Scottsdale home prices are definitely on the rise. If you take a look at the chart below, you’ll see that since October 2011 that Scottsdale is definitely seen an increase in single family home prices. (While this chart showing the three month moving average sales price per square foot says that it’s for the greater Phoenix area, it’s actually data for only the City of Scottsdale. The data includes normal sales, short sales, and foreclosures for single family homes only.)
From a low average sales price per square foot of $163 in October 2011, prices rose $185/square foot during the summer. After a slight dip in the fall prices, have continued to appreciate up to $194/square foot at the end of the year. The appreciation rate for average sales price per square foot over the past year if 17.5% for single family homes in Scottsdale.
This next chart looks almost identical to the prior chart. This data represents Scottsdale single-family homes, normal sales only. The graph line has the same shape but the numbers are different for instance below in September 2011, is $187 per square foot. In the fall prices rose to $196 per square foot, before tapering off and then surging to $205 per square foot.
So you can see that normal sales in Scottsdale for single-family homes still carry a bit of a premium. And, the other good news is that this rolling 3-month average sales price has finally passed the $200 a square foot. And to me, this is definitely a sign that Scottsdale real estate is on the road to better health.