Yes, Scottsdale home sales have been increasing fairly dramatically, up 31% from June 2008. Over 400 homes sold last month, compared just over 300 in the same month last year. From the sales graph, you can see, that sales per moth have been increasing dramatically since January. However, the late winter and spring months are where you will typically see the greatest number of sales in Scottsdale. Summer tapers off, and then there is another surge in the fall.
Inventory (number of houses for sale) is decreasing steadily. However, looking at the Days Inventory, you can see that based on annual sales, it would take 367 days to sell all the current homes on the market. Based on the recent increased sales volume, days inventory, based on monthly sales, is much lower at 227 days. Could be a trend, but it will take more time to tell for sure.
Scottsdale home prices (based on a per square foot basis) continue to drop, and depreciation seems to be more extreme in the past two months. These lower prices are fueling the increased sales, so while the local real estate market is moving, it’s not yet stabilized.
Scottsdale has lagged behind most of the rest of the valley in seeing these major price reductions, so it will be very interesting to see how the market fares over the next several months.
Related Post: Scottsdale Real Estate – Out of Sync?
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