Taking a look at the national statistics for real estate in January of this year, sales were up about 8% in comparison to 2015. For Arizona sales overall, sales were up almost 9% from January 2015 to 2016. Phoenix real estate, on the other hand, saw a nearly 15% increase in year over year sales, while Scottsdale home sales were down a little bit, by about 3%. When it comes to the median sold price, both cities are on the increase. In Phoenix, the median home price was $189,000, an increase of 5.59% from last year. The median price was $398,500, which is a 3.51% increase from 2015.
Phoenix real estate has also seen a marked increase in the average home price, which was $241,470 in January 2016, up 7.88% from the same time in 2015. In Scottsdale, the average home price was $547,037. This is an 11.78% increase year over year. Homes are selling more quickly as well. A Phoenix home sold in an average of 70 days, 18.6% fewer days than last year. Scottsdale homes sold in an average of 109 days, a decrease of 12.8% from 2015.
Experts are predicting that spring and summer home sales will be quite strong in 2016. If January’s trends continue, this seems entirely probable. Call our office to discuss the market in more detail if you’re considering enter the Arizona real estate market this year.
