The end of the month is drawing near so it’s time for our Oct 2018 Phoenix & Scottsdale real estate market update. Let’s jump in.
Phoenix
Our inventory took a big jump in the past 30 days–nearly 9%. Active properties across the Phoenix metro area number 18076. There are 8630 pending sales and in the past 30 days, there have been 6667 sales.
The average days on market (DOM) for the active listings is 99 and the DOM for recent sales is 60 days–these are very close to the figures in September 2018. The average sale price over the past 30 days was $328,156–average square footage was 1975–list to sold price ratio was .98 and the average dollars per square foot obtained at sale was $218.
The graph below shows Market Activity over the past 90 days across the county:
Scottsdale
There are 2418 active listings in Scottsdale and those properties have been on market an average of 136 days. There are currently 763 pending sales and over the past 30 days, there have been 548 sales. The average days on market for recent sales is 90 days. Of the recent sales, the average price was $601,812–the average square footage was 2348 and the average dollars per square foot obtained at sale was $247.
The graph below shows the Average Days on Market across the county versus Scottsdale over the past 90 days:
Mortgage rates have made news as rates climbed again recently–another rate hike is expected in December or early 2019. Here is a breakdown of current rates–keep in mind that an individual’s mortgage rate will be determined by a number of different factors including FICO score, assets, liabilities, etc. Consult a lender to find out what you might qualify for.
- 30YR Fixed: 5.125%
- 15YR Fixed: 4.625%
- FHA 30 YR Fixed: 4.875%
- Jumbo 30 YR Fixed: 4.875%
While activity has slowed a little since September, we expect a flurry of activity over the next two months. Now is a great time to buy or sell. If you or someone you know has a question about the market, a community or particular home, please contact us day or night–we are here to serve! We hope you enjoyed our Oct 2018 Phoenix & Scottsdale real estate market update.
