Last week, I shared that Scottsdale condo listing prices have been decreasing over the past year. This week, I’ll show you the same is true for single family homes in the city, with median list price decreasing by $100,000 since May 1st, 2009.
The statistics for the properties in this following report are divided as follows:
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First Median Range (Blue): Most expensive 25% of properties
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Second (Green): Next 25%
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Third (Orange): Next 25%
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Fourth (Black): Least expensive 25% of properties
By appearance, it looks as if the upper end of the market has taken the brunt of this depreciation, which it has, when looking at it from a purely dollar perspective. However, percentagewise, the lower end of the market truly has seen the greatest median listing price reduction, approaching -25% since May 1 of last year, and the Upper/Second Median listing price has demonstrated the least reduction in listing price, only in the range -12.5%. Interestingly, this second tier is where the overall median listing price of Scottsdale sits.
However, the time to sell appears much more like a roller coaster, than in the Scottsdale condo market. Overall, the days on market for active listings has increased in the past year, with a dip occurring in the fall season before a steady continued increase. Days on market has been on a downward trend over the past month or so.
The time to sell as well as the market trend definitely varies by price range. High-end homes are on the market for a much long period of time. The time to sell Scottsdale’s lowest priced homes has plateaued over the past six months at around 125 days. However, the mid-range home have been fairly consistent over the past 10 months, but are now tracking downward.
I think it will be interesting to see how the next couple of months play out.
Data Source: Altos Research
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Great analysis! One thing I have noticed out here in Gilbert is that though median list prices, and average estimated home values have continued to drop like they have in Scottsdale, the average $/SQFT sale price has remained pretty steady for over a year now at close to 2003 prices ($96-100). There is definitely still quite a bit of demand for affordable single-family resale homes in the suburbs.
.-= Aaron Charlton´s last blog ..Gilbert AZ Home Value Trends (The Real Story) =-.
Aaron, I think following sales stats on a city by city basis around Phoenix really does show that real estate is local. It’s been very interesting to watch over the past couple of years, hasn’t it?
Have you ever thought about putting more videos to your blog site articles to keep the readers more entertained? What i’m saying is I just read through the whole page of yours and it absolutely was pretty good but because I am alot more of a visual learner, I found videos to be a lot more useful. well, let me know what you feel.
Marylouise,
You know I have thought a lot about adding more videos. I just haven’t figured out where to start with it, but it is something I’d like to investigate more and start incorporating into this blog.
Thank you for the recommendation!