The home includes 2 elevators, golf simulator, gymnasium, basketball and volleyball courts, rock climbing wall, fitness center, detached guest house, 8 car garage, and there's no loan history on it - so can't see the individual that bought it, just the LLC on the tax records.  Aww, the lives of the rich and shameless!  Nothing has sold in the last 10 years over $17 million, which I find interesting!   

Here's the YouTube video of Barry Goldwater's home! 

https://youtu.be/8EzuPRnWVG8   

No link to share a video so hope that works! 

Jul 14, 2017 09:55 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jan from the email notification about comments I dove into the link first:) enjoyed the eight min presentation.... loved it, but no list price;))) I saw this house  when it was on the market way back when.... and what a change over the years thank you for the TBT moment on a Friday morning))Endre

Jul 14, 2017 10:08 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Glad I found it to share with you.  It's fun looking at old videos and interesting that you've been in it! 

Check out this article that shows the new owners paid $4.1 million for it.

I finally figured out why I couldn't get the address to come up.  The new owners did a "lot split" and it has a new address now. The new home has 6729 square ft, a tad smaller than the original 11,000 sq ft under roof.  And the CASH sale is not on the MLS records.  

That's the reason for the schmansy video :) 

 

 

Jul 14, 2017 12:10 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

 Jan,How interesting that cash sale is not recorded in the MLS... was it a private sale? and based on the ultra high end listings, this one is reasonable by being south of  $5 million....Endre

Jul 14, 2017 04:51 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

It must have been a private sale Endre Barath, Jr. . I see this occasionally.  Active listings nearby are $8 million and $4.1 million!  It's in a such a great area - you know what they say, location, location, location!  That's the key thing about Paradise Valley.  It's in the middle of our city and has some great mountain views.  I think I feel a blog coming on.....!!

Jul 15, 2017 03:29 PM
Endre Barath, Jr.

Yes we do get inspired by interaction:) Endre

Jul 15, 2017 05:48 PM