Home sales dropped again, but prices ticked up ever so slightly in the Scottsdale real estate market during December. The number of homes sold was down 4% from November and down 15% from last December. This marks six out of the last seven months of declining home sales in Scottsdale. The average sale price increased .33% (that's 1/3 of 1 percent) from November but is up 5% from December 2017. The 12 month moving average sale price is up 9% from a year ago, now standing at $581,585. The number of homes on the market is 2,491, 3% more than November, but 3% less than December 2017. The days on market remains at 92, same as last year, and the burn rate (homes pending/home sold) is at 5.41 months, now a strong buyer's market. There are currently 565 homes under contract, 25% less than last year, foreshadowing another slow month in January. The highest selling home for the month came in at $4,550,000.
Here are the latest stats for the month ending 12/31/18:
Active Listings: 2,494
Homes Pending: 565
Homes sold in last 30 days: 566 (Down 4% from Nov. '18, Down 15% from Dec. '17)
Burn rate (Inventory on market / by homes currently under contract) = 5.41 months supply
Avg. Sale price (Solds): $581,921 (Up .33% from Nov. '18, Up 5% from Dec. '17)
Avg. price per sq. ft. (Solds): $241.64 (Up 1% from Nov. '18, Up 5% from Dec. '17)
Avg. Days on Market (Solds): 92 (Same as Nov. '18, Same as Dec. '17)
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