High End Homes in Scottsdale help market but......

Scottsdale, Ariz: High-end homes help market, prices, from the USA TODAY, reports that the upper-end market in Scottsdale is holding steady and propping up overall home prices, which are relatively flat, according to Mike Deutch, president of the Scottsdale Area Association of Realtors. "The luxury home market has fared a little better than the rest of the market over the last year or so," added Mike Glover of Prudential Arizona Properties. Still, sales volume at the top end of the market isn't enough to make up for the skidding sales for homes priced below $700,000. Compared with May of last year, single-family home sales in Scottsdale overall are down nearly 23%. The article says that a median priced home in Scottsdale would be around $630,000 with 5 bedrooms, 3 baths and 3,339 square feet. The article also notes that there are a record 45,175 single-family homes for sale in the Valley.

http://www.usatoday.com/money/economy/housing/closetohome/2007-07-23-close-scottsdale_N.htm