Scottsdale Real Estate Update: Holding Steady?

I’ve been taking quite a few real estate classes over the past several months as I complete my requirements for the Arizona MRE (Master of Real Estate) Society.  Earlier this week, I attended a class entitled, "Listing Property in Today’s Market". 

The instructor made a comment that there wasn’t much to comment on regarding the current state of real estate.  In some ways, his statement is really true. During this past six months, we have been experiencing real estate that seems to be "more of the same".  Decreasing inventory. Decreasing prices.  Increasing sales.

Just to make sure, I took a look at the latest Cromford Report data for Scottsdale.

Sure enough.

Active listings have dropped by about 30% since the beginning of the year and have been holding steady at just above 3,000 properties since June.

Price per square foot is still decreasing for both home listings and sales, but at a small steady rate.  No significant drops. No sign of appreciation either.

Sales per month peaked in the summer months, yet remain stronger than where Scottsdale monthly home sales started at the beginning of the year.

Even foreclosure activity has remained fairly consistent over the past six months.

When I look for real estate issues to write about, I am usually looking for change.  Hearing this instructor’s observation about "business as usual" caught my attention.  After all, the real estate drama that we’ve experienced over the past five years, just a bit "sameness" gives us a chance to see what today’s "normal" looks like, and maybe even breath a collective sigh of relief.  Not to say that short sales and foreclosures are behind us, but quite possibly, we are entering a more stable market for the foreseeable future.