Welcome to the eighth edition of the MyPhoenixMLS area-specific market conditions update.  Today, I’ll describe what’s gone on in the Scottsdale, Paradise Valley and Phoenix area real estate markets this past month.

Scottsdale

The number of homes resold in Scottsdale in September was flat compared to August at 345.  That’s 35.3% higher than in September of 2007, when just 255 homes were sold.  After relatively modest price declines in August (1.8%), prices in September fell 10.4% to $396,250.  That’s 25.2% lower than in September 2007.

The number of condos and townhouses resold in Scottsdale fell again in September, this time by 19.4% to 145 homes (after falling 5.3% in August to 180 homes).  The median price decreased more modestly, down 3.2% to $210,000.

In South Scottsdale, the median price for a foreclosed property rose to $225,000 (from $219,855 in August); the median price for a traditionally-sold home was down to $235,000 (from $242,000).  In North Scottsdale, including DC Ranch and McDowell Mountain Ranch, the median price on foreclosed properties was $493,000 while the median price of for traditionally-sold properties was $560,000, up from $552,000 in August. 

In other words, foreclosed homes in North Scottsdale on average are 12% less expensive than traditionally-sold homes and can represent a bargain for the savvy buyers.  There are certainly great deals to be found in the foreclosure market.  For more information on buying foreclosed and REO-properties, visit www.MyPhoenixMLS.com.

Paradise Valley

The median sales price for single-family homes in Paradise Valley was up to $1,326,000 in September, from $1,225,000 in August, though sales prices may only reflect the sale of one or two homes in this pricey area.

If you’re looking for a good buy in the luxury market, now may be the time.  For the best deal with the least hassle, sign up for your FREE Time Saving Home Finder Program at www.MyPhoenixMLS.com.

If you’re looking to sell your Scottsdale/Paradise Valley area home, an experienced realtor with a strong track record can help you get the best possible deal. It is possible to sell your house now. I’ve been selling homes in Phoenix through up markets and down markets, and I sold more homes in the first quarter of this year than ever before. It can be done.  Call me today at 602-318-1114 or visit www.MyPhoenixMLS.com.

Phoenix

Phoenix is such a large city that home prices vary dramatically – from $95,000 in the Maryvale area to $243,625 in the Desert Ridge area. 

Overall, the median price for single-family homes in Phoenix dropped 6.2% to $136,000.  That’s 34.6% lower than the median price in September 2007.  After dropping in August, sales volumes increased 13.7% to 2,570 homes in September.  That’s 159.6% higher than in September 2007.

The median price of a foreclosed home in Phoenix was $128,950 in September -- 11% lower than the median price of traditionally-sold homes ($145,000).  Certainly, foreclosed homes can represent a good deal for savvy buyers.

The number of townhouses and condos resold in Phoenix increased 8.9% in September, to 305 homes -- the same level as in July.  The median price increased as well, up 3.3% to $134,130.  That’s 10.6% lower than the September 2007 median price of $150,000.

Now may be the time to buy a home in Phoenix. Lock in a great deal on your dream home before prices start climbing again.  For the best deal with the least hassle, sign up for your FREE Time Saving Home Finder Program at www.MyPhoenixMLS.com.

If you’re looking to sell your Phoenix home, an experienced realtor with a strong track record selling in slower markets can help you get the best possible deal. It is possible to sell your house now. I’ve been selling homes in Phoenix through up markets and down markets, and I sold more homes in the first quarter of this year than ever before. It can be done.  Call me today at 602-318-1114 or visit www.MyPhoenixMLS.com.