Scottsdale real estate has been exhibiting strong signs that the market is picking up, just in time for the selling season!
One key indicator is that the number of sales of properties in Scottsdale in March of 2012 (814) is up 10% from the number of sales of properties in Scottsdale in March of 2011 (741) according to the Cromford Report®'s tableau of Sales per Month. The current affordability, and low interest rates are factors for this increase, but prices are starting to move upward.
A second indicator is the declining inventory of available Scottsdale real estate. Visible in the chart below, the number of Active listings (2803) is down 37%, in March, from its 2012 high in January (4436).In several instances, properties are receiving multiple offers, as Buyers compete for the limited amount of available properties.
A third indicator is the increase in Scottsdale properties under contract. The following chart shows an increase of 409 properties under contract just since January 2012.This is a good sign, as it shows that there is increasing demand for Scottsdale real estate.
All of these indicators seem to signal a strengthening in the Scottsdale real estate market, and they are backed up by an increase in Monthly Average Sales Price since January 2012.According to the Cromford Report ®, the Monthly Average Sales Price in Scottsdale was $407,107 in March 2012, compared to $360,562 in January 2012.
As Scottsdale enters the peak annual selling season for 2012 (April-July), there likely will be a high demand for quality, available properties, which should drive the Days on Market down (for non-Short-Sale transactions), and start nudging prices upward even more.
If you are interested in more information about Scottsdale real estate or you are considering selling or buying a home in the area, please feel free to contact The Brashear Team at Keller Williams Arizona Realty at 888.825.5455 or info@BrashearTeam.com.