Let’s see what’s gone on in the Scottsdale and Phoenix area real estate markets this past month:

The number of homes resold in Scottsdale in May increased dramatically – up 25.76% to 415 homes. The increase in sales volume in Greater Phoenix on whole was just under 3%. The median sales price, though, fell 7.21% in Scottsdale for the second month in a row, down to $470,000 from April’s $506,500.

Price declines, though, are not necessarily bad news. The fact is that prices were overinflated in many areas of Scottsdale during the housing bubble. It’s normal – and healthy – for prices to fall during this correction. Once they reach sustainable market levels, we’ll see home values start to rise again. Strong resale numbers paired with price drops is a good sign that the market is nearing that turning point.

In South Scottsdale, prices decreased slightly after three months of median price increases. In May, prices fell 2.44% over April, to $266,500. In North Scottsdale – including DC Ranch and McDowell Mountain Ranch – the median sales price went up 2.13% to $575,000.

The median sales price for single-family homes in Paradise Valley was $2,000,000 in May – up from April’s median price $1,375,000 (though sales prices may only reflect the sale of one or two homes in this pricey area).

When the market rebounds, expect to see prices increase quickly in this upscale enclave. If you’re looking to buy, now is 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 is such a large city that home prices vary dramatically – from $147,900 ($146,455 in April) in the Maryvale area to $280,000 (flat from April) in the Desert Ridge area. Overall, the median home price for single-family homes in the City of Phoenix was $180,000 in May – up just over 1% from April. Sales volumes, though, were down slightly – just over 1% after April’s 33.5% increase.

The median price of townhouses and condos in Phoenix increased 5.33% to $158,000. Sales volume of townhouses and condos was down slightly, to 240 sales from 250.

If you’re in the market for a home or townhouse/condo in Phoenix, now is the time to buy! All signs point to the fact that we’re hitting the bottom of the market downturn. 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.