Another bright spot on the horizon. Improvement in Scottsdale home prices. I haven’t seen one of these appreciation gauges in the green zone for a very long time, maybe years!
As of May 12th, 2001:
The average price per square foot for homes sold in April 2001 was $181. Averaging over the past year, the average is $176.
As you can see on the middle set of graphs, the average price per square foot has varied fairly significantly over the past year, ranging between $150 and $200/sf. Looking at the annual average (the average of the prior 12 months), the downward trend shifted in March.
Currently, appreciation for Scottsdale real estate (single family detached homes) is 3% annually, and 4.4% for the month of April.
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It’s nice to see a gradual recovery. I wonder how will the housing market respond when and if the interest rate increases sometime this year?
I hope we see continued, steady improvement.