The dog days of summer are behind us and the Scottsdale real estate market is still struggling to keep up with the rest of the value. My assessment of this situation is that most homes in Scottsdale do not fit within the conforming loan limits. Therefore people are having difficulties securing loans for homes in this price range. Most homes in Scottsdale are not prime investment properties (negative cash flow on most) so the investors have not yet made their way to Scottsdale like they have in other areas of the valley.
Here are August's numbers for the week ending 8/31/08:
Active Listings: 5,608
Homes Pending: 500
Homes sold in last 30 days: 375 (down 16% from July '08, down 6% from August '07)
Burn rate (Inventory on market/by homes sold last 30 days) = 15 months supply
Avg. Sale price (Solds): $527,441 (Up 1% from July '08, Down 23% from August '07)
Avg. price per sq. ft. (Solds): $215.32 (Up $6 per Sq. Ft. from July '08, Down 22% from August '07)
Avg. Days on Market (Solds): 151 (Down 7 days from July '08, Up 21 days, 16% from July '07)
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