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 9.5 percent from last year, and the average sales price is up 9.5 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
Phoenix housing market sees 13.1% rise in new home starts
AZ Business Magazine May 10, 2018
Metrostudy has released the results of their 1Q18 survey of the Phoenix housing market, and it shows the best start to a new year for housing since the banner years of the early 2000’s.
Some of the key findings include:
• Through 1Q18, Annual New Home Starts are up 13.1% YoY while Annual Closings are up 18.3% over 1Q17
• Vacant Developed Lots (VDL) supply is in its 12th consecutive quarter of decline in the Phoenix market and is now about 56% of what it was at its peak in 2008.
Lack of homes driving prices up in Phoenix, nationally: Zillow
Patrick O’Grady, Managing Editor, Phoenix Business Journal, Apr 30, 2018
The number of homes for sale in Phoenix and around the U.S. is shrinking, putting a squeeze on prices that is costing buyers more, according to Zillow.
In Phoenix, inventory for all three home levels Zillow tracks are below last year’s level, and there were a total of 18,062 homes for sale in the region, according to the March statistics.
ULI: Real estate outlook promising for rest of 2018
azbigmedia.com, Apr. 19, 2018
The U.S. real estate industry is, in general, expected to be stronger than previously anticipated through 2018, according to the latest economic forecast from the Urban Land Institute’s (ULI) Center for Capital Markets and Real Estate. The ULI Real Estate Economic Forecast, which includes predictions over three years, is based on a semi-annual survey of 48 of the nation’s leading economists and industry analysts. Responses to the most recent survey, conducted in March 2018, suggest that the industry is receiving a boost from the enactment of the Tax Cuts and Jobs Act in December 2017.
Survey participants’ expectations were higher for the U.S. economy as well as the real estate industry than in the previous survey, which occurred in October 2017. Although the outlook for stronger economic growth is accompanied by the likelihood of higher inflation and higher interest rates, the rate hikes are not projected to be detrimental to 2018 real estate returns.
Metro Phoenix home prices are rising fastest in more affordable neighborhoods, data shows
Catherine Reagor, The Republic | azcentral.com, Apr. 12, 2018
It’s been a long, hard road to recovery for metro Phoenix’s boom-and-bust-battered housing market.
But some Valley neighborhoods are there — back to 2006 price levels, and higher. And other neighborhoods are very close.