Distress Sales in Scottsdale

by Curt_Baumgarth on November 24, 2010

in Foreclosure News

Foreclosures in Scottsdale, Arizona may seem like a good investment and rightfully so. Approximately 35% of residential properties, for sale in Scottsdale, are pre-foreclosures, short sale or bank owned situations. This magnitude of distressed real estate may seem high to some, but for Arizona this is actually a fairly low. In many cities 70% of the homes for sale are distress situations.

The Boom Years:
In 2005, during the real estate boom in Scottsdale, Arizona, the median sale price was $575,000.
The following year, 4,335 homes sold in Scottsdale with a median sale price $640,000. Less than 10 of these homes were foreclosures!

In 2008, 3,017 homes sold in Scottsdale with a median sale price of $500,000. In 2009, 3,776 homes sold with a median sale price of $400,000. The median sale price of all single family-detached homes in Scottsdale in 2010 is $388,700 with 3,807 homes sold thus far. This is an indicator that the Scottsdale market is stabilizing and consumer confidence in Scottsdale real estate is on the rise. There are nearly 300 foreclosures currently for sale in this beautiful city. What are you waiting for? If you’re waiting for the Scottsdale real estate market to bottom you may have missed the mark.

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Curt Baumgarth, Realtor, MBA
Century 21 All Star, Realtors
9414 E San Salvador Dr
Scottsdale, AZ 85258
(480) 266-9796

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