At Home in ScottsdaleA Scottsdale Real Estate Blog with info on real estate for home buyers and sellers, market updates, and new and events from around town
Scottsdale named among the top 10 “digital cities” for the fourth consecutive year. The city earned sixth place in its population category for participation in the What Works Cities program. Reasons cited: ongoing push to improve open data, data-based performance management efforts and several information technology initiatives to standardize hardware, streamline processes and improve outcomes.
Originally posted at http://www.scottsdaleaz.gov/
Phoenix Residential Real Estate Contracts up 12%
Monthly Median Sales Price up 7.1%
The Phoenix Residential Real Estate market has been this summer in comparison to the busy Spring season. However, there is a bright side for sellers. While contracts in escrow have seasonally declined 17% since their peak last May, at 11,190 this measure is nearly 12% higher than last year’s count. Another bright side for sellers is, despite the seasonal slowdown of new contracts in escrow, listings under $400,000 are still getting within 98-99% of their asking price after negotiations. Nearly 28% of July closings through the MLS included some level of seller-assisted closing costs. That percentage is highest for listings between $200,000 and $250,000 at nearly 35%, and lowest for listings over $500,000 at under 5%. Be prepared for weekly price reductions to increase next month as more new listings begin to enter the market.
If you’ve been frustrated over the past 5 months with high buyer demand for well-priced properties within your price range, you should be seeing some relief now. August is typically a slow time for buyer activity across all price ranges and 2016 is no different. Contracts in escrow began their decline in June, dropping nearly 17% from a high of 13,432 in May to 11,190 by the first week of August. Active listings have also declined nearly 10%, down to 19,783 since their peak in March at 21,924. At this time of year, many sellers are tired of being on the market, making it a good time to revisit those listings that were not picked up during the peak or came on the market late in the season. August is a very slow month for new listings to come on the market, therefore expect inventory to be relatively stale until more new listings start coming on stronger towards late September and October.
Scottsdale housing prices remain steady and strong. According to the Cromford report, the average price per square foot for housing is $231/sf, just $2/sf over last year. And while this may not be the impetus to buy or sell. in and of itself, it’s an indicator.
Looking more closely at the cities that have experienced double digit (by %) growth in the past year, you will see that once again, we are in a market where many of the outlying areas are experiencing the greatest growth, and the greatest decline, with the exception of pricey Paradise Valley.
Scottsdale, remains a relatively central location, with easy access to both the Scottsdale and downtown Phoenix job centers. And with stable home prices, remains a smart buy in today’s real estate market.
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