Jim Wire, a real estate agent in Lake Tahoe, asked me about Scottsdale real estate values in response to a post I wrote earlier today, so I thought I’d answer him with another chart from the Cromford Report.
Looking at the whole of Scottsdale, you can see that Average Annual Sales Price per Square Foot has actually stabilized in the past year, at about $185/per square foot. I’ve drawn in a linear trend line, starting in 2001 and extending it to current times, using the appreciation rate of the early 2000’s. Average price per square foot has dropped below the point the Scottsdale real estate market would be at, if sanity had prevailed. This gives me a bit of hope that the stabilization we are seeing now is the beginning a new cycle.
So, looking at the widely diverse real estate market in Scottsdale, I’m not seeing values go up, but I’m also not seeing them go down. Where I would expect to see some variation is by price range, with the higher price ranges still seeing some of the depreciation that the lower end of the market has already experienced and presumably hopefully seen the end of.
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