Scottsdale is the “posh” city in Arizona with a high income level, AAA rated Five-Diamond resorts, country clubs and hotels. Vacationers come here annually to soak up the sun, enjoy the nightlife and make use of the great desert atmosphere. There are hotels, resorts, spas and country clubs for eager visitors along with great food and entertainment.
Of course, there is more to Scottsdale than spa treatments and golfing. The city is 31 miles long and 11.4 miles wide with Paradise Valley and Phoenix on its borders. There are four unofficial areas of the city; North Scottsdale, South Scottsdale, Central Scottsdale, Downtown Scottsdale (also known as Old Town).
The price of real estate in Scottsdale is at a premium. Half of the homes in the area were built between 1980 and 1999. The median home size in terms of square feet is 1,889 and the average year of construction was 1987. Condominiums make up 36.8 percent of the residential units in the area and single-family homes make up 56.6 percent of the total residential construction.
Home sizes are relatively uniform in terms of percentages (17%-20%) with an almost even four-way split of homes between 1,000 to 1,400 square feet, 1,400 to 1,800 square feet, 1,800 to 2,400 square feet and 2,400 to 3,600 square feet. Smaller homes of 1,000 square feet or less represent 9.4 percent of the market while larger homes of 3,600 square feet or more represent 12.4 percent of the market.
Prospective homebuyers are now looking more seriously at the Scottsdale area due to the slight downturn in home values over the last 12 months. The median home value here in Scottsdale is $371,300. The list price per square foot is currently $220 while the Metro area in Phoenix has an average of $122 per square foot.
The median list price in Scottsdale is currently $539,000 with homes selling at a median price of $366,500. This slight downtick of 1.6 percent in home values over the past year is driving a lot of interested buyers into a market that usually sells at a premium.
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