Here’s a quick look at what Scottsdale home prices have done over the past three years (2007-2009):
In 2007, prices started at $300 per square foot, and slowly dropped to about $275 by the end of the year.
2008 was pretty much a freefall, with the monthly average sales price ending up at $200/sf.
The beginning of 2009 started with a freaky price increase through the month of February, and a quick decent back to the $200 range, with a gradual decent $175/sf range where the average home price has pretty much remained for the rest of the year.
This past six months is the longest period of pricing stability that we’ve seen in quite a while. And, hopefully an indication that we may see more of the same for the beginning of 2010.
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