Scottsdale Real Estate Market Performance for Single-Family Homes- Through February 2009
After a mixed January, February’s performance in Scottsdale rebounded, giving us better news. February sales and pending sales were up relative to January’s numbers. However, we did see the inventory of homes for sale creep up again over 4,000 to 4,007.
| 2008 | | | | | | | | | | 2009 | | |
| Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Avg. |
| | | | | | | | | | | | | |
| Active | 4,304 | 4,249 | 4,063 | 3,941 | 3,872 | 3,839 | 3,839 | 3,969 | 4,072 | 3,790 | 3,964 | 4,007 | 3,992 |
| Pending | 312 | 349 | 364 | 338 | 327 | 300 | 297 | 247 | 259 | 212 | 255 | 287 | 296 |
| Sold | 246 | 270 | 300 | 321 | 286 | 274 | 235 | 228 | 177 | 228 | 174 | 199 | 245 |
| | | | | | | | | | | | | |
| Percent Change Month Over Month | | | | | | | | | | |
| Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | |
| Active | 1.2% | -1.3% | -4.4% | -3.0% | -1.8% | -0.9% | 0.0% | 3.4% | 2.6% | -6.9% | 4.6% | 1.1% | |
| Pending | 8.7% | 11.9% | 4.3% | -7.1% | -3.3% | -8.3% | -1.0% | -16.8% | 4.9% | -18.1% | 20.3% | 12.5% | |
| Sold | 8.4% | 9.8% | 11.1% | 7.0% | -10.9% | -4.2% | -14.2% | -3.0% | -22.4% | 28.8% | -23.7% | 14.4% | |
| Data from the Arizona Regional MLS (ARMLS). | | | | | | | | | |
| Numbers subject to change. | | | | | | | | | | | |
February Highlights:
Active Homes for Sale- We saw this number increase 1.1% over January to 4,007 homes for sale. We briefly went over 4,000 homes for sale back in November before heading back down. While we do not want to see the inventory increase, the total number of new homes on the market was not a huge amount, coming in at 43. The 12 month rolling average for this is 3,992.
- Pending Homes for Sale - Pending homes were up again to 287, a 12.5% increase over January. We have not seen pending numbers this high since around September of 2008. The 12 month average for pending homes is 296.
- Home Sales – Homes sales were up in February, coming in at 199. This improvement was due in part to the large uptick in pending home sales we saw in January. However, this figure is still well behind the 12 month average of 245.
- Sold Price to List Price Ratio – Homes sold at an average of 92.2% of asking price in February. This figure is an improvement over the last several months where it was in the 90-91%’s.
Even though it was a short month, the Scottsdale single-family home market’s February performance contained a lot of good news. Plus, since pending sales were up again, sales in March should be impacted positively.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) on March 1, 2009 and can change at any time. Data looks back at the last 12 months of activity and is for Scottsdale single-family resale homes. There may be new home inventory in these figures if the developer uses the MLS to market its homes. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson