The Scottsdale real estate market started the new year on an up note. The numbers are still not fantastic, but we're seeing signs of a potentially bright 2017.
Sales activity was down 10% from December and up 25% over last January, but the number of homes with pending sales bodes well for a big February and March.
The average sale price was up 4% over December, but down 2% from January 2016.
The 12 month moving average sale price was also flat month over month and increased only 2% year over year, now standing at $510,350.
The number of homes on the market is 3,212, up 2% over December with the days on market at 112, 3% more than last year.
The burn rate (homes pending/home sold) is at 3.87 months, a fairly dramatic shift back to a more balanced market.
And the highest selling home for the month came in at $4,926,500.
Hopefully these rays of light in the Scottsdale Real Estate market lead to the pot of gold at the end of the rainbow.
Stay tuned for further updates.
Here are the latest stats for the month ending 1/31/17: Active Listings: 3,212 Homes Pending: 1,118.
Homes sold in last 30 days: 563 (Down 10% from Dec. '16, Up 25% from Jan. '16)
Burn rate (Inventory on market / by homes currently under contract) = 3.87 months supply.
Avg. Sale price (Solds): $529,328 (Up 4% from Dec. '16, Down 2% from Jan. '16)
Avg. price per sq. ft. (Solds): $217.67 (Same as Dec. '16, Same as Jan. '16)
Avg. Days on Market (Solds): 112 (Up 8% from Dec. '16, Up 3% from Jan. '16)
To receive a free market analysis for your Scottsdale home please call Jeff Fisher at 602-531-0435 or e-mail: Jeff@arizonasrealty.com
To search Scottsdale, AZ homes for sale please visit: www.arizonasrealty.com