The Scottsdale Real Estate market is definitely on the upswing. Prices are going up and inventory is still low. Here are some numbers taken from the Arizona Regional Multiple Listing Service at 10Am on February 27, 2013.
Scottsdale - 1551 Active Listings / UCB (under contract accepting backups) 316 / Pending 554. That is not a lot of inventory for the entire City of Scottsdale. That is good for sellers, but it makes it difficult for buyers.
There has been a huge market shift relating to short sales and lender owned listings in Scottsdale. Of the 1551 active listings, only 26 are short sales and 28 are lender owned properties.
All these factors - fewer short sales and lender owned properties and low inventory-are contributing to the upswing in prices. I predict as prices continue to climb, inventory will begin to increase. We should see sellers who were underwater or had very little equity start to enter the market.
I think there are a lot of home owners who have been on the sidelines for the last several years waiting for the market to improve.
I see some big (positive) changes for the Scottsdale real estate marekt for 2013!