Scottsdale, AZ Real Estate Market Report - Nov. 2018

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

Home sales and prices dropped in the Scottsdale real estate market during November. The number of homes sold was down 1% from October and down 11% from last November. This marks five out of the last six months of declining home sales in Scottsdale.  The average sale price decreased 2% from October but is up 4% from November 2017. The 12 month moving average sale price is up 9% from a year ago,  now standing at $579,774.  The number of homes on the market is 2,415, 3% less than October, and 8% less than November 2017.  The days on market is at 92 up 8% from last year and the burn rate (homes pending/home sold) is at 4.21 months, slowly shifting back to a buyer's market.  There are currently 752 homes under contract, foreshadowing another slow month in December. The highest selling home for the month came in at $7,300,000. 

Here are the latest stats for the month ending 11/30/18:

Active Listings: 2,415

Homes Pending: 752

Homes sold in last 30 days: 587 (Down 1% from Oct. '18, Down 11% from Nov. '17)

Burn rate (Inventory on market / by homes currently under contract) = 4.21 months supply

Avg. Sale price (Solds): $579,982 (Down 2% from Oct. '18, Up 4% from Nov. '17)

Avg. price per sq. ft. (Solds): $238.21 (Down 1% from Oct. '18, Up 5% from Nov. '17)

Avg. Days on Market (Solds): 92 (Up 5% from Oct. '18, Up 8% from Nov. '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

Very good update and snapshot of the market for buyers and sellers to consider before making any real estate decisions. 

Dec 12, 2018 04:44 PM #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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