The Arizona real estate market is in its usual autumn slow down. Total closed sales are down nearly 10% from September of 2015. However, when comparing October 2015 and October 2014, we see an increase in closed sales of nearly 2%, indicating overall market health and growth. Both median sold price and average sold price for Arizona real estate tells the same story. Year over year, median sold price is up nearly 10%, while average sold price is up over 5%.
All real estate is local, and we see similar statistics in both the Phoenix and Scottsdale home selling market. In Phoenix, there were 1,582 closed sales in October. This is down 6.4% from September but up 4% from October 2014. The median sold price in Phoenix is $194,000, down 0.5% from September’s $194,950 but up 7.8% from October 2014’s median price of $180,000.
Scottsdale’s market is pretty similar to Phoenix. There were 561 closed sales in October 2015, down 8% from September’s 610 but up 5.6% from October 2014. The median sold price for Scottsdale in October was $397,000, which is up 3.1% from September, interestingly enough, and 1.8% from later year.
Buyers who were able to wait out the white-hot summer market are in a good position to purchase a home at a more affordable price, while sellers should take heart that prices this year are in general higher than last year. Be sure to get in touch with our office to talk about ways the current market conditions impact your home buying or selling plans.
