Scottsdale Real Estate Market Performance for Single-Family Homes- Through March 2009
March was one of the best months we have seen in a long time for the Scottsdale market. Sales jumped to levels we have not seen since September of 2008 and pending sales are the highest I have seen in the 19 months I have been tracking these figures. In addition, active homes for sale were down as well.
| 2008 | | | | | | | | | | 2009 | | |
| Apr. | May | Jun. | Jul. | Aug. | Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | Avg. |
| | | | | | | | | | | | | |
| Active | 4,249 | 4,063 | 3,941 | 3,872 | 3,839 | 3,839 | 3,969 | 4,072 | 3,790 | 3,964 | 4,007 | 3,933 | 3,962 |
| Pending | 349 | 364 | 338 | 327 | 300 | 297 | 247 | 259 | 212 | 255 | 287 | 391 | 302 |
| Sold | 270 | 300 | 321 | 286 | 274 | 235 | 228 | 177 | 228 | 174 | 199 | 242 | 245 |
| | | | | | | | | | | | | |
| Percent Change Month Over Month | | | | | | | | | | |
| Apr. | May | Jun. | Jul. | Aug. | Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | |
| Active | -1.3% | -4.4% | -3.0% | -1.8% | -0.9% | 0.0% | 3.4% | 2.6% | -6.9% | 4.6% | 1.1% | -1.8% | |
| Pending | 11.9% | 4.3% | -7.1% | -3.3% | -8.3% | -1.0% | -16.8% | 4.9% | -18.1% | 20.3% | 12.5% | 36.2% | |
| Sold | 9.8% | 11.1% | 7.0% | -10.9% | -4.2% | -14.2% | -3.0% | -22.4% | 28.8% | -23.7% | 14.4% | 21.6% | |
March Highlights:
- Active Homes for Sale – There were 3.933 active homes for sale at the end of March. This is down from 4,007 in February and represents a 1.8% decrease.
- Pending Homes for Sale - Pending home sales hit the highest number I have seen in the last 19 months. There were 391 pendings, up 36.2% over February and way above the 12 month average of 302.
- Home Sales – Homes sales were up sharply from February to 242, an increase of 21.6% over February’s 199. This number is now tracking very closely to the 12 month average of 245.
- Sold Price to List Price Ratio – Homes sold at an average of 89.5% of asking price in March. This is the first time this figure has dropped into the 80%’s in 19 months. Typically, it is in the low 90%’s.
March was a great month for Scottsdale resale homes. The sales figure was very promising and based on the pending sales we are seeing, April should be a great month. The only negative for the month is the sales to list price ratio dropped slightly, meaning there was downward pressure on the home prices. However, this is good news for buyers looking to purchase Scottsdale real estate.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) on April 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.