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Scottsdale Area Property Search

Scottsdale Area Property Search

Coldwell Banker does a great job of providing it’s agents with a monthly publication called the “Market Watch”.  This months Market Watch focuses on “Price per Square Foot” which is many times overlooked.

Dollars Per Square Feet Never Makes the Headline
Coldwell Banker Residential Brokerage
August, 2012 — We often hear headlines about the average sales price
going up, or it’s down from last month. With home prices, the trouble
with “average” is it does not give homeowners a very accurate picture of
what’s happening with their home. Average home prices are calculated by
dividing the total number homes sold during a fixed period into the total
of all sales prices.
Another measure of home prices is the “median” sales price where half of
all homes sold for less and half for more. As with “average”, the “median”
statistic does not give homeowners a very good picture of how much the
market value of their home has changed.
The other issue that comes into play is the size of a home. If one home has
1200 SF, and another home has 3000 SF, how does average sales price or
median sales price work for both? At best, average and median sales price
can only indicate a general trend.
That brings up dollars per square feet. This is not a statistic that is
commonly used in a headline, but it is a more meaningful number that
takes into consideration the size of a home. However, it is still an average,
and to complicate matters, there is a different $/SF depending on whether
the home was a foreclosure, a short sale or a “normal” sale, not to
mention location, condition and quality.
The best method of determining the value of a home is to look at
comparable homes with comparable amenities in comparable areas.
But that’s not anything you will ever read in a headline and requires a
great deal of research. The links on the right take you to what we call a
Trend Graph. They will show you how your area is trending, measured 19
different ways including dollars per square feet.
Additionally, I would be remiss if I didn’t mention that price is only one
factor. Today’s Interest rates are affecting demand, affordability and
lifestyle opportunities. If you are curious about your specific situation, I
would be happy to do the research to analyze the value of your home or
perhaps point you to some opportunities.

The numbers for the Phoenix Home Sales Metro Watch are as follows:





Foreclosures and REO’s continue to decline in our market as shown below:



We are experiencing price increases in price segments of the market as well as specific market areas.  If you would like to know more about our market, please feel free to give me a call.