Reported by Karen Picarello, CRS. GRI. ABR. CLHMS, e-Pro, RECS
Updated June 30, 2008.
Current Market Rating: 2
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Current Price Trend: 2
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Call Karen Picarello for more information at 888-548-8713. The trends that we have seen taking shape over the last few months continue. Inventory levels showed no change this week at 43228, and this weeks data shows 5020 sales in the previous month, dropping the overall market supply to 8 1/2 months. That is the first time I have seen a Monthly sales number above 5000 in about 2 years.
The big story continues to be the SE Valley at 6 1/2 months supply as it moves to a balanced market , generally considered to be 6 months supply. The West Valley is at 8 1/4 months supply and Scottsdale under $1M stays at 9 1/4 months.
Luxury Markets are still stagnant at about 2 years supply in PV and almost 3 years in Scottsdale over $1M. The comparison of current active listing change is based on the previous week's inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes. Maricopa and Northern Pinal county, listing inventories are unchanged from last week. Total of 43228 active listings. Based on current rate of closings, about an 8 1/2 month supply. Central Phoenix, Listing inventories are unchanged from last week. Total of 6544 active listings. About an 11 1/4 month supply.
West Valley, Listing inventories are unchanged from last week. Total of 13919 active listings. About an 8 1/4 month supply.
400's area (NE Valley), Listing inventories are unchanged from last week. Total of 7368 active listings. About a 12 1/4 month supply.
SE Valley, Listing inventories are down 1% from last week. Total of 10404 active listings. About an 6 1/2 month supply.
Scottsdale over $1m. Listings inventories are down 1% from last week. Total of 1577 active listings. About a 33 1/2 month supply.
Scottsdale under $1m. Listing inventories are unchanged from last week. Total of 2466 active listings. About a 9 1/4 month supply.
Paradise Valley. Listing inventories are unchanged from last week. Total of 450 active listings. About a 22 1/2 month supply.
Location Characteristics: For the month of May 2008
Scottsdale Number of homes sold... 303 Average Listing Price... $699,810 Average Selling Price $652,365 Selling Price Percent of Listing Price 93% Average Days on Market... 162
About Karen Picarello:
When you are buying or selling property in today's real estate market, it's important to have confidence in your real estate professional. Our commitment as your local REALTOR® is to provide you with the specialized real estate service you deserve. When you are an informed buyer or seller, you’ll make the best decisions for the most important purchase or sale in your lifetime. That’s why my goal is to keep you informed on trends in the marketplace using the latest statistics in your local area. With property values continuing to rise, real estate is a sound investment for now and for the future. As a local area expert with knowledge of the communities, my objective is to work diligently to assist you in meeting your real estate goals.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
