Scottsdale Real Estate Market Shows Signs of Recovery
The Scottsdale, Arizona, single-family home market is showing signs of renewed activity, a welcome development after a period of high foreclosure rates. Year-to-date sales are increasing, and home prices remain stable.
Scottsdale is renowned as a desirable location offering a high quality of life. Primarily a resort and tourist destination, it provides easy access to a wide range of amenities. While not a bargain market, Scottsdale offers a luxurious lifestyle with home prices ranging from $250,000 to multi-million dollar figures. Neighboring metropolitan areas include Mesa and Tempe to the south, Paradise Valley and Phoenix to the west, and Fountain Hills and Fort McDowell Yavapai Nation to the east.
Known for its sophisticated atmosphere, Scottsdale hosts numerous business conferences and boasts a variety of upscale hotels and resorts. Despite a population exceeding 275,000, the city maintains a small-town ambiance with cultural attractions like Art Walks in Old Town Scottsdale and the Arabian Horse Show at WestWorld. The city borders the Pima Salt River Indian Reservation to the east, offering expansive open spaces and the McDowell Mountains.
Scottsdale’s recreational areas, shopping, and job opportunities make it an attractive location. The recent period of lower home values presents opportunities for both investors and principal owners. With low interest rates and lenders willing to work with qualified buyers, properties are selling quickly. Prospective buyers should act promptly. Many are unaware that FHA loans allow for down payments of less than 3.6%. With a relatively low unemployment rate, Scottsdale offers a strong environment for living, recreation, and employment.
Buyers should anticipate competition and be prepared to submit competitive offers. Sellers should engage experienced Scottsdale realtors and price their properties fairly.
As of July 7, 2010, there were 2,903 single-family home listings in Scottsdale. In April, 412 single-family homes were sold at an average price of $186.07 per square foot, a slight increase from the previous month. Over half of these sales were standard transactions, not involving foreclosures or bank-owned properties.
This is a favorable time for buyers, with lower prices and mortgage rates. Sellers can also benefit by selling and purchasing another property, capitalizing on favorable buyer conditions.