This month's market action reports (from Altos Research) show that my experience is in alignment with the rest of the Scottsdale real estate market. Altos has a proprietary formula, called the Market Action Index, which they use to monitor the market.  If the figure is above 30, it's a seller's market.  Below 30 is a buyers' market. 

Scottsdale has been hovering in the 9-16 range for most of the summer, from mid-March through the end of July.  Beginning in August the market action started taking off, most significantly in the first quadrant of housing, which is the highest 25% priced homes on the market.  You can see that there's significant improvement for all price ranges, with the lowest 25% of homes on the market leading the pack.

From both these charts and personal experience, I know that in South Scottsdale, the entry level of the market is doing much better, espescially in the past couple of weeks.  There are not many houses available in the lower price ranges, and homes in good condition, priced well, are selling quickly.  Two weeks ago, one of my clients lost out on a house with multiple offers. The house was on the market three days.  Excellent condition. Priced very well.  Yesterday, we waited in our car to view a home just on the market.  Another agent was already there showing it.  At another house, we had to schedule our showing appointment around two other potential buyers.

The chart above represents market activity for entry level homes in the four most southern Scottsdale zip codes, 85257, 85251, 85250, 85258.  As you can see, entry level homes in 85257 (southernmost Scottsdale) and 85258 (McCormick Ranch) are seeing significant improvement, and we are approaching a much more balanced market in these areas.

Looking a bit more closely at the entry level home market in 85257, you can see that market activity has jumped as median home listing prices have dropped.  Three bedroom, 2 bath homes are now listed in this area under $200,000.  First time home owners and investors are in the market.

We are approaching our fall months, where in years past, we experience our second busiest home selling season of the year.  From the looks of things, I'd suggest that we are positioned for a great market for home buyers, where interest rates and home prices are still low.  It's important to know that as the number of homes for sale continues to drop, selection will become more limited, and there will be more competition for homes that are priced well for their condition and location. This competition will determine where the bottom of the market is.  If you are a buyer, thinking about a purchase, please talk to your lender to see what loan programs are available, so you are ready to make your offer when you find a home. 

I do believe that this fall will be much more active, and that we'll be seeing continued improvement in the Scottsdale real estate market.  For a real-time real estate update in your Scottsdale zip code, check out the up-to-date market reports using the links below.

For a more detailed view of current real estate action in the the city, see the Scottsdale Real Estate Market Report.

Not sure where the zip code boundaries are?  Scottsdale Zip Code Map

Stay tuned.

The 2008 summer concert series started last night at the McCormick-Stillman Railroad Park, on the southeast corner of Indian Bend and Scottsdale Roads.  We walked down to the park and spent some time listening to 60 North play a mix of R&B and pop tunes, while enjoying the perfect weather.  The lawns were filled with families and food, while kids were crowding the stage wanting their turn to dance in the spotlight.

Arrive early, and bring a blanket or chair.  Overflow parking is in the shopping center to the north. 

Concerts run every Sunday, through mid-July, from 7:30 to 9 p.m. 

The Rest of the Line-up:

May 18: Groove Merchants (Big City sound with hot horn section)
May 25: Mogollon (High energy country)
June 1: The Hamptons (Early Rock n' Roll to today's hits)
June 8: Rock Lobster (Retro 80's)
June 15: Furious George (Current rock tunes with classics)
June 22: North (Mix of Classic rock and contemporary hits)
June 29: Affinity (Party/Swing/Variety)
July 6: CC Rider Express (Retro 80's)
July 13: Aaron Nelson Project (Variety Pop Rock)

I live on McCormick Ranch Golf course and feel just a bit spoiled waking up to these beautiful views each morning.

Here's a Flickr photo set of the golf course, so you can see more of photos of the course. Also you can subscribe to this photo set, so you will be updated as I add more pictures of this centrally located public course.

For more information about the specifics of playing on the centrally located public course, your can visit the McCormick Ranch Golf Club site. 

Recently, one of my neighbors asked for my perspective on the Phoenix area real estate market.  He's has a strong economics background, so I knew that he'd want more than just my perspective and experience, so I shared the following three web sites with him.  

If you are into historical reports, market trend, and forecasting, I think you might really enjoy them. 

• R.L. Brown - housing reports, market analysis, and forecasts
• Elliott D. Polack & Company - recent speeches from this site are a quick and easy way to get a snapshot view of what going on.
• ASU Polytechnic Realty Studies - real estate studies for various aspects of the housing industry

Here are the Altos Research real estate market updates for all Scottsdale zip codes. These freshly updated reports are in a one page executive summary format.  If you'd like the more detailed report for your zip code, please call or email me.

This week's update:

After seeing all the great photos from the Arizona Real Estate Blogging Network, I'm reminded to share that the Scottsdale Area Association of REALTORS is hosting a Technology Symposium, and you are invited to attend.

Date: April 25, 2008

Time: Continental Breakfast: 8 am
         Symposium and Break-outs: 8:30am - 12:30pm

Location: Chaparral Suites Ballroom,
5001 N. Scottsdale Road (Ballroom access off Chaparral Road)

Special Guest Speaker: Keith T. Garner, Managing Director
Center for REALTOR® Technology, National Association of REALTORS®

Break-out Session Topics and Speakers include:

• FlexMLS - with a demo of the new system coming on-line in late July
• Sheila Strunk, 2008 SAAR MLS Committee Chairperson, Realty Executives, http://www.greathomesaz.com
• Barb Hoffman, ARMLS Support Services Director, http://www.newarmls.com/
• Troy Feeken, FBS Data Systems - flexmls®Web, http://flexmls.com/
  
• Lead Generation Systems - What are they? Costs?  Are they effective?
• D. Patrick Lewis, John Hall & Associates - http://activerain.com/blogs/dplewis
• John Wake, HomeSmart - http://www.homesalenews.com/
• Irene Hammond, John Hall & Associates - http://www.arizona-active-adult-community.com/
• Amy Geddes, Clareity Security - http://www.clareitysecurity.com/
  
• Blogging
• Keith Garner, Managing Director, NAR Center for REALTOR® Technology, http://blog.realtors.org/crt
• Steve Belt, Realty Executives, http://www.realphoenixliving.com/
• Dru Bloomfield, John Hall & Associates,  http://athomeinscottsdale.com/
• Jay Thompson, Thompson Realty,  http://www.phoenixrealestateguy.com/
  
• Websites
• James Archer, Operations Director - Forty Agency, http://www.fortyagency.com/
• Aaron Post, Business Director - Forty Agency, http://www.fortyagency.com/
• Ron LaMee, AAR Vice President Information Services, http://www.aaronline.com

Hope you can join us.

Jay Thompson, The Phoenix Real Estate Guy, just posted several excellent charts with 30 year mortgage rates.  Good info to share with your clients, plus he gives permission to link.

Earlier this week, at the State of the State Address, Arizona Governor Janet Napolitano announced a Homebuyer's Bill of Right, which is now available and gives home buyers information about roads, water, police and fire services, and more.   You can find a copy of the Homebuyer's Bill of Rights at the Arizona Department of Real Estate web site. 

In some ways, this Bill of Rights is very similar to the Arizona Buyer's Advisory, a resource that I share with all home buyers to use as a research tool when buying a home.  However, the new document has many more links for the whole state of Arizona, and gives buyers even more data to make a smart, informed home buying decision.  It's worth checking out.