The real estate market in Scottsdale, AZ continues a slight decline as we head toward the end of 2007. Below you will see a graph of median home price changes from last year to this year. In addition there is a graph with historic median home prices dating from 2005 to present. | | Nov. '06 | Nov. '07 | Change | | Greater Phoenix | $ 259,000 | $ 240,000 | -7.3% | | Scottsdale All | $ 630,000 | $ 544,645 | -13.6% | | South Scottsdale | $ 330,000 | $ 295,445 | -10.5% | | North Scottsdale | $ 715,000 | $ 675,000 | -5.6% | | Scottsdale Condos | $ 275,000 | $ 255,000 | -7.3% |
Data from ASU Poly. Graphed by Artur Ciesielski, CCIM
A total of 240 single family homes sold in Scottsdale in November 2007. This is a 40% decrease compared to the 400 that sold in the same period last year. The median price also declined by almost 14%. North Scottsdale has a lower decline of 5.6% from $715,000 last year to $675,000 this year. South Scottsdale has 10.5% decline over last year, but the median home price was higher over last month, $277,200 in October vs. $295,445 in November. 
The townhome / condominium market in Scottsdale also declined from $275,000 to $255,000. A total of 190 condos and townhomes sold in November compared to 215 last year. Despite these lower number many properties are selling. 430 properties sold in Scottsdale. There are also some exciting development in or near downtown Scottsdale. Downtown Scottsdale will see better real estate results than South Scottsdale as a whole because of its increasing popularity. This is why its a good time to buy. |
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