Scottsdale, Arizona buyers are jumping in before rates go any higher, report local Realtors.
"The recent increase in interest rates has motivated buyers to make decisions now before rates go any higher," says Realtor Pat Hune. "Experts say the rates should continue to increase though no one knows how much and how often. Scottsdale has enjoyed strong sales in both resale and new homes. There is still some sluggishness if the home is not clean, painted, fresh smelling and generally ready to go especially in the $250,000+ market."
Says Realtor Kirsten Shafer, "Scottsdale is one of the most rapidly growing cities in the Phoenix area. With new homes continuing to be built throughout the North and northeast part of Scottsdale new residents continue to move to the beautiful city. There is no shortage of shopping and entertainment and the school systems are some of the best in the Phoenix metro area."
Shafer advises, "Scottsdale continues to have some of the strongest sales in the Phoenix area. With an average sales price of over $500K Scottsdale offers some beautiful luxury home options for people moving to Arizona. The ranges of home sales in Scottsdale is $140 to over $3M in some areas. Home sales are taking a slightly longer time on the market then in previous months, but are still averaging 120 days. Sellers are still getting 98 percent of their list price. New home sales continue to increase, with many new developments opening. The master planned communities and smaller subdivisions in Northeast Scottsdale are developing beautifully."
"There were 658 single family residential resale properties (I am including Condos) that closed escrow during July, ranging in price from $30,000 to 2,250,000," says Realtor Lynn Coleman. "This is a slight slowdown from last month in the number of sales within the area. The average listing price for all properties sold was $374,703 and the average sales price was $361,093 (a decrease from last month's results). Property in Scottsdale is currently bringing about 96 percent of the actual asking price. The average property sold for $149 per Sq.Ft. and was on the market for 79 days."
He says, "During the period, 710 new listings were put on the market in Scottsdale with an average list price of $568,176. The average price per square foot of these new listings is $206."
Click here to view current Market Conditions in your location.
Published: August 21, 2003
Use of this article without permission is a violation of federal copyright laws.
