Scottsdale Real Estate Update - December '08

Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000

The holidays left a present in the Scottsdale real estate market. Scottsdale had been showing some signs of waning under the pressure of the economic downturn for the preceding months but shrugged off the bad news in December.  That being said, there are still some fantastic bargains in Scottsdale right now.  And when the market picks up full swing again, the homes in Scottsdale are going to appreciate at about double the rate of homes in other parts of the valley.

Here are December's numbers for the week ending 12/31/08:

Active Listings: 5,738

Homes Pending:386

Homes sold in last 30 days:  334 (Up 27% from Nov. '08, Up 5% from Dec. '07)

Burn rate (Inventory on market/by homes sold last 30 days) = 17 months supply

Avg. Sale price (Solds): $514,042 (Down 2% from Nov. '08, Down 14% from Dec. '07)

Avg. price per sq. ft. (Solds): $204.69 (Up $16 per Sq. Ft. from Nov. '08,  Down 19% from Dec. '07)

Avg. Days on Market (Solds): 158 (Up 11 days from Nov. '08, Even with Dec. '07)

To learn more about Scottsdale real estate click here 

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Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

The average sale price is much higher then I expected considering that I have heard of many people picking up bargain properties on the lowest end of the price scale.  I would have expected that there would be fewer sales over that half million mark.

Jan 13, 2009 12:09 PM #1
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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