I read an interesting article in an e-mail I received from one of my many real estate magazines. Sales of single-family homes dropped off 2.9% compared to October of 2004. However, the Scottsdale condo market has remained strong. Condo sales were up 10.2% from October 2004.
I don’t remember condo sales outpacing single-family homes. I certainly could have missed some past statistics but this surprised me. I guess with the huge price increases we’ve seen in the past 2 to 3 years, many first-time buyers are simply being priced out of single-family homes. Or, maybe it’s that baby boomers are downsizing. Could be a bit of both.
The median home price in October went from $184,000 in ’04 to $209,900 this year, a 14.1 percent increase. However, it is predicted that with higher interest rates the market should start slowing which will also stabilize home prices.
I’ve already noticed a change from the seller’s market we were seeing, with multiple offers at full price or over, to a buyer’s market, where there is more inventory than buyers. What is difficult during a transition period like this is trying to get sellers to understand the changing market and price their properties accordingly.
Click the link to see current Scottsdale condos for sale. Not interested in Scottsdale condos? Create your own custom search. You'll be able to make multiple searches and save them so you don't have to keep starting from scratch. You can also search multiple areas in one search.
Call me at 480-877-1549 if you have any questions on how to use the search or general real estate.Posted by Judy Orr on