Greater Phoenix/Scottsdale Area Market Update – November 2014

So What’s Happening in Greater Phoenix/Scottsdale area Real Estate Market?

The Greater Phoenix market remains generally soft on prices as we begin the last quarter of 2014. The market has closed fewer units overall in 2014 than in 2013 at this same time. However, the “fewer” units represent closings at the lower end of the market only. The market above $225,000 or so has actually enjoyed more closings than last year.
The Phoenix Market is now made up of 90% non-distressed sales – as was stated earlier. In turn, this has greatly improved the financing situation as seen below. Closed sales prices continue to drift sideways with the current median sales price of a single family detached home being $208,000 and the average sales price is $267,119. Closed units for 2014 are running 12% behind 2013 year to date. There is a 3.4 months supply of inventory at present.
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