I’ve been tracking South Scottsdale home prices very closely for the past several months, seeing some trends, but not quite sure how strong they were. Now that we are seeing some consistency, both in number of sales and median price, over the past four months, I’m feeling more optimistic.
There’s been a bit of downward price fluctuation, which remains relatively small in comparison to what we are seeing in many other areas of the Phoenix metropolitan area. The number of home sales is also steady.
What brought this apparent stabilization all to my attention is the following chart, which I receive in my weekly updates from Altos Research. Notice the green box at the bottom of the chart… that indicates that the Market Action Index is Cool, as opposed the Cold assessment that we’ve been seeing for a very long time. All other zip codes in the Scottsdale city limits still remain a strong buyer’s market, but 85257 is definitely inching its way back to a balanced market.
You’ll notice that the average listing price is increasing, while the number of days the house has been on market is decreasing. In entry level homes, the average days on market is running about 90 days.
Finally, a chart of the Market Action Index, Altos proprietary formula, which identifies the type of market we are in… and while 85257 is still in a buyer’s market, the trends do appear to be changing.
I’ve included this week’s copy of the Real Estate Market Report for Scottsdale, Arizona 85257 – Executive Summary, and if you’d like a copy of the full report, just fill out the form on the right and I will email it to you. In addition, you can also access up-to-date Real Estate Statistics for Scottsdale, Arizona 85257 any time.
(Caveat: The average lot size is off in the chart above. By far, most homes in this area of Scottsdale are on lots that are in the range of 6,000-8,000 square feet. There are a couple that are in the 1/2-1 acre range, but these are definitely the exception.)
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