Market Data - Scottsdale – November 2017

During October, Scottsdale’s active listing count increased by 105% from 1,642 to 1,813. This was a similar increase to October 2016 and we now have 3% fewer active listings than last year with a marked shortage at the lower end of the price ranges. 98% of the current supply comprises normal listings. In October we saw 206 closed sales, an 8% increase over October 2016 and the largest total for October since 2006. Prices were weaker compared to a year ago, particularly in North Scottsdale and particularly for higher priced homes. The twelve-month moving average $/SF drifted back to $258 in October, down $1 from a year earlier. The six-month moving average fell back to $253 from $254 and the three-month average declined to $249 from $253. Price levels overall are very little changed since the middle of 2014 and October did nothing to improve this situation.

Average Price per Sq. Ft. for Closed Transactions for the Last 10 Years

The dark blue line shows the trailing 6-month average.

Number of listings by Status for the Last Two Years

This graph shows the number of homes that were active in the area as of the 15th of the month. It also shows the number of offers that were accepted and the number of transactions that were closed within the month.

Sales Price as a Percentage of Original List Price

This graph illustrates the importance of pricing your home properly from the beginning. The longer the property sits on the market, the steeper the discount.

Average Price by Status

The average list price of Active listings is measured the 15th of each month. Note: The “Under Contract” price is the list price, not the contract price. The contract price is not revealed until the transaction closes.

Market Activity by Price Range

Active listings were measured on the 15th of October. The numbers for New This Month, Accepted Offers and Sold represent the quantities for the entire month of October.

Months of Inventory Based on Price Range

This graph illustrates the importance of pricing your home properly from the beginning. The longer the property sits on the market, the steeper the discount.

Average Price per Sq. Ft. based on Price Range

Figures for Active and Under Contract were compiled on October 15th. Note: The “Under Contract” price is the list price, not the contract price. The contract price is not revealed until the transaction closes.

Seasonality

New Listings by Month

Accepted Offers by Month

Closed Transactions by Month

The charts above reflect activity by month. Each bar represents the percentage of annual business done within a specific month.

Price per Sq. Ft. by Size

Price per Sq. Ft. by Year Built

Market Activity by Property Type

Traditional sales are transactions where a lender plays no part in the decision making process associated with the sale. The homeowner is in complete control. Distressed sales are comprised of two main categories; short sales and lender-owned properties (REOs). A short sale occurs when the lender agrees to release the lien on a property (which allows the property to transfer title) for less money than is actually owed. A property becomes an REO when the lender forecloses and takes ownership of a property.  As you can see, distressed transactions are now an inconsequential portion of the market.

Active - This Month

Sales - This Month

Active – 12-Month Average

Sales – 12-Month Average

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Price per Sq. Ft. by Type