The number of homes resold in Scottsdale in June increased dramatically - up 33.3% to 440 homes. The median price of Scottsdale resales increased, too - up 6.62% to $501,135. (That's still 17.2% lower than the median price in June, 2007.)
After falling for several months, perhaps home prices in Scottsdale are stabilizing. As sales volume numbers continue to increase, the inventory of unsold homes shrinks. Once that inventory (supply) is evenly matched with demand, prices will rebound.
In South Scottsdale, the median price for a foreclosed property was $219,360 and the median price for a traditionally-sold home was $252,000. In North Scottsdale, including DC Ranch and McDowell Mountain Ranch, the median price on foreclosed properties was $502,275 - 12% lower than the median price of $570,200 for traditionally-sold properties.
There are certainly great deals to be found in the foreclosure market. For more information on buying foreclosed and REO-properties, visit www.MyPhoenixMLS.com.
Location Characteristics: Located just northeast of downtown Phoenix, many consider the eclectic city of Scottsdale the cultural heart of the Valley. It is home to over 60 resorts and spas, 120-plus art galleries, some 600 restaurants and nearly 200 golf courses. And downtown Scottsdale has evolved into one of the most popular nightlife destinations in the Valley. Visitors come from all corners of the country to experience Scottsdale - a little slice of paradise in the middle of the desert.
About Bob Stahl:
MyPhoenixMLS.com is the premier information resource for home buyers and sellers in the Phoenix , Arizona area. We want you to make an informed decision when buying or selling Phoenix real estate, Scottsdale real estate, Tempe real estate, or any other Phoenix metro area real estate. It’s a decision that is, after all, one of the most financially and emotionally important decisions of your life. My Phoenix MLS.com offers free information for buyers, sellers and real estate investors in Phoenix, Scottsdale , Mesa , Tempe , Chandler , Gilbert , Glendale, Queen Creek , Surprise , Goodyear , Buckeye , Maricopa – all across the Valley of the Sun .
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
