Scottsdale Real Estate Market Performance for Single-Family Homes- Through August 2008
The numbers for August 2008 are in and they are not as strong as they have been in recent months. For several months, we had positive sales momentum, but that seems to be tapering off.
| Trend Analysis - Scottsdale Resale Single-Family Homes. All Price Points. |
| 2007 | 2008 | | | |
| Sep. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | May | Jun. | Jul. | Aug. | Avg. |
| Active | 3,761 | 3,876 | 3,950 | 3,743 | 4,154 | 4,254 | 4,304 | 4,249 | 4,063 | 3,941 | 3,872 | 3,839 | 4,001 |
| Pending | 251 | 150 | 235 | 191 | 262 | 287 | 312 | 349 | 364 | 338 | 327 | 300 | 281 |
| Sold | 177 | 236 | 168 | 190 | 187 | 227 | 246 | 270 | 300 | 321 | 286 | 274 | 240 |
| | | | | | | | | | | | | |
| Percent Change Month Over Month | | | | | | | | | |
| Active | N/A | 3.1% | 1.9% | -5.2% | 11.0% | 2.4% | 1.2% | -1.3% | -4.4% | -3.0% | -1.8% | -0.9% | |
| Pending | N/A | -40.2% | 56.7% | -18.7% | 37.2% | 9.5% | 8.7% | 11.9% | 4.3% | -7.1% | -3.3% | -8.3% | |
| Sold | N/A | 33.3% | -28.8% | 13.1% | -1.6% | 21.4% | 8.4% | 9.8% | 11.1% | 7.0% | -10.9% | -4.2% | |
| Data from the Arizona Regional MLS (ARMLS). | | | | | | | | |
| Numbers subject to change. | | | | | | | | | | |
August Highlights:
- Active listings dropped slightly to 3,839, a 0.9% decrease over July. While not a huge drop, this number has been decreasing every month since March of 2008 when there were 4,304 active listings on the market. This can be seen as good news in that some of the excess inventory is getting absorbed by the market each month.
- Pending sales dropped again to 300 or a -8.3% change over July. After seeing this number increase for several months, we are now close to the levels of pending sales we saw in February and March of this year. This is the third month in a row we have seen this number decline, which will have an impact on September's sales numbers.
- 274 homes sold in August, down from 286 in July and a high of 321 in June. As I mentioned in July's performance report, the drop in pendings would most likely impact this month's numbers.
Overall, August was not as positive a month as we have been seeing recently. We did see a slight dip in active homes for sale, which is positive. However, another monthly drop in sales and pending sales was discouraging.
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