The market has been steady despite rising interest rates and a rise in inventory. Let’s take a look at our September 2018 Phoenix and Scottsdale Real Estate Market Update. Currently there are 16,596 properties actively listed for sale–this is about 800 more than the inventory available in August. The average days on market for the active listings is 103 and there are currently 10,155 properties under contract. There have been 7548 sales across Maricopa County in the past 30 days and of those sales, the average dollar per square foot was $162. The average days on market for sales that occurred over the past 30 days is 62.
This graph shows the Average Days on Market for sales over the past three months:
This graph shows how the Median Sold Price has changed over the past three months:
Now let’s take a peek at the Scottsdale real estate market:
As of today, there are 2163 actively listed properties in Scottsdale (this includes all property types)–of those, only 17 are considered distressed properties. The average days on market for the active Scottsdale listings is 148. There are 782 properties under contract and over the past 30 days, there have been 614 sales. The median sold price of the past 30 days was $585,158 and the average dollars per square foot obtained at sale was $238. Well priced homes that are in move-in ready condition are still selling quickly.
Despite the Fed’s announcement of yet another rate hike, we expect that demand will remain steady through the end of October and then peak in November and December. Rates are still under 5% for high FICO borrowers–it’s a great time to buy! If you have questions about the market, a community or particular property, contact us–we’d be honored to help.