Condo investors in Scottsdale are experiencing greater price increases than those that bought homes during the past year. The most recent statistics from Arizona State University’s Center for Real Estate Theory and Practice show that the median price of a Scottsdale condo has increased 26%. This compares favorably to homes which have increased in value by 15%.
Several signs are pointing to a continuously improving home and condo market in Arizona. According the Arizona Republic, foreclosure sales in November are at the lowest level since 2007. With fewer foreclosures being initiated, there are also less short sales and bank owned properties exerting a negative influence on local real estate prices.
Rising property values may be good news for both buyers and sellers. For home and condo owners who have been hoping to sell, now may be a great time to place a property on the market. For those who want to buy a new Scottsdale property, prices are still very reasonable and the future looks bright.
If you are interested in buying or selling a home or condo please contact me at 602-527-1922. I would be glad to assist you in achieving your real estate goals.