by Dru Bloomfield on October 20, 2008
Here are the latest Altos Research real estate market updates for all Scottsdale zip codes. These freshly updated reports are in a one page executive summary format. If you’d like the more detailed report for your zip code that includes an overview for the whole of Scottsdale, please call or email me.
This week’s update:
85262 – Listing prices have been decreasing. Days on market is increasing. Inventory is decreasing.
85266 – Median list price steady. Days on market and number of homes available increasing.
85255 – Median list price and days to sell are holding steady. Inventory tightening.
85260 – Median list price steady. Days on market increasing. Inventory tightening.
85254 – List price trending down. Days on market and inventory are increasing.
85259 – Listing prices and days on market are holding steady. Number of homes on market is decreasing.
85258 – Listing prices are holding steady. Days on market up. Inventory down.
85250 – List prices trending upward. Days on market decreasing. Inventory tightening.
85251 – Listing prices trending upward. Days on market decreasing. Inventory decreasing.
85257 – List prices holding steady. Days on market increasing. Inventory decreasing.
Assessment: Northern Scottsdale, particularly in the 85259, 85260, 85255, and 85266 zip codes, are still experiencing a market that heavily favors buyers, while activity in southernmost Scottsdale (85257) is holding steady with the improvements we have seen over the past several months.
by Dru Bloomfield on September 27, 2008
I’ve been tracking South Scottsdale home prices very closely for the past several months, seeing some trends, but not quite sure how strong they were. Now that we are seeing some consistency, both in number of sales and median price, over the past four months, I’m feeling more optimistic.
There’s been a bit of downward price fluctuation, which remains relatively small in comparison to what we are seeing in many other areas of the Phoenix metropolitan area. The number of home sales is also steady.
What brought this apparent stabilization all to my attention is the following chart, which I receive in my weekly updates from Altos Research. Notice the green box at the bottom of the chart… that indicates that the Market Action Index is Cool, as opposed the Cold assessment that we’ve been seeing for a very long time. All other zip codes in the Scottsdale city limits still remain a strong buyer’s market, but 85257 is definitely inching its way back to a balanced market.
You’ll notice that the average listing price is increasing, while the number of days the house has been on market is decreasing. In entry level homes, the average days on market is running about 90 days.
Finally, a chart of the Market Action Index, Altos proprietary formula, which identifies the type of market we are in… and while 85257 is still in a buyer’s market, the trends do appear to be changing.
(Caveat: The average lot size is off in the chart above. By far, most homes in this area of Scottsdale are on lots that are in the range of 6,000-8,000 square feet. There are a couple that are in the 1/2-1 acre range, but these are definitely the exception.)
