Increasing Scottsdale Home Prices Make Scottsdale Condos the Affordable Option

Even though houses are taking longer to sell and "greedy sellers are lowering prices," the median price of Scottsdale homes is still high. It has remained between 44 and 52 percent higher than in 2004. However, median prices only increased by 1 and 2 percent between July and August of this year, hinting that the market is probably slowing.

As Scottsdale homes continue to increase in price, condos have become "one of the few remaining affordable alternatives," but Scottsdale condos have also increased in value. "Median prices jumped 86 percent in August, compared with a year earlier." Market watchers and realtors believe investors began driving up the Scottsdale condo market in early 2004.

One area realtor claims that 30 percent of his condo sales this past spring were to investors, but that recently, investors "have begun backing off." He believes that investors are starting to put Scottsdale homes back on the market "because they can´t rent them. There is a glut in rentals."