Activity picked up in the Scottsdale real estate market during May. The number of homes sold was 10% from April and up 6% over last May. The average sale price increased 4% versus April and was up 14% from May 2017. The 12 month moving average sale price was up 8% from a year ago, now standing at $559,494. The number of homes on the market is 2,357, 8% less than April, and 16% less than May 2017. Days on market is at 97, down 1% from last year and the burn rate (homes pending/home sold) is at 3.30 months, slowly shifting back to a more balanced market. The highest selling home for the month came in at $10,300,000.
Here are the latest stats for the month ending 5/31/18:
Active Listings: 2,357
Homes Pending: 1,027
Homes sold in last 30 days: 962 (Up 10% from Apr. '18, Up 6% from May '17)
Burn rate (Inventory on market / by homes currently under contract) = 3.30 months supply
Avg. Sale price (Solds): $611,933 (Up 4% from Apr. '18, Up 14% from May '17)
Avg. price per sq. ft. (Solds): $239.20 (Up 1% from Apr. '18, Up 9% from May '17)
Avg. Days on Market (Solds): 97 (Up 7% from Apr. '18, Down 1% from May '17)
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