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 vally. 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. In addition, most home buyers looking to purchase in the average price range of Scottsdale also have a home they need to sell somewhere else, further limiting the universe of potential buyers.
Here are September's numbers for the week ending 9/30/08:
Active Listings: 5,710
Homes Pending: 475
Homes sold in last 30 days: 333 (down 11% from August '08, up 19% from Sept. '07)
Burn rate (Inventory on market/by homes sold last 30 days) = 17 months supply
Avg. Sale price (Solds): $535,477 (Up 2% from August '08, Down 8% from Sept. '07)
Avg. price per sq. ft. (Solds): $215.32 (Up $1 per Sq. Ft. from August '08, Down 15% from Sept. '07)
Avg. Days on Market (Solds): 134 (Down 17 days from August '08, Up 10 days, 8% from Sept. '07)
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