Scottsdale Real Estate Market Performance for Single-Family Homes- Through March 2008
Every month, I look over the previous month's active, pending and sold data to see if I can identify any trends in the Scottsdale single-family existing-homes market. I look at it from a global perspective as well as a "price band" perspective. March's information uncovered some promising-looking trends when compared to previous months.
Here is a snapshot of the Scottsdale single-family home market performance with the March figures included:
| Trend Analysis - Scottsdale Single-Family Homes - Resale | | |
| All Price Points | | | | | | | |
| 2007 | | 2008 | | |
| Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | Avg. |
| Active | 3,761 | 3,876 | 3,950 | 3,743 | 4,154 | 4,254 | 4,304 | 4,006 |
| Pending | 251 | 150 | 235 | 191 | 262 | 287 | 312 | 241 |
| Sold | 177 | 236 | 168 | 190 | 187 | 227 | 246 | 204 |
| | | | | | | | |
| Percent Change- Month Over Month | | | | | |
| 2007 | | 2008 | | |
| Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | |
| Active | N/A | 3.1% | 1.9% | -5.2% | 11.0% | 2.4% | 1.2% | |
| Pending | N/A | -40.2% | 56.7% | -18.7% | 37.2% | 9.5% | 8.7% | |
| Sold | N/A | 33.3% | -28.8% | 13.1% | -1.6% | 21.4% | 8.4% | |
| Data Courtesy of the Arizona Regional Multiple Listing Service (ARMLS) | |
Findings:
Inventory levels are still going up on a month-over-month basis, but the rate at which they are increasing is slowing. We saw a large jump of 11% between December and January, but the increases over the last two months have been 2.4% and 1.2% respectively.
Pending homes have been increasing every month since December. In March, pending sales exceeded 300 for the first time since I began tracking them in September of 2007. Assuming most of these will close in April, we should see improved sales statistics for the month of April.
Home sales have been increasing since January. We saw a large jump of 21.4% between January and February. The increase between February and March was an additional 8.4%.
Overall, the data is promising and I hope that the positive trends we are seeing continue. Anecdotally, I have been seeing (and hearing from many other local Realtors) that there has been an increase in buyer activity at all levels and price points.
If you would like to see my full market trends report, broken out by price band, please click here and download the report called "Scottsdale Resale Market Trend Analysis". And, if you are interested in a custom report, I am happy to create one for you.