Welcome to the eleventh 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 December increased 12.7% after falling 26.7% in November. The 310 homes resold is 17% higher than in December 2007.  The median price increased, too – 7.2% to $403,000.  That’s 21.7% lower than in December 2007. 

Foreclosure sales represent a great bargain for home shoppers in Scottsdale -- the median price of a foreclosed home in December was $350,240, 16% lower than the median price of a traditionally-sold home.  For more information on buying foreclosed and REO-properties, visit www.MyPhoenixMLS.com.

In South Scottsdale, the median price for a traditionally-sold home fell to $215,000 from $229,000 in November.  In North Scottsdale, including DC Ranch and McDowell Mountain Ranch, the median price on foreclosed properties increased dramatically -- to $429,750 from $371,300 in November.  The median price for traditionally-sold properties in North Scottsdale was also up -- to $518,850 from $500,000 in November.

After falling 23.3% in November, the number of condos and townhouses resold in Scottsdale increased dramatically in December -- up 30.4% to 150 homes.  That is, however, 6.3% fewer homes than resold in December 2007.  The median price also increased, up 7% to $200,000.  That’s 14.5% lower than in December 2007.

In 2008 overall, the number of single-family homes sold in Scottsdale fell 2% over 2007, from 4,225 to 4,150.  The number of townhouses and condos sold decreased 27% from 2,870 to 2,090.  The median price of single-family homes fell 19% from $572,000 to $460,750.  The median price of townhouses and condos fell 7% from $243,950 to $226,950.

Paradise Valley

In December, the median sales price for single-family homes in Paradise Valley was down, to $1,237,500 from $1,705,000 in November, 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 $50,000 in the Maryvale area to $227,000 in the Desert Ridge area. 

Overall, the median price for single-family homes in Phoenix dropped 9.8% to $108,255.  That’s 44.5% lower than the median price in December 2007.  Sales volumes, though, were up significantly -- 20.1% more homes were sold in December than in November.

After falling 41.5% in November, the number of townhouses and condos resold in Phoenix increased 28.9% to 245 homes in December.  That’s the same number of homes as were sold in December 2007.  The median price was up, too -- 6.5% to $120,000.  That’s 20.6% lower than in December 2007.

In 2008 overall, the number of single-family homes sold in Phoenix increased 60% over 2007, from 14,800 to 23,725.  The number of townhouses and condos sold decreased 31% from 4,695 to 3,230.  The median price of single-family homes fell 32% from $220,000 to $150,000.  The median price of townhouses and condos fell 17% from $162,900 to $135,900.

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.