By Dennis Carr
The following is the Scottsdale Real Estate Report for January 2020. This real estate report is based on data gathered from the Arizona Regional Multiple Listing Service.
Looking back on January, there were a total of (583) homes sold equating to a +17.5% increase compared to January of 2019 (496). Pending monthly sales dropped 9% to 670 from 736 in January of 2019. Highlighting the lack of supply in the market, the January Active Listing count was 2008 compared to 2760 in January of 2019, a shocking 27.2% decrease in active listings
An interesting observation is that the number of homes sold in January priced between $500,000 to $750,000 increased by 52% compared to January of 2019.
The year over year monthly average sales price increased 7.48% to $644,377 versus $599,507 in January 2019, and median sales price increased 4.56% to $500,000 from $478,200.
In the Scottsdale, Arizona market, substantial increase in sales coupled with a marked decrease in active properties are making it difficult for buyers trying to find “good buys” without heavy competition from other buyers. Property owners contemplating selling within 1-2 years are in an extremely favorable position to act now while the market is tilted in their favor. Market changes often happen quickly, so the window of opportunity can disappear before you know it.
Click here to request Future Arizona Real Estate Reports along with market updates for Phoenix, Scottsdale, and Paradise Valley, AZ. Click here to view the Paradise Valley January 2020 report. Click here to view the Phoenix January 2020 report.
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