– April 2016 Scottsdale Housing Market Video –
April 2016 – Video
Here is a one minute video overview of the Scottsdale, Arizona real estate market for the month of April.
Active Listings
This first image reflects the inventory of homes for sale in Scottsdale at the end of April 2016 as compared to the end of April 2015 and March 2016.
Looking at it from a year to year perspective, the number of homes on the market was up 4%. But when comparing March to April, inventory was down 5%.
Median Listing Price
The median price is where there are an equal amount of homes listed above that price and an equal amount of homes listed below that price. It is a good indicator to track and use in real estate to see which direction prices are moving.
In April 2016, the median list price was $824,000. This was down a little bit from the prior month (at $830,000). However, it is significantly up over April 2015’s $759,000. This year over year jump is a trend we have been seeing for a while now.
Days on Market
Days on market (DOM) tracks the amount of time it takes homes to sell from the time they were listed to the time they closed escrow. A rule of thumb is that a small DOM means a competitive market whereas high DOM means the market is moving a little slower.
You will also see a higher DOM on luxury homes as there are fewer people in the market for these types of homes.
For April 2016, the average was 100 days, which just down 1 from April 2015.
Median Sales Price for Scottsdale Homes
We looked at median asking price above and now we will look at median sales prices. Again, this is a good metric to track when looking at home price movement.
April 2016 ended at just over $491,0000. This is down from April 2015’s $500,000, but up over March 2016’s $478,000.
Number of Homes Sold
This last part covers home sales in Scottsdale in April 2016.
This image compares April 2016’s sales with those of 2015. As you can see, they were up 1%.
This image is comparing home sales between March and April 2016. Here, sales were up 7%.
We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.
For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.
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Disclaimer: Data deemed to be accurate, but is not guaranteed.