Here is a snapshot of Scottsdale’s 2008 performance for single-family resale homes. I have included total sales for 2008 as well as sales activity by price band.
Overall, sales were off by 13% over 2007, which is not surprising given the economic challenges this market has been facing. The hardest hit price segments in 2008 were the $1,000,000-$1,499,999 segment and the $2,000,000-$2,999,999 segment which were off by 45% and 48% respectively.
The majority of the sales activity in 2008 was focused in the $999,999 or less price range, which represented 84% of sales. This is typically the largest sales segment, but in 2008, this price range really saw a lot of activity due to short-sale and bank-owned property sales as well as the ability to get funding more easily at the lower price points.
| SCOTTSDALE SINGLE-FAMILY RESALE HOMES – 2008 PERFORMANCE | ||||||
| All Price Points | <$999,999 | $1,000,000-$1,499,999 | $1,500,000-$1,999,999 | $2,000,000-$2,999,999 | $3,000,000+ | |
| 2008 Home Sales | 3,034 | 2,556 | 246 | 102 | 73 | 58 |
| – Average Sales Price | $678,499 | $479,136 | $1,124,112 | $1,593,307 | $2,244,087 | $3,985,474 |
| – Sales Price to List Price | 93% | 95% | 92% | 92% | 90% | 89% |
| – Average Square Feet | 2,784 | 2,418 | 4,043 | 4,580 | 5,416 | 7,151 |
| – Average Sales Price per Sq. Ft. | $222.88 | $197.35 | $284.77 | $357.81 | $451.12 | $564.41 |
| – Average Days on Market* | 160 | 149 | 187 | 196 | 237 | 355 |
| – Highest Sale Price | $8,200,000 | $998,000 | $1,642,552 | $2,050,000** | $2,933,543 | $8,200,000 |
| – Lowest Sale Price | $112,525 | $112,525 | $715,000** | $1,150,000** | $1,650,000** | $2,500,000** |
| – Percentage of Total Sales | 100% | 84% | 8% | 3% | 2% | 2% |
| 2007 Home Sales | 3,482 | 2,657 | 450 | 166 | 141 | 68 |
| Percent Change Year-Over-Year | -13% | -4% | -45% | -39% | -48% | -15% |
| * Cumulative Days on Market | ||||||
| **Original list price placed the home in this price range. |
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional Multiple Listing System (ARMLS) and can change at any time. Data was pulled on 1/1/2009 and includes single-family home resales. Price bands determined by listed (asking) price of home versus final sales price.
Copyright © 2009 Heather Tawes Nelson
