December 2015 Market Update
Existing Home Sales Rise 3.8%
The largest segment of the housing market continues to hold on. Year-over-year, existing home sales rose 3.8% and is on track to record their best annual sales in eight years.
The median existing-home price for all housing types in October was $219,600, which is 5.8 percent above October 2014 ($207,500). October's price increase marks the 44th consecutive month of year-over-year gains. Total housing inventory at the end of October decreased 2.3 percent to 2.14 million existing homes available for sale, and is now 4.5 percent lower than a year ago (2.24 million). Unsold inventory is at a 4.8-month supply at the current sales pace, up from 4.7 months in September.
The percent share of first-time buyers increased to 31 percent in October, up from 29 percent both in September and a year ago.
While the month-over-month number saw a small decline, this was mainly due to a lack of inventory rather than a pull back in desire to own a home. In some areas that have seen the most growth, there is almost no inventory to be found.
Lawrence Yun, NAR chief economist, says a sales cooldown in October was likely given the pullback in contract signings the last couple of months. "New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets," he said. "Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales."
Adds Yun, "As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago."
Featured Properties for Sale
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FOR SALE 15095 N THOMPSON PEAK PKWY 1095 | SCOTTSDALE | $149,900 Newer home in nice community - close to downtown Glendale. Home is very spacious and features a flexible floorplan with 4 bedrooms and 2 baths. Light and bright, vaulted ceilings, walk in closet in master, & breakfast bar are just a few of the features. Brand new carpet, fresh paint throughout, mirror closet doors, & all kitchen appliances included. Low maintenance front and back yards- hurry home! |
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FOR SALE 8256 E ARABIAN TRL 125 | SCOTTSDALE | $174,900 Fully furnished ground floor 2 bedroom condo in ideal Scottsdale location- in the heart of McCormick Ranch. Just blocks from Scottsdale Mountainview Park and greenbelt with miles of biking trails, tennis, basketball, picnicking, dining, shopping, & more! Unit offers nice travertine tile in all main living area, crown moldings, large master walk in closet, jack & jill bath, covered patio, in unit laundry & all appliances included. Community offers two pools and a fitness center. The perfect lock and leave condo - see it today! |
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FOR SALE 4643 E FERNWOOD CT | CAVE CREEK | $399,900 Stop the car - this is it! Amazing single level (split) floorplan - only a handful of these built in Tatum Ranch. |
Featured Properties for Rent
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FOR RENT Sunscape has it all! $1,150 3500 N Hayden Road #605 | Scottsdale 85251 Two sparkling pools with stylish furniture and a great scene, workout and yoga studios. This is a great place to live! First floor unit has carpet, updated black appliances, and granite countertops. LARGE patio area, perfect for entertaining! Walk to Coronado Golf Course and Scottsdale Greenbelt! Minutes from Old Town, great location close to everything!
