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
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.
Prices rise 7.8%, but homes selling faster
AZ BUSINESS MAGAZINE, June 20, 2018
In May, homes sold faster than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.
May home sales topped April sales by 14.5%, and were down by 2.8% from May 2017. The median sales price of $251,673was up 7.8%.
Home prices continue to increase in Phoenix market
By Angela Gonzales – Senior Reporter, Phoenix Business Journal, June 05, 2018
Home prices in metro Phoenix increased by 7 percent — a bit higher than the 6.9 percent national average — from April 2017 to April 2018, according to a CoreLogic report released today.
Nationally, the CoreLogic HPI Forecast indicates that the national home price index is projected to increase by 5.3 percent on a year-over-year basis from April 2018 to April 2019.