Scottsdale, AZ Real Estate Market Report - October 2018

By
Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000
https://activerain.com/droplet/5g2V

 

Home sales and prices picked up in the Scottsdale real estate market during October. The number of homes sold was up 8% from September but down 8% from last October. This breaks a four month streak of declining home sales in Scottsdale.  The average sale price increased 4% over September and is up 19% from October 2017. The 12 month moving average sale price is up 9% from a year ago,  now standing at $577,897.  The number of homes on the market is 2,477, 11% more than September, and 11% less than October 2017.  The days on market is at 88 down 4% from last year and the burn rate (homes pending/home sold) is at 4.28 months, slowly shifting back to a buyer's market.  There are currently 756 homes under contract, foreshadowing a tepid November market report. The highest selling home for the month came in at $3,150,000. 

Here are the latest stats for the month ending 10/31/18:

Active Listings: 2,477

Homes Pending: 756

Homes sold in last 30 days: 593 (Up 8% from Sept. '18, Down 8% from Oct. '17)

Burn rate (Inventory on market / by homes currently under contract) = 4.28 months supply

Avg. Sale price (Solds): $592,387 (Up 4% from Sept. '18, Up 19% from Oct. '17)

Avg. price per sq. ft. (Solds): $241.55 (Up 2% from Sept. '18, Up 9% from Oct. '17)

Avg. Days on Market (Solds): 88 (Down 11% from Sept. '18, Down 4% from Oct. '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

To search Scottsdale, AZ homes for sale please visit: www.JWMurphy.LongRealty.com

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

Good morning. Your real estate market reports are always very helpful for those looking to buy or sell. Thanks for the update. 

Nov 07, 2018 04:35 AM #1
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Rainmaker
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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