If you look on 10 different websites you’ll find 10 different statistics when it comes to Scottsdale real estate prices. We really are all over the board and that’s okay, and that’s where it should be. If we consistently market to high-end, luxury homebuyers, then we neglect the mid-income buyers and the lower priced properties, of which are perfect for second home buyers, snowbirds, and vacationers. Typically, those looking for a winter property are not looking in the million-dollar range. So, for that reason, it’s important to have a good understanding of what the market is currently doing in Scottsdale and how the general price range for real estate.
On average there are approximately 2500 properties for sale in the Scottsdale area. This includes single-family homes, condominiums, manufactured homes, lots, vacant land, homesites, townhouses, and pretty much any type of residential real estate you can think of.
The average home price is about $460,000, but again, that’s the average. It’s important to take a look at the asking price or list price versus the actual sold price of property in Scottsdale.
The median list price is about $695,000, up about 1% from a month ago as well as from one year ago. This shows a steady, and gradual increase, exactly what you’re looking for in a balanced market.
The median sales price, not the list price, is $447,000. This is approximately $232 per square foot. You can see there’s quite a discrepancy from the median list price versus the sale price. However, this is great news for buyers. The general percentage from asking price to sales price is about 96% or so, which means that sellers are generally getting what they’re asking for, but it also means that buyers do have a little bit of negotiating power this time of year.
What about rentals?
Many snowbirds choose to rent for a couple of months or short-term renting for 4 to 6 months during the winter season. They prefer furnished properties whether it’s a house, condo, or townhouse so they can simply move in, enjoy the weather for a few months, and move out. Our median rent is currently about $2400 per month, but, keeping that in mind, it may be cheaper to actually buy a home for $350,000 and then rented out during the summer, rather than rent out a home during the winter at our peak prices.
Homes are selling within about 60 days, making this an active, balanced/hot market. Good news for both buyers and sellers, if you ask me.
Of course, as with many major markets across the US, you can find condominiums and townhouses for around $150,000 and you can find luxury estates with gorgeous views and a lot of land for over $1 million. Scottsdale really has a wide range of home prices and designs to suit just about any lifestyle.
Get started today and check out all the newest listings for sale in the Scottsdale area or simply call my office for more details or to schedule a showing.