Pulse of the Market Report - Scottsdale

Scottsdale Currently Listed Homes – Decreasing

Scottsdale experienced another monthly decrease (2%) in the number of homes for sale over the past month now totaling 3865 – down from 3956 in July. The AR (Absorption Rate) for Scottsdale has now increased to 13 months however due to decreased sales.

Note: The AR (Absorption Rate) is determined by dividing the amount of homes currently listed for sale by the amount of home sales that occurred the previous month. The AR gives us a way to track which way inventory supply is heading.

Scottsdale Average Sales Price – Decreasing

The July median sales price of a sold home in Scottsdale was $457,000 down from $630,000 one year ago – a decrease of 27% from one year ago. The mean (average) sales price ($632,000) dropped 23% from $825,000 from one year ago. The average days on the market for a sold home are 164 compared with 124 one year ago.

Scottsdale Homes Sales – Increasing

July sales in Scottsdale (298) decreased 5% compared with July of 2007. We are however projecting a 15% increase in August sales compared with August of last year, but no change compared with last month.