With the decline in inventory for short sales, bank owned and regular sale listings throughout the valley, the Scottsdale’s median home price in July of $386,500 was a 9 percent increase over a year ago, according to the latest monthly report from the Arizona State University Center for Real Estate Theory and Practice.
That increase in sales priced is based on 512 homes sales, which is a 2 percent increase over sales for July 2011. Scottsdale’s median price in July for condominiums and townhouses of $153,000 was up 30 percent from a year ago on 235 units sold was down from 260 a year earlier. Usually lower number of units sold would give one the impression that the market is slow, but with inventory at about a 30 day supply, this is not a number to be concerned with. Search Scottsdale Homes For Sale
This trend has been occurring throughout the year thus far and I am seeing multiple offers and bidding wars on single family homes priced under $500,000.00 and condo/townhomes priced under $250.000.00 the shift in the real estate market is not just happening in Scottsdale, but throughout the entire valley I am seeing increased prices, low inventory and an increase in buyer demand. Despite the warm summer months the market did not cool down, but it heated up.
The overall supply of homes on the market declined 26 percent in August compared with a year earlier.
So if I am a buyer what does this mean for me? Well if you are looking in Scottsdale patience is going to be you long lost friend. You will need to dig a little deeper into your pocket to purchase your next home compared to prices a few years ago, but with the interest rates being at an all-time low, your buying power has slightly improved. Search Scottsdale Homes For Sale If you are a home Seller in Scottsdale, you might be surprised to get multiple offers within only hours of being on the market if you are priced right. Even though prices are climbing, Buyers are still being selective and looking for what they consider deals.
If you are thinking about buying a home in and around the Scottsdale area and want to start the process, please give me a call today at 602-620-2164 or contact me and I will help you find your dream home.