Sometimes it’s challenging to know what’s really going on in the Scottsdale real estate market. The news tends to focus on large areas and general statistics that don’t really give us an understanding for what is going on in our specific town or neighborhood. Chris Butterworth’s post this morning on the Northwest Phoenix Market Statistics served as inspiration for digging into some of the details of which homes are selling in Scottsdale, and which are not.
The following charts cover the past month, and data was collected from our local MLS service. Overall, you can see that it is still a buyer’s market, for all types of dwellings.
| Scottsdale Real Estate 7/14/08-8/13/08 | # of Homes for Sale |
Sold | Months of Inventory |
| Detached Single Family Homes | 3881 | 292 | 13 |
| Townhouses / Patio Homes | 872 | 53 | 16 |
| Condos | 818 | 74 | 11 |
Looking below at single family homes, we can see that in the lower (Scottsdale) price ranges of $500,000 and under, the market is looking very good, from a seller’s perspective. And then it slows, as price increases.
| Detached Single Family Homes | # of Homes for Sale |
Sold | Months of Inventory |
| 0-$149K | 2 | 1 | 2 |
| $150-299K | 210 | 46 | 5 |
| $300-499K | 735 | 112 | 7 |
| $500K-999K | 1512 | 95 | 16 |
| $1-1.999M | 822 | 30 | 27 |
| $2+M | 600 | 8 | 75 |
Townhouse, patio homes, and condos are selling in the under $150,000 price range, but sales are not keeping up with inventory above that price range, and drop off much more rapidly than with single family homes.
| Townhouses / Patio Homes | # of Homes for Sale |
Sold | Months of Inventory |
| 0-$149K | 35 | 5 | 7 |
| $150-299K | 278 | 22 | 13 |
| $300-499K | 322 | 18 | 18 |
| $500K-999K | 200 | 8 | 25 |
| $1-1.999M | 36 | 0 | n/a |
| $2+M | 1 | 0 | n/a |
For the past month, the $1 million and above price range has been less than sluggish, with only one sale. With condos, the drop in sales actually starts with anything priced above $300,000.
| Condos | # of Homes for Sale |
Sold | Months of Inventory |
| 0-$149K | 111 | 17 | 7 |
| $150-299K | 477 | 47 | 10 |
| $300-499K | 119 | 9 | 13 |
| $500K-999K | 57 | 0 | n/a |
| $1-1.999M | 43 | 1 | 43 |
| $2+M | 11 | 0 | n/a |
So, if you are a seller with a home priced under $500,000 or a condo, townhouse or patio home priced under $150,000, sales may not be brisk yet, but they happening. And if you are buyer looking in this lower price ranges, be ready to take action, as you may have some competition!
Related Posts:
Phoenix area homes are selling in the lower price ranges
{ 1 comment… read it below or add one }
Strange, the ‘hurt’ has not reached my area within 85262. To wit, a home just sold a half block from my home at $2.3 Million, another is being built with 17,000 square feet. Both will be occupied by couples, like us, with no children and resources.
Foreclosers, bankruptsies and little real estate movement is being felt by people with children
who do not comprehend how not to spend beyond their means…and, it will get worse as property taxes escalate. This based on an out of control school system that brought us two unneeded Overrides and a new Bond Issue.
Sorry, you do not get it, but you will begin to when you see more empty, boarded up properties-and, I will buy them at 30 cents on the dollar.