Realtors throughout Scottsdale are extremely happy with where the housing market is currently heading. At a meeting on Monday realtors stated that the residential market for the area has remained strong and they expect it to continue to rise. It was reported that Scottsdale currently has some of the highest priced homes located in the valley and the market is steadily climbing. This is great news for not only the local real estate market, but it is also a steady trend throughout the United States as well.
Ryan Tollefsen of the Unity Home Group said that the current market finally feels “refreshing and stable.” “When the market was in a slump I watched as many lenders went out of business and several home inspectors laying people off,” Tollefsen said. “Now we are looking at an absorption rate of four months, which means that even if no other homes were listed on the market it would take about four months to sell all of the homes that are currently available.”
When looking over home sales in the area for the year 2014 it was found that the home sales per month were the highest in the month of May. During May of 2014 there were more than 600 homes sold and over 2300 listings that were active for the month. After May, sales per month will drop with a low point coming during the month of October. Last October only saw around 350 home sales.
The numbers also show that the lowest median prices for homes in the city were in the 85251 zip code located in South Scottsdale. The homes in this area had an average price of about $255,000. The prices for homes in Central Scottsdale that have zip codes of 85259 and 85260 have an average cost of $375,000 to $599,000. In North Scottsdale the average price for homes with the zip code 85255 and 85262 are the highest with the range in prices starting at $679,000 to $799,500. Currently, the only area in the state that has higher home prices that Scottsdale is near the Paradise Valley area around 40th street and Camelback. In this area homes sell for about a million dollars on average.
In real estate it is well known that the market is going to fluctuate a bit at all times. However, interest rates have remained low over the years and this combined with the conditions of homes improving has created a pretty steady market throughout the year.
One resident of the area stated that he had purchased his home in 1998 for $375,000 and now that the recession has finally ended he is planning on putting his house on the market for more than $600,000.
According to some realtors, people can now afford to put some money into their homes and because they have done some renovations they are able to price the homes higher. Buyers are happy because they are going into the purchasing process knowing that they are going to get a much better home.
Many of the houses that are currently on the market are owner occupied and have been well maintained. This is different than during the recession when many of the homes were in bad shape or abandoned because of the financial situations of the owners.
In Scottsdale there is a huge rental market. Currently there are around three and a half renters for each buyer, but right now the market is suited for anyone that is looking to buy.
If you are planning to sell your home it is important to remember that the presentation of the home is an important aspect of being able to sell the home quickly. When it comes to buying or selling a home it is all about the visual as the first impression is incredibly important. When you are trying to sell your home remember that lighting, staging, and the photos of the home in your ad are going to be what gets your home sold quickly and for the price that you are looking for.
