There was a recent question on Truila from a Canadian asking why Scottsdale prices haven’t fallen as much as the general Phoenix area. The Trulia poster cited the recent Case-Shiller index showing Phoenix with a 45% price drop from the peak. The real estate saying,”location, location, location” holds true in this case.
The Case-Shiller index encompasses all of the Phoenix metro area, which is a VERY large area that includes several cities. Many outlying cities such as Queen Creek, Maricopa, Buckeye, etc are being hit the hardest with foreclosures and short-sales. This has a dramatic negative impact on value and skews the pricing statistics for the greater Phoenix area. Compare the median listing price charts for Scottsdale and the city of Phoenix (courtesy of Altos Research):
Notice a difference?
Not to say that you can’t find good values in Scottsdale. Even within cities, prices can vary considerably from one zip code to the next or even one neighborhood to another. Remember: location, location, location.
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