I had the good fortune to listen to Michael Orr, creator of the Cromford Report, yesterday. For 3 hours, he zipped through a whole lot of stats about our local real estate market and helped me remember some of the great information he provides, that really illustrate what’s going on in our local area.
Today, I’ve pulled reports for the city of Scottsdale, looking at type of listing, normal, short sale / pre-foreclosure, and REO (foreclosures). Starting with a summary of all three categories, you can see that the number of homes for sale over the past 8 months, has remained relatively static, decreasing only slightly since the earlier part of the year. While the number of active listings in Scottsdale hovered just under 3,000 in March and April, you can see that the number has dropped slightly, and for the past two months, there have been about 2700 single family home listings on market.
To get a bit of a clearer picture, I’ve broken this chart down into three separate graphs, because I think it’s easier to see what’s going on within each category.
Normal sales, by home owners who are NOT “upside down” or in distress, are shown here first since they comprise the major portion of the current home listing “inventory”. Over the past eight months, this portion of the market has decreased fairly steadily and now shows about 1900 homes for sale.
The next category, short sales / pre-foreclosures, has increased slightly since the summer and currently consists of about 500 homes for sale.
(A short sale is where the home owner owes more than the house can be sold for. A pre-foreclosure is where the homeowner is behind on payments, and the bank has filed intent to foreclose. A home may be listed as a short sale, a pre-foreclosure, or both.)
This last chart shows that foreclosure listings in Scottsdale have been increasing on a fairly steady basis since mid-summer, and now consist of over 250 homes on the market. Put in perspective, this category is only 10% of the market, so while it is increasing, normal sales still dominate the market.
Overall, the number of Scottsdale home listings has not increased, but the makeup of the types of homes for sale has changed slightly in the last six months. It’ll be interesting to see how the six months go. Lots of chaos in the news, but statistically, the market appears to some sense of stability. As usual, time will tell.
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“It’ll be interesting to see how the six months go. Lots of chaos in the news, but statistically, the market appears to some sense of stability. As usual, time will tell.”
Intresting. I would like details!
You are welcome – I agree with you that the next 6-12 months will be telling. And, I really like your comment about “some sense of stability”. I think we’ve all forgotten what that feels like. Good reminder.