Scottsdale, AZ Market Report
As a Realtor living and working in the Phoenix Metro Area I am often asked what parts of the Valley are selling well? All real estate markets are local. Local meaning specific neighborhoods, subdivisions or zip codes and most often that is the market data that I supply to my clients. However, sometimes it's beneficial to look at larger areas to identify trends that might not be so easily found in smaller samples.
In this Market Report we're looking at Scottsdale, AZ.
Like many parts of the Valley Scottsdale Active listings are down, over the past 3 months, while Closed properties are up and up substantially. Supply is down and demand is increasing. As a result prices are rising.
And it's not just Scottsdale, as I reported in an earlier post, five cities within the Phoenix Metro Area had more closings than active listings during the past 30 days.
Available Lender Owned properties (REO) are down by almost 50% over the past 6 months while REO Sold, prices in dollars per square foot, are up almost 15% over the same period.
Available Short Sale properties (SS) are down by 60% over the past 6 months while Short Sales Pending are almost unchanged over the same period.
Short sales days on market (DOM) is now at 174, just 6 days short of 6 months! Couple that with a rapidly increasing Pending category which is now 6 times the number of Short Sale Actives and you can understand why there has been a decline in Short Sale Sold Dollars Per Square Foot while REO and Normal Sold Dollars Per Square Foot are increasing.
Traditional (Normal) Sales are down slightly over the past 6 months while Normal Pendings have more than doubled during the same period.
Traditional Sold Dollars Per Square Foot are up 3% from October 2011 to the present.
What does all of this mean to buyers and sellers? If you are considering buying a home don't wait, do it now. The available supply is not going to magically increase over the next several months and prices will continue to rise.
If you're considering selling your home this year, list it now. Supply is short and you are in a much better position to receive fair market value for your home.
Whether you are buying or selling a home in Scottsdale I offer a free, no obligation consultation. As an informed buyer or seller you'll make better decisions. E-mail Nancy@NancyLaswick.com or call me today at (602) 793-1627.
All content in this post is protected by copyright. © Nancy Laswick 2012. All Rights Reserved.
Please Note:All statistics and figures are reported from the Arizona Regional Multiple Listing Service (ARMLS) and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy. It is recommended that any information of special interest be verified through independent sources.