Scottsdale, AZ Real Estate Market Report - August 2018

Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000


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)

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Joyce Marsh
Regal | Christie's International Real Estate - Orlando, FL
Regional Manager Regal Christie's Int'l Realty

Jerry, Thanks for updating us on what’s happening to current home and condo values in your real estate market in Scottsdale, AZ. 

Sep 19, 2018 01:36 AM #1
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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