Scottsdale Real Estate Market Performance for Single-Family Homes- Through September 2008
The September 2008 numbers for the Scottsdale single-family resale market are in. September was another month where we saw a decline in sales and pending sales, but inventory is still not increasing, which is a positive.
September Highlights:
The number of active homes for sale was flat from August at 3,839, which is still lower than the 12 month average of 4,007 homes for sale.
Pending sales were down slightly to 297 from 300, a 1% decrease. However, this decrease is much smaller than we have seen over the last three months where the decrease in pending sales has ranged from 3.3% to 8.3%. Plus, this number is still tracking ahead of the average of 284 pendings.
The number of homes that sold in September dropped again to 235, posting the largest month-over-month drop we have seen (-14.2%) since November of 2007. Additionally, this number has now dropped below the 12 month average of 245. This weakened performance could be partially attributed to the volatility we have seen in the financial sector which may be keeping people on the sidelines or preventing them from getting financing.
Overall, September was not the best month we have seen with sales and pending sales on pace with where we were in February of this year. Based on trends, October should be more of the same. Looking forward, a key factor will be whether or not buyers will be able to obtain financing, which will have a direct impact on these numbers.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information are pulled from many sources and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson