Scottsdale Single Family Home listings have been increasing since the middle of summer. And the most striking difference about our current market is that typical homes for sale (not short sales and foreclosures) make up ALL of the increase. In fact, you can see that in the past year, the number of short sales and foreclosures have actually decreased. Definitely good news.
And this slight increase in inventory is partially seasonal, and in my opinion, a balancing of the Scottsdale real estate market.
If you take a quick look at the historical view, you see the severe shortage of homes for sale in 2004 as prices increased dramatically (shown in blue), and the huge glut of active listings in 2008 as the bottom fell out of the Scottsdale real estate market (in green). The red line in the middle of the chart shows what 2003 looked like, which started out as a fairly normal year. And now in 2012, you can see that we are beginning to really look like a more normal market, at least in terms of active home lists.
If you’d like more information on the makeup of our current home market, relative to homes for sale in any town or zip code in Maricopa county or the greater Phoenix area, please contact me and I can gather the specific information you are looking for with this Interactive Chart of Active Home Listings in Scottsdale, Phoenix, and Maricopa County.
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I know we’re building but hadn’t thought much about the market overall in this regard. Is it possible banks are loosening the reins on homes in lieu of trying to enhance prices, as they’ve done in many other markets?
Jason, I’m not sure what the banks are doing. Most of the agents that I know that were listing homes for the banks, have moved back into their traditional business.