September 05, 2008

Scottsdale Home Sales For August 2008

Scottsdale Housing Market

This year, so far, sales in Scottsdale peaked in June with a slight decline each following month. This is more or less normal. In August 274 Single Family Homes sold.

Currently there are 3,879 active homes. This is still a high inventory: 13,4 months worth, which balances the market heavily to the buyers.

Sold properties were on the market an average of 155 days. This is up from last month but down from last quarter.

The median price increased over last month to $481,000 but it's still below last year. The average per square foot sales price was $229.15.

Scottsdale is a move up and luxury home market; these two segments are the ones experiencing the declines and lower sales, while the starter home segment is bustling with activity.

Still the results over this summer were not bad for sellers and very good for buyers. It remains to be seen what impact the more stringent loan requirements will have on the market in the near future.