How is the real estate market in Scottsdale Arizona?9/29/2018
The real estate market in Scottsdale is healthy. The Phoenix Metro area is experiencing a shortage of inventory, perpetuating the issue of homeowners not putting their homes on the market out of fear of not finding a home they love enough to buy. It also appears that many home sellers are over pricing their homes knowing that there is a shortage of homes for sale. However, they’re not giving today’s home buyer enough credit. Many home sellers think that buyers are desperate or uneducated, but today’s home buyer knows what they want and what’s a fair price to pay for it. If it’s a move-in ready home that is current with today’s design style, priced RIGHT - it will get multiple offers within a week.
I’ve noticed an abundant amount of flippers who are inexperienced. Way too many of them are making mediocre cosmetic improvements and thinking that’s enough. Guess what, flippers! These home buyers have most likely experienced the crash of 2008-2010 and are scorned. They know how much to pay and what NOT to pay for. If it’s a Millennial home buyer, they’re even more cautious because they’ve seen their families lose in the real estate AND stock market, so if you get one of them to even make a commitment and buy a home – they’re not falling for an overpriced, under rated home.
That being said, home values steadied and have a healthy, normal rate of appreciation. As of today, September 29, 2018:
- There are 2,233 active homes for sale on the market in the city of Scottsdale.
- 1,583 of them are single family detached homes
- 646 are patio/townhome/condo (with the remaining 4 as manufactured homes).
- 718 properties are currently under contract and
- 6,862 have sold since January 1, 2018.
In Maricopa County (where Scottsdale is), there are 11, 813 properties for sale in the surrounding Phoenix Metro area and its suburbs (excluding Scottsdale).
Of the 6,862 properties sold since 1/1/2018:
- 693 sold for $199,999 and less
- 897 sold between $200,000-299,999
- 1,191 $300-399,999
- 1,116 $400-499,999
- 843 $500-599,999
- 530 $600-699,999
- 383 $700,799,999
- 287 $800-899,999
- 179 $900-999,999
- 738 $1M and higher
So, you can see that there are still affordable homes in Scottsdale. Over 50% of the homes sold for less than $500,000. That’s one reason people are leaving California and coming to Arizona…less property taxes and affordable real estate.
- In 2017, there were 8,551 properties sold in Scottsdale. 5,343 were sold at $500,000 or less.
- In 2016, 7,894 properties sold and 5,234 sold for $500,000 or less.
A snapshot of the past 12 months real estate market in Scottsdale, Arizona:
If you live in Scottsdale or the Phoenix Metro Area and would like to see how much equity you have, what the value of your home is, how much you could get as a short term rental, and/or what your purchasing power to buy a second home or investment property, and more….check this out.
*All information is deemed reliable through Arizona Regional Multiple Listing Service but should be verified by recipient and none is guaranteed as accurate by ARMLS.