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FOR RENT Newly remodeled and beautifully furnished 1/1 in GATED Center Court Community! $900 - $2,300 3031 N Civic Center Plz #135 | Scottsdale 85251 Fully furnished unit, walking distance to all that Old Town has to offer. Community has clubhouse, 'almost' Olympic sized pool, large hot tub, racquetball, assigned parking. Neutral colors throughout, brand new Travertine flooring and carpet in the bedroom. Dual sinks, separate shower for privacy. Oversized walk in closet. Contemporary and brand new furnishings. Washer/dryer included, walk in pantry, good sized patio and very private unit on bottom floor (garden level). Seasonal rate is $1995/month and includes utilities, cable flat screen with surround sound! Short term non seasonal at $925, does not include utilities. |
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FOR RENT Coveted Old Town Scottsdale Location $1,300 - $2,500 3031 N Civic Center Plz #240 | Scottsdale 85251 Walking distance to galleries, shopping restaurants and SF Giants spring training stadium. 15 minutes to airport and just a few from the 101. Gated community with 2 pools (Olympic sized pool and adult pool), heated hot tub, racquetball, tennis court, basketball court, BBQ's, and workout facility available. Assigned parking. Tastefully furnished second level unit has split floor plan, master with walk in closet and exit to balcony. Great room feel, wood burning fireplace for those cold winter nights. Separate storage area with plenty of room. Seasonal rate $2,500, includes utilities (up to $100 of electric), non-season does not. |
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RENTED Oversized first floor, one bedroom in McCormick Ranch! $875 8787 E Mountain View Road #1074 | Scottsdale 85258 MAPLE CABINETS, GRANITE COUNTERTOPS, & BRUSHED NICKEL BATH/KITCH HARDWARE and LIGHT FIXTURES! NEUTRAL TONED CARPETING and GORGEOUS TILE in all the right places. Newer washer and dryer and newer bath! Great GREENBELT view! Short walk to 1 of 3 pools in the community. Fireplace encased with tile in the living room and a PRIVATE, COVERED patio. 4x7 storage unit located on the patio. 18+ miles of BIKE and MULTI-USE TRAILS, SHOPPING, RESTAURANTS, SCC, and 101 are in close proximity.
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Happening Around Town This Month
Holiday Lights
There are hundreds of holiday celebrations in the Phoenix, AZ area that last for one or two days, but these Phoenix area holiday light displays can be enjoyed throughout the month of December, and sometimes even into January.
Through January 10, 2016
Each year the Phoenix Zoo puts up an amazing holiday display of lights. The event is called ZooLights. Because ZooLights happens in the evening, don't expect to see many live animals. This event is about holiday lights, music and lighted animal sculptures. There is an admission charge.
Through January 3, 2016
The resort is beautifully decorated, but make a special effort to take a walk around the lagoon. There's a per car fee during the holidays to access the property if you aren't a resort guest or dining at a resort restaurant.
Fairmont Scottsdale Princess, 7575 E. Princess Drive
Through December 31
Each year during the holiday season the Desert Botanical Garden lines the paths of this extraordinary desert garden with thousands of luminarias. Food and beverage are available, live entertainment. A quiet, charming, romantic event, not necessarily for the kids. This is a ticketed event, advance reservations suggested -- it sells out!
Through January 9, 2016
Historic Downtown Glendale comes to life each holiday season with about 1.5 million multi-colored twinkling holiday lights located throughout a twelve-block area that includes the Old Towne and Catlin Court Districts. There is no cost to walk or drive around the area.
Mesa Arizona Temple Gardens Christmas Lights
Through December 31
The annual Mesa Temple Garden Christmas Lights display conveys peace and goodwill of the season with a unique and spectacular exhibit of hundreds of thousands of colorful lights. Free admission, free parking.
Through January 8, 2016
The beautiful Ahwatukee lights can be seen on Chandler Boulevard from 24th Street to Desert Foothills Parkway.
McCormick-Stillman Railroad Park Holiday Lights
December 11, 2015 – January 2, 2016 (closed December 24, 25, and 31)
Take a train ride through many festive holiday lights and displays turning the Railroad Park into a winter wonderland. Free admission. Train ($4) and carousel rides ($2). 6:30 p.m. to 9 p.m.
7301 E. Indian Bend Rd., Scottsdale.
Pets
Thinking of adding a new furry addition to your family? Don't shop... adopt! There are hundreds of amazing, lovable pets available that need good homes. If you've ever adopted a pet before, you know that rescue dogs/cats are some of the most loyal, sweet pets out there. There are many fantastic organizations here in Arizona, but here are a few of our favorites. Click on the links to see photos and information on adoptable pets today!
We are never too busy for any of your referrals!
We can help you or anyone you know who is:
Interested in purchasing a property
Interested in selling a property
In need of finding a renter for an investment property
In need of finding a home to rent
We look forward to building our relationship with you and offering our services whenever you are in need!
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