So far, 2015 has been a great year for the Phoenix and Scottsdale real estate market. The summer market was a bit slower than the spring, which is common. Most people would prefer to tour Scottsdale or Phoenix real estate in March or April rather than the heat of the summer. While there was a drop in home sales in comparison to July 2015, new listings and prices were up from August 2014 for both Scottsdale and Phoenix.
The Scottsdale real estate market is smaller than the Phoenix area’s. There were 743 new listings in Scottsdale, which is a 5.4% increase from this time last year, though a 5.1% decrease from last month. Median home price in Scottsdale was $382,500 for August 2015. In July, the median home price was $399,900. This is a 6.3% rise from August 2014, from $359,900. Houses were on the market for an average of 111 days, a slight rise over July’s 107, but a decrease from August 2014’s 114.
Phoenix saw 2,071 new listings in August. Last year, there were 2,024 new listings, while last month had 2,179. The median price of a Phoenix home was $184,900 in August 2014. This is 5.6% lower from August 2015, when the median home price was $195,250. In July 2015, Phoenix homes had a median price of $201,000. Phoenix homes were only on the market for an average of 63 days in August. This is lower than July’s 69 days and August 2014’s 76 days.
Though there has been a measurable dip in the real estate market for both Scottsdale and Phoenix over the summer, prices and inventory are reasonably stable.
