Home sales continue slump
My take:
Surprisingly, even with the slump in overall sales, home appreciation continues to be up and that has a lot to do with the desirability of South Scottsdale. With the Sky Song starting construction and Scottsdale Water Front almost completed, South Scottsdale is more and more, becoming a centerpiece for work and entertainment.
Peter Corbett
The Arizona Republic
Apr. 10, 2007 11:06 AM
A slump in Scottsdale-area home sales continued in March with a 15 percent drop from a year ago, according to a report released Tuesday from Realty Studies at Arizona State University.
Still, median prices for single-family homes were up 6.7 percent from a year ago to $635,000.
Scottsdale condominium and townhouse sales also dipped 26 percent in March but prices were up a fraction to $265,950.
“While the resale market is tracking near historical norms, the levels should be well below those of the last few years,” said Jay Butler, Realty Studies director. “The current market lacks the market frenzy to own and/or invest at almost any price and reasoning.”
There were 465 homes sales in the Scottsdale area in March and 280 condos and townhouses sold.
Paradise Valley’s median home price of $1.6 million was up less than a half-percent over last March.
The median price Valley wide edged up 2.1 percent to $265,470. But sales were off 26 percent.
The median price is the midpoint in sales, with half the homes costing more and half costing less.
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