New Homes For Sale Phoenix Scottsdale Real Estate Paradise Valley Property Listings Maricopa AZ Realtor Agent MLS

Foreclosure sales and deals on the city's more-affordable homes are helping to keep the Scottsdale housing market going, according to the latest sales figures.

Foreclosure sales in Scottsdale in August more than doubled from a year ago, while home sales overall dipped just 4 percent to 345, according to the monthly report from the Arizona State University Realty Studies Department.

But prices are falling because of foreclosures and short sales. Scottsdale's median price last month for traditional home sales was $447,500, down 20 percent

from a year ago. The median price for foreclosure sales was off 12 percent.
In south Scottsdale, the median price for a traditional sale was $242,000, compared with $525,000 in north Scottsdale.

Sales at the upper end of the Scottsdale housing market are slow, in part because of challenges in getting financing, said Scottsdale Realtor Gary Holloway, of Dominion Real Estate Partners.

Only about 2 percent of homes listed at more than $1 million sold last month, according to figures from the Arizona Regional Multiple Listing Service. Scottsdale homes listed at less than $350,000 accounted for 18 percent of the sales, said Holloway, citing the MLS data.

Scottsdale has about 3,850 homes on the market, roughly a 12-month supply, and more than one-third of those are homes listed at over $1 million, he said.

Investors are starting to take note of some of the bargains. Homes on large lots in the Rio Verde area, for example, that were listed for $800,000 to $1 million are now priced at $500,000, Holloway said.

Scottsdale Realtors are looking forward to a return of seasonal visitors, who help boost the real-estate market, he said.

Paradise Valley's median price last month was $1.2 million with a median square footage of 3,420, compared with a median price of $1.95 million and a median square footage of 4,220 a year ago.

by Peter Corbett The Arizona Republic Sept. 27, 2008 12:00 AM


New Homes For Sale Phoenix Scottsdale Real Estate Paradise Valley Property Listings Maricopa AZ Realtor Agent MLS