Housing Inventory Continues to Drop in Scottsdale

The number of active listings (housing inventory) continues to drop significantly in Scottsdale. On April 27, 2011, the number of active listings in Scottsdale was 2,623 and thirty days later, the number had dropped to 2,409. This equates to a reduction on 8.7% in that time period.  Taking a longer term look, Scottsdale inventory for single family homes has dropped 22% in the last year. And while home prices are not on the rise yet, there are some subtle indications that the Scottsdale housing market has stabilized, where the recent monthly average matches the annual average. Buyer activity in Scottsdale remains high, even as we go into the heat of the summer months.  I have record number of clients flying in to town to purchase and I’m hearing the same from my fellow real estate agents.  We don’t have stats to document buyer interest, yet this is truly the first step in the home buying process.  Lookers turned into buyers pretty quickly in a active market like we are experiencing...

Historic Scottsdale–A Walking Photo Tour

I’ve had this copy of the “Historic Old Town Scottsdale: A 60-minute Self-Guided Walking Tour ” map on my desk for the past couple days, thinking I’d like to share it with you.  Every time I looked at the 4-page paper, I wished that it some photos, so I got my camera out and headed downtown. The tour has 15 stops, and I discovered that even though I was stopping to take photos, the walking tour took less than 45 minutes. I’ll share the photos here, and you can read the details here. The “Little Red Schoolhouse” Built in 1909. Home to the Scottsdale Historical Society. Mexican Imports Shop Built in 1923. Originally Johnny Rose’s Pool Hall, that doubled as a silent movie theater on Saturday nights. Bischoff’s Shades of the West Located at what used to be the entirety of downtown Scottsdale at Brown Avenue and Main Street. Site of Scottsdale’s first general store and post office. Rusty Spur Saloon Former site of Farmer’s State Bank.  The old bank vault holds liquor now. Saba’s Western Wear Originally the site of a drug store built in 1921. The original brick pharmacy still stands behind the rustic façade. Porter’s Porter’s is the site of the first regular post office, built in 1928.  The mail from Phoenix was delivered twice a day. Sugar Bowl A long-time favorite, the Sugar Bowl was built in 1950, first as a general store, and then converted to an ice cream parlor in 1958. Pink Pony The Pink Pony was constructed in 1954 by Charlie Briley, who played a major role in bringing the Cactus League...

Median home prices in Scottsdale–what do they look like today?

Here’s a quick way to get updated info on Scottsdale home prices. You can click on the pins to get the median listing prices for all areas of Scottsdale, and if you want more info, you can sign up to have a report emailed to you ever couple of weeks. Regardless of the date that you click a pin, the data will be current, not historic, so this might be a page you want to...

Scottsdale Real Estate Market Gaining Strength in McCormick, Gainey, and Scottsdale Ranches

Check out this increasingly positive new for the Scottsdale real estate market. In searching through the Cromford Report for Scottsdale, I discovered something fairly remarkable. As you can see in the chart above, the percentage of distressed sale listed is almost identical to those sold.  And these distressed sales make up only 25% of the market, which is as low as you will see in all of Scottsdale. The third important point is that the average price per square feet for sold properties is almost identical for normal and pre-foreclosures.  Typically, pre-foreclosures (or short sales) are much more aligned with lender-owned pricing. Good to see some improved market strength in central Scottsdale 85258, home to the Ranches – McCormick Ranch, Gainey Ranch, and Scottsdale...

Scottsdale home prices are on the rise

Another bright spot on the horizon. Improvement in Scottsdale home prices. I haven’t seen one of these appreciation gauges in the green zone for a very long time, maybe years! As of May 12th, 2001: The average price per square foot for homes sold in April 2001 was $181.  Averaging over the past year, the average is $176. As you can see on the middle set of graphs, the average price per square foot has varied fairly significantly over the past year, ranging between $150 and $200/sf.  Looking at the annual average (the average of the prior 12 months), the downward trend shifted in March.  Currently, appreciation for Scottsdale real estate (single family detached homes) is 3% annually, and 4.4% for the month of...