Friday, August 5, 2011

Scottsdale home values, 2006 to 2011

We're busy here at The Phoenix Agents, so today's post is short and sweet. This is a chart that shows annual median home sales prices in Scottsdale in 2006 (red line) and to date in 2011 (pink line).

  • In 2006, Scottsdale homes started the year at $575,000 (far left of red line) and finished the year at $638,000 (right side).

  • In 2011, Scottsdale homes started the year at $385,000 and fluttered down to $365,000 by the end of July.

Keep in mind these are annual median prices, so they're a lot "flatter" than monthly median or weekly median prices, which show lots of volatility. There's also a somewhat false downward pressure on the median price, because the bulk of homes that do sell are bank owned or short sales and those sell for lower prices than equity sales. Finally, even in relatively wealthy Scottsdale, investors are finding bargains, and they tend to buy at the lower ends of the price range.

Still, this chart is a pretty good visual of the rollercoaster ride we've all been on in the past 5 years.