The Scottsdale Housing Update for November, 2018 reflects rising inventory; however, active listings are down from 8% December 1, 2017. Listings are lower than any time on this chart. Seasonally, listing inventory ticks upward during this time of year as over-priced homes are still on the market during the holidays with hopeful sellers of seasonal homes as our winter visitors descend on the Scottsdale area enjoying our winter fun!
The following reports are provided courtesty of the Cromford Report!
The median price in Scottsdale has risen in a steady pattern since the bottom of the market in 2011. Compared to the housing market and the dramatic rise between 2003 and 2006, our steady market is a bonus for buyers and sellers, reducing their anxiety of a bubble in the market.
At a median price of $470,000, the Scottsdale housing market is just over $200,000 higher than the Phoenix housing market, pricing some buyers out of the city. For homes selling over $700,000, our current sales prices may not be at or above a purchase price in 2006, eliminating those homeowners as sellers.
The supply of homes is currently 4.2 months. At this time of year, each year on this report, inventory has been just over 4 month supply since 2012 when the market started to recover. April, 2011 was the official bottom of the market for this area. Each year at this time, inventory increases and begins to fall in February with the lowest supply being in June and July.
As you can see from the chart, prices bounce around in Scottsdale, due to the vast price ranges from condos to luxury homes. Currently at $274.96 price per square foot, Under Contract List Price per square foot was $261.82 a year ago at this time.
Monthly Sales for November, 2018 were 575, down from 645 the year before; however, November 2016 were 564 and November 2015 were 432 sales. That's up from 379 sales in November, 2014. Part of this is inventory is low, prices are rising and the number of sales is going down in the lower prices.
If you are looking for a home or condo to purchase in Scottdsale, give me a call. Price range from a condo priced at $285,000 to a luxury home in Silverleaf on 4 acres priced at $26 million.
The newest listing tool that I have to offer is Pearl Certifications! If your home qualifies, I'll assist in getting it Pearl Certified at a reduced cost and will work to gain 5% more when it sells! Contact me for details!