Scottsdale Housing Market Update: October 2008 Home Sales
November 04, 2008
Scottsdale home sales for October: Sales are down but the pricing remains stronger then the valley average.
Sales of homes in Scottsdale in October 2008 were down to 267 units from 316 units in September but much higher then the 227 units sold last year.
The months of inventory decreased a bit from last year but still remains high at 17 months much more then the average in a healthy market.
This high supply and still low sales means that prices are declining. The average per square foot price dropped to $336 from last years $360. This brings the appreciation rate to negative 13.3% It was still positive 1.8% last year.
| October 2008 | September 2008 | October 2007 | |
| Active | 4,073 | 3,917 | 3,916 |
| Pending | 267 | 316 | 227 |
| Sold | 226 | 214 | 211 |
| Months Supply | 17.3 | 16.6 | 18.1 |
| Active $/SF | $336. | $337 | $360 |
| Appreciation Rate | (13.3%) | (11.9%) | 1.8% |
| Sold $/SF | $211. | $233. | $270. |
| Median Price (annual) | $525,000 | $530,000 | $642,000 |
Scottsdale is doing better then the valley as a whole as its a very popular in demand market and has limited growth space. That's partially why only 21.24% of the homes sold were foreclosures - still a very high number - but well below the Greater Phoenix average of 36.1%.
It's quite normal for sales to drop during the fall season. They will continue to drop until late winter.
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