Home sales increased again, and prices rose too in the Scottsdale real estate market during March. The number of homes sold was up 24% from February but down 13% from last March. The average sale price increased 1% from February and is up 6% from March 2018. The 12 month moving average sale price is up 8% from a year ago, now standing at $589,965. The number of homes on the market is 2,596, 8% less than February, and 4% less than March 2018. The days on market is 96 days, 2% less than last year, and the burn rate (homes pending/home sold) is at 3.25 months, now leaning back toward a balanced market. There are currently 1,152 homes under contract, 2% less than last year, foreshadowing a fairly good month in April. The highest selling home for the month came in at $5,375,000.
Here are the latest stats for the month ending 3/31/19:
Active Listings: 2,596
Homes Pending: 1,152
Homes sold in last 30 days: 768 (Up 24% from Feb. '19, Down 13% from Mar. '18)
Burn rate (Inventory on market / by homes currently under contract) = 3.25 months supply
Avg. Sale price (Solds): $607,858 (Up 1% from Feb. '19, Up 6% from Mar. '18)
Avg. price per sq. ft. (Solds): $252.12 (Up 3% from Feb. '19, Up 7% from Mar. '18)
Avg. Days on Market (Solds): 96 (Down 4% from Feb. '19, Down 2% from Mar. '18)
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