Scottsdale home prices have plateaued over the past 3 months. Price per square foot is one indicator of market health, and you can see that in Scottsdale, that figure has been hovering in the $180/square foot range.
At the same time, you can see that prices are still down 10%, when compared to this year’s annual average, and down 21.6% when compared to the same month last year.
{ 2 comments… read them below or add one }
You have got to be kidding me right? In the zip code that I live in 85255 there are currently 78 traditional sales listed, 271 bank owned homes listed, and another 777 waiting to be foreclosed on within the next 3 months. If you think the prices have stabilized, just sit back and watch the prices fall right back to 2000 prices. The price before the boom!
Conay,
I was just checking back in on the statistics for the 85255 zip code, a month later to see how they might have changed.
I see 667 “traditional” homes for sale. 105 short sales, of which only 21 are in pre-foreclosure. 49 lender owned homes remain on the market.
From my experience and conversations with other agents and lenders, it appears that in the last month, banks are putting more time into loan modifications and working out short sales. REO’s trickle to the market.
Regarding your comment on further price depreciation, I think it really depends on the area. Some lower price ranges are already at 50% of 2002. Others still have a ways to go. I don’t believe that all areas will be hit as hard as others, but I do believe that the upper end of your zip code still has a way to come to normalize.
Time will tell.
.-= Dru Bloomfield´s last blog ..Phoenix Real Estate: What happens when you price your home to sell? =-.