Prices rose, but activity continued to decline in the Scottsdale real estate market during August. The number of homes sold was down 6% from July but up 2% from last August. The average sale price increased 5% over July and was up 9% from August 2017. The 12 month moving average sale price was up 7% from a year ago, now standing at $569,097. The number of homes on the market is 2,134, 1% more than July, and 10% less than August 2017. The days on market is at 103 up 6% from last year and the burn rate (homes pending/home sold) is at 3.65 months, slowly shifting back to a more balanced market. And there are currently 806 homes under contract, foreshadowing another weak month in September. The highest selling home for the month came in at $4,025,000.
Here are the latest stats for the month ending 8/31/18:
Active Listings: 2,134
Homes Pending: 806
Homes sold in last 30 days: 756 (Down 11% from June '18, Up 11% from July '17)
Burn rate (Inventory on market / by homes currently under contract) = 3.65 months supply
Avg. Sale price (Solds): $577,840 (Up 5% from July '18, Up 9% from Aug. '17)
Avg. price per sq. ft. (Solds): $232.95 (Same as July '18, Up 6% from Aug. '17)
Avg. Days on Market (Solds): 103 (Up 5% from July '18, Up 6% from Aug. '17)
To receive a free value analysis for your Scottsdale home please call Jerry Murphy at 602-334-3757 or e-mail: jwmurphy@longrealty.com
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