Today, I’m looking at a couple markets that I am spending quite a bit of time in, and have used a couple of Cromford Report charts that will give you a good idea of:
- The decreasing number of homes for sale in Phoenix, Scottsdale, and Paradise Valley.
- The significant increase in REO (bank-owned) listings, particularly in the city of Phoenix.
- The number of homes for sale in Phoenix is stabilizing.
Also, we are seeing:
- An increase in short sales in Paradise Valley.
- A very slight increase in bank-owned homes for sale in Paradise Valley.
And:
- A reduced number of normal sales in Scottsdale. These are homes that are not short sales or foreclosures.
- Overall, number of Scottsdale homes on the market has decreased between March and June and has remained stable since then.
I expect some changes as we end the year. As the weather cools off, and the $8,000 tax credit deadline gets closer, buyers will be even more motivated to complete a home purchase. The time it take to close a short sales can be drawn out and unpredictable, so we could well see a continued decrease in the number of “normal” homes selling.
