Scottsdale home listing prices are on the rise in the central areas of the city that include McCormick Ranch, Gainey Ranch, and Scottsdale Ranch. Seems kind of exciting, at first glance.
Looking above at the 90-day rolling average, it’s interesting to see that median price for homes listings is now approaching $188/square foot, which was the prior peak for 2011.
Checking out the 7-day rolling average, it’s clear that the pricing has been much more volatile, which is to be expected. What’s interesting, is that there’s been a steady increase in list price per square foot since July 2011.
Even with the peaks and valleys, there has been a shift in the seller’s perspective…. or is it that the decline in foreclosures and short sales are finally taking the pressure off pricing, and typical sales will now begin to drive the market?
Possibly, but not yet. Looking at the sales data for this past year, average annual home sales price is down $10/square foot, with no significant change last month.
And when you look at the October 2011 home sale information for Scottsdale 85258, you can see that while distressed sales are providing only 25% of the home “inventory”, they still account for almost 50% of the sales.
And the current average sales prices per square foot for all types of sales are still significantly less than the annual average, so we have not seen the end of the drop in sales price per square foot yet.
For now, it looks like some overly optimist home sellers may just be testing the market.
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I enjoyed the article and great search on your part. I have noticed the foreclosures and short sales are significantly lower in those areas. My business partner and I just sold a home in Scottsdale Ranch, though it needed work, but many of these homes are either remodeled in the process of remodeling. I personally would buy a home that needs work and redesign. The three subdivisions have been around for a while, but the demand appears to be really high. I am searching further statistical information on those areas and will blog something about it.
Jim, I’m seeing increased demand in 85258 also. After a year, where buyers seemed to be primarily focused on $100,000 condos, it’s refreshing to see more buyers looking at mid-range single family homes.