Looking for a snapshot view of what’s going on in Scottsdale real estate?
In a nutshell, the number of homes for sale in Scottsdale continues to decline, while sales have been increasing, and prices are inching up. Foreclosures notices are stable, and trustee sales are down.
Looking more closely at the number of homes for sale (Active Listings) in Scottsdale, you can see that it’s dropped from about 2,200 to 1,700 over the past year.
At the same time, the number sales has increased from about 500 in May 2011 to over 600 in May 2012.
Looking at price per square foot, over the past year, it’s increased from about $150/sf to almost $175/sf. Not a huge gain, but steadily inching up.
With so much in the news about home price appreciation in Arizona, it’s worth looking at Scottsdale, and specifically comparing it to Phoenix. Over the past 4 months, price per square foot has jumped from about 10% to over 30% in Phoenix. While in Scottsdale, the appreciation rate has bounced around from –5% to a current rate of 10%. Quite a difference between the two cities.
So, it’s safe to say that the Scottsdale real estate market is getting healthier by the day, and with relative sane appreciation rates, compared to Phoenix, good home values can still be found.
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