Scottsdale Market Conditions, February 2008
Overall the Scottsdale real estate market is still declining, but it shows a stronger seasonal recovery in February than average for this time of the year. February sales volume increase is 7.23% higher than in the last 7 years, and 13.95% higher than in the last 3 years. If the activity will keep raising and showing higher numbers than average, the Scottsdale market should stabilize soon and be closer to a normal market.
North Scottsdale single family homes indicate improvement in price per square foot – it is up 5.51% in February, comparing to the previous month, and only 2.82% lower than in February 2007 a year ago. North Scottsdale condo prices are steady, but remember that they just made a leap of 15.34% in January. While prices are still affordable and mortgage rates historically low sales are expected to increase.
The situation in the South Scottsdale real estate market is a little different. Single family residences’ value per square foot declined 3.61% in February. But condos are 3.3% higher per sq.ft. than last year. With all the new residential and commercial projects in South Scottsdale it definitely will add more value to the resale properties in the area, and some people will be glad they made their investment at the right time. The link to the following article can be good "food for thought" while you are pondering whether or not this is the right time to buy.
Overall Scottsdale Market Report – February 2008
Single Family Homes Sales Report
| Average | Feb-07 | Jan-08 | Feb-08 |
% Change Feb-08/Jan-08
|
% Change 08/07 |
|---|---|---|---|---|---|
| Asking Price | $790,760 | $791,225 | $811,082 |
2.51%
|
2.57% |
| Sales Price | $759,126 | $742,140 | $749,832 |
1.04%
|
-1.22% |
| % of Asking Price | 96.00% | 93.80% | 92.45% |
-1.44%
|
-3.70% |
| $/SQFT | $284.42 | $266.10 | $274.26 |
3.07%
|
-3.57% |
| Days on Market | 141 | 172 | 147 |
-14.53%
|
4.26% |
| Total Transactions | 335 | 207 | 246 |
18.84%
|
-26.57% |
Condos and Townhouses Sales Report
| Average | Feb-07 | Jan-08 | Feb-08 |
% Change Feb-08/Jan-08
|
% Change 08/07 |
|---|---|---|---|---|---|
| Asking Price | $325,343 | $319,289 | $341,930 |
7.09%
|
5.10% |
| Sales Price | $317,313 | $298,498 | $324,085 |
8.57%
|
2.13% |
| % of Asking Price | 97.53% | 93.49% | 94.78% |
1.38%
|
-2.82% |
| $/SQFT | $242.78 | $220.46 | $222.59 |
0.97%
|
-8.32% |
| Days on Market | 119 | 139 | 145 |
4.32%
|
21.85% |
| Total Transactions | 143 | 81 | 86 |
6.17%
|
-39.86% |
North Scottsdale Market Report – February 2008
Single Family Homes Sales Report
| Average | Feb-07 | Jan-08 | Feb-08 |
% Change Feb-08/Jan-08
|
% Change 08/07 |
|---|---|---|---|---|---|
| Asking Price | $876,539 | $799,076 | $924,425 |
15.69%
|
5.46% |
| Sales Price | $842,996 | $749,790 | $851,039 |
13.50%
|
0.95% |
| % of Asking Price | 96.17% | 93.83% | 92.06% |
-1.89%
|
-4.28% |
| $/SQFT | $295.17 | $271.86 | $286.83 |
5.51%
|
-2.82% |
| Days on Market | 153 | 189 | 163 |
-13.76%
|
6.54% |
| Total Transactions | 230 | 177 | 180 |
1.69%
|
-21.74% |
Condos and Townhouses Sales Report
| Average | Feb-07 | Jan-08 | Feb-08 |
% Change Feb-08/Jan-08
|
% Change 08/07 |
|---|---|---|---|---|---|
| Asking Price | $436,558 | $396,551 | $394,951 |
-0.40%
|
-9.53% |
| Sales Price | $431,931 | $370,925 | $374,418 |
0.94%
|
-13.32% |
| % of Asking Price | 98.94% | 93.54% | 94.80% |
1.35%
|
-4.18% |
| $/SQFT | $288.53 | $240.86 | $240.47 |
-0.16%
|
-16.66% |
| Days on Market | 121 | 212 | 184 |
-13.21%
|
52.07% |
| Total Transactions | 60 | 27 | 36 |
33.33%
|
-40.00% |
South Scottsdale Market Report – February 2008
Single Family Homes Sales Report
| Average | Feb-07 | Jan-08 | Feb-08 |
% Change Feb-08/Jan-08
|
% Change 08/07 |
|---|---|---|---|---|---|
| Asking Price | $602,863 | $579,009 | $501,962 |
-13.31%
|
-16.74% |
| Sales Price | $575,409 | $541,910 | $473,812 |
-12.57%
|
-17.66% |
| % of Asking Price | 95.45% | 93.59% | 94.39% |
0.85%
|
-1.10% |
| $/SQFT | $255.28 | $235.31 | $226.81 |
-3.61%
|
-11.15% |
| Days on Market | 114 | 141 | 102 |
-27.66%
|
-10.53% |
| Total Transactions | 105 | 63 | 66 |
4.76%
|
-37.14% |
Condos and Townhouses Sales Report
| Average | Feb-07 | Jan-08 | Feb-08 |
% Change Feb-08/Jan-08
|
% Change 08/07 |
|---|---|---|---|---|---|
| Asking Price | $244,947 | $280,658 | $303,754 |
8.23%
|
24.01% |
| Sales Price | $234,457 | $262,285 | $287,846 |
9.75%
|
22.77% |
| % of Asking Price | 95.72% | 93.45% | 94.76% |
1.40%
|
-1.00% |
| $/SQFT | $201.77 | $208.49 | $208.43 |
-0.03%
|
3.30% |
| Days on Market | 118 | 105 | 116 |
10.48%
|
-1.69% |
| Total Transactions | 83 | 54 | 50 |
-7.41%
|
-39.76% |