The Arizona Regional MLS just published a new quarterly report today.
The inaugural issue of STAT+ focuses on the average Days on Market (DOM) and Months Supply of Inventory (MSI) in the fourth quarter of 2010 (Q4) for single family residential housing at various price points in the FlexMLS system.
Basically, the report illustrates how homes sales in Great Phoenix differ by price range.
Seeing these numbers got me thinking about how Scottsdale might stack up. Because I do not have access to the number of homes that were actively for sale in Scottsdale at the end of December 2010, I am only able to compare number of homes sold and Days on Market (how long it took to get the house under contract before closing).
As you can see in this chart, the differences by price range between Scottsdale and Greater Phoenix are striking.
Of all the homes sold in Greater Phoenix, only .2% (yes, less than 1%) of them were in Scottsdale. As prices go up, Scottsdale make up a greater proportion of sales. For homes sold at prices over $500K, Scottsdale accounts for almost 50% of all sales, and percentages increase all the way up to 58% for homes priced over $3 million.
The second metric that I was able to compare between Scottsdale and Greater Phoenix was Days on Market. Homes (on average) for all price ranges definitely sell more quickly in Scottsdale, especially in the upper price ranges.
It’s going to interesting to see how these numbers change as the year progresses. My guess would be that home price comparisons will remain fairly constant. However, we’d all like to see some improvement (decrease) in the time it takes to sell a home, in Scottsdale, and in Greater Phoenix.
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