Scottsdale Real Estate Market Performance for Single-Family Homes- Through October 2008
October 2008 was another disappointment for the Scottsdale real estate market. We saw the number of homes for sale inch up after several months of declines and pending sales were down as were home sales.
| Trend Analysis - Scottsdale Single-Family Homes - Resale | | |
| All Price Points | | | | | | | | | | |
| 2007 | | 2008 | | | | | |
| Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | May | Jun. | Jul. | Aug. | Sept. | Oct. | Avg. |
| Active | 3,950 | 3,743 | 4,154 | 4,254 | 4,304 | 4,249 | 4,063 | 3,941 | 3,872 | 3,839 | 3,839 | 3,969 | 4,338 |
| Pending | 235 | 191 | 262 | 287 | 312 | 349 | 364 | 338 | 327 | 300 | 297 | 247 | 305 |
| Sold | 168 | 190 | 187 | 227 | 246 | 270 | 300 | 321 | 286 | 274 | 235 | 228 | 264 |
| | | | | | | | | | | | | |
| Percent Change- Month Over Month | | | | | | | | | |
| 2007 | | 2008 | | | | | |
| Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | May | Jun. | Jul. | Aug. | Sept. | Oct. | |
| Active | 1.9% | -5.2% | 11.0% | 2.4% | 1.2% | -1.3% | -4.4% | -3.0% | -1.8% | -0.9% | 0.0% | 3.4% | |
| Pending | 56.7% | -18.7% | 37.2% | 9.5% | 8.7% | 11.9% | 4.3% | -7.1% | -3.3% | -8.3% | -1.0% | -16.8% | |
| Sold | -28.8% | 13.1% | -1.6% | 21.4% | 8.4% | 9.8% | 11.1% | 7.0% | -10.9% | -4.2% | -14.2% | -3.0% | |
October Highlights:
- The number of active homes for sale increased for the first time since March 2008 to 3969, a 3.4% increase over September. This figure is still well below the 12 month rolling average of 4,338.
- Pending homes dropped 16.8% in October to 247. The highest number of pending homes was seen in May 2008 with 364 and has been decreasing every month since then.
- There were 228 homes sales in October, a 3% decrease over September. This figure has been steadily decreasing since the high of 321 in June 2008.
- The average sales price to list price ratio for October was 92.1%, meaning that on average, homes sold for 8% less than the average asking price. This percentage has been hovering in the low 90's over the last twelve months.
Based on the market volatility and capital constriction we have been seeing, I am not surprised that the October numbers were down. And unfortunately, based on the pending figures, November sales will be down as well. Hopefully, we can gain some momentum on pending sales in the coming months and keep the inventory of homes on the market at the current level or a decreased level.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) and can change at any time. Data looks back at the last 12 months of activity and is for Scottsdale single-family resale homes.
This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson