The Scottsdale housing market update lists Active Listings, Appreciation, and Months Supply. Distressed sales are mentioned as being about 10% of sales in Scottsdale. The number of listings has increased, but so have homes under contract and sales. Appreciation is in the single digits, depending on the price range and location.
The number of listings show far fewer than the bottom of the market in 2011, but more than the top of the market in 2006. It's interesting seeing the market switch between the top in 2006 and as market bottomed out in 2011 versus todays housing market. Our innventory is starting to rise as it always does this time of year. Remember that Scottsdale has a winter/snowbird type of sales activity. While other markets heat up with sales, some sub-markets in Scottsdale have fewer sales as temperatures rise.
Appreciation is fairly flat in Scottsdale as an average; however, homes listed under $500,000 are a completely different story and those are in a sellers market. There are many high priced homes in Scottsdale and that market is flat. If you're looking for a specific price range, contact me and I'll prepare a customized report for you.
Notice the comparison from Phoenix to Scottsdale.
The same rise and fall for homes under contract can be seen in this 2016 Scottsdale Housing Market update. As of 1/23/17, there are 839 homes under contract. Of that number, there are 55 short sales, and 15 REOs (foreclosures). The distressed market has corrrected itself to a more normal number of short sales and foreclosures. Notice that the trend line is upward consistently for homes under contract, so inventory is moving.
Supply of inventory has ticked upward year over year from 2016 to 2017. A similar trend line exists between 2011 and 2016.
Housing Sales for Scottsdale for 2016 reflect higher than the top of the market. And the trend is fairly consistent throughout 2016.
If you're looking for a specific zip code or neighborhood report, please contact me. All reports are acquired by subscription to the Cromford Report.