Scottsdale Market Trends
Maricopa County Market Trends
This is the current data for home prices, inventory and market activity for the greater Phoenix area, including Scottsdale. The Scottsdale real estate market has been on an upturn since the end of 2011, when home prices were astonishingly low. The median sales price for homes in Maricopa County is up 8.8 percent from last year, and the average sales price is up 10.2 percent.
For more information on current market trends in Phoenix and Scottsdale contact Carmen Brodeur at Carmen@TopScottsdaleHomes.com, or check out recent articles below.
Articles on the Scottsdale and Phoenix Real Estate Market
Valley home prices still on rise; outpace national average in August
By Patrick O’Grady – Managing Editor, Phoenix Business Journal, Oct 2, 2018
Valley home prices continued their rise during the summer, easily outpacing national averages in August, according to the latest CoreLogic price report. The region saw a 7.43 percent price increase compared with August 2017, pushing the region into an “overvalued” ranking from CoreLogic.
Despite the increasing prices, home values still are roughly 11 percent below the peak value in 2006, the report stated. Nationally, home prices rose 5.5 percent year over year, which actually represents a slowdown from previous months as the lack of affordable housing nationally and higher interest rates means fewer homes are selling.
Housing report: numbers show steady gains in metropolitan marketplace
Scottsdale Independent – by Terrance Thornton, September 12, 2018
As the population boom continues to unfold in Maricopa County, the Phoenix metropolitan housing market is on even footing and economic indicators suggest good times are here to stay, experts speculate.
Over the last 12 months, the median sale price for single-family homes in Maricopa County, which is $268,347, is up 8.8 percent while active listings are down 22.1 percent and closed sales are down 3.7 percent, according to data provided by the Scottsdale Area Association of Realtors.
Home prices rise 3 times faster than rents
AZ BUSINESS MAGAZINE, Aug 31, 2018
As home prices rise across the U.S., choosing to rent has become increasingly popular. New analysis by realtor.com reveals the monthly costs of buying a home have risen by 14 percent over the past year. This is more than three times the 4 percent increase in monthly rental costs. Additionally, this analysis found that the number of places where it is cheaper to buy has significantly declined in the past year.
“Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing,” said Danielle Hale, chief economist at realtor.com®. “Today only 41 percent of people live in a county where the median income family can afford to buy a home at the median list price, and affordability declined significantly over the past year.
Luxury home values continue rising
By Tim Gallen – Digital Editor, Phoenix Business Journal, June 22, 2018
Luxury homes are a hot market in the Valley.
A look online this week at the top home sales for May found the top one fetching $6 million.
It wasn’t long ago that finding a home selling for more than $2 million was a major accomplishment. Now, home sales regularly include those selling in the $4-million to $5-million range.