Scottsdale, AZ Real Estate Market Report - Jan. 2019

Home sales dropped again, but prices rose a bit in the Scottsdale real estate market during January. The number of homes sold was down 12% from December and down 21% from last January. This marks seven out of the last eight months of declining home sales in Scottsdale.  The average sale price increased 3% from December and is up 5% from January 2018. The 12 month moving average sale price is up 9% from a year ago,  now standing at $583,650.  The number of homes on the market is 2,710, 9% more than December, but 2% less than January 2018.  The days on market remains at 91, 21% less than last year, and the burn rate (homes pending/home sold) is at 4.08 months, now leaning toward a buyer's market.  There are currently 881 homes under contract, 15% less than last year, foreshadowing another slow month in February. The highest selling home for the month came in at $6,100,000. 

Here are the latest stats for the month ending 1/31/19:

Active Listings: 2,710

Homes Pending: 881

Homes sold in last 30 days: 497 (Down 12% from Dec. '18, Down 21% from Jan. '18)

Burn rate (Inventory on market / by homes currently under contract) = 4.08 months supply

Avg. Sale price (Solds): $599,867 (Up 3% from Dec. '18, Up 5% from Jan. '18)

Avg. price per sq. ft. (Solds): $245.66 (Up 2% from Dec. '18, Up 5% from Jan. '18)

Avg. Days on Market (Solds): 91 (Down 15 from Dec. '18, Down 21% from Jan. '18)

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