This week: The median single family home price in Scottsdale this week is $769,900. Inventory has been tightening and days-on-market decreasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.
Price: The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
Supply and Demand: Local conditions are currently quite strongly in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 11. With several months of inventory available at the current sales rate, buyers should find ample choice.
The Market Action Index answers the question “How’s the Market?” By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Quartiles: Investigate the market in quartiles—where each quartile is 25% of the homes.
- Most expensive 25% of homes
- Upper-middle 25% of homes
- Lower-middle 25% of homes
- Least expensive 25% of homes
Keller Williams Arizona Realty