As fall has become winter, we continue to see fewer Arizona homes on the market, in comparison to the high volume of the spring and summer. This is the usual low point for the market. However, looking at the market in the context of long term sales, we can see that overall, it continues to grow. The Phoenix real estate market had 1,268 closed sales in November. This is down by 19.85% in comparison to October, but it is a gain of 4.79% from November of 2014. The average sold price in Phoenix was $243,265, which is a 0.8% gain from October and a 5.82% gain from last year. Phoenix real estate sold in an average of 65 days, which is faster than both last month (2.99% less) and last year (18.75% less).
In Scottsdale, we also see gains in the market. November saw 472 home sales, which is 15.86% lower than October but 20.41% higher than 2014. Homes sold for an average of $523,797. This is up 8.18% from October and 0.35% from last year. The Scottsdale market is also moving houses through the homebuying process more quickly. Homes were on the market for an average of 105 days in November. This is down 7.08% from last month and 11.02% from November 2014.
As we move into the new year, we expect to see the market expanding, as families hoping to move when school is out begin to enter the housing market. Whether you’re thinking of buying or selling, let us help you decide if market conditions are right for you to make a real estate move.
