September 2008 Scottsdale Market Wrap

In the month of September, where cool weather is looming, yet still non-existent, and the last days of barbecue and swim parties come to a close, and the financial state of the union appeared to begin to crumble, we experienced the following activity in the real estate market:

In Scottsdale, last month we had approximately 4092 single family detached homes on the market, a 2% increase over the same month last year.  The average days on market fell 33% over last year from 250 to 167.  In September, 236 homes sold which is 34% more than last year at this time.

The average sales price for Scottsdale homes last year was $712,039, while this year, even though volume has increased, the average price has fallen off by 11%.

On a month to month comparison, in August, there were approximately 4089 active homes for sale which indicates virtually no change.  Last year, the difference in homes on the market between August and September increased by about 175 homes whereas this year there was virtually no change.

This September we saw a decrease in the number of closings over the previous month by roughly 11.3%.  The average selling price between August and September fell by 1.6%.  Last year, between August and September, the average sold price fell over 15.5%.  This indicates that the rate of decline is decreasing and the market as a whole in Scottsdale has leveled out.

The market slowed down between August and September this year, and prices on a whole are continuing to creep downward.

Inventory Levels for Scottsdale for September

Price Range: $100K – $199K shows 29 actives at roughly 3 months supply.

Price Range: $200K – $299K shows 226 actives at a 4.8 months supply.

Price Range: $300K – $399K shows 374 actives at 8.1 months supply.

Price Range: $400K – $499K is at 16 months with 448 actives.

Price Range: $500K – $1Million shows 1516 active properties with a 21 month supply.

Price Range: Above $1Million – 1499 actives with 33 closings last month for a 45 month supply.

That’s 3.7 years my friends.  Are you in the market for a million dollar home?  Looks like they’ll be around for a while.  Guess whose home sells first in that type of market?  The one with the best value and price.

All figures are calculated based on single family detached homes using data provided by the Arizona MLS and are not guaranteed to be 100% accurate.  More detailed statistics can be provided to you upon request.  If you find this information useful, consider subscribing to my blog to receive regular updates.

Other articles of interest:

• April 16, 2011 -- Defaulting on Your Home Equity Line of Credit (HELOC)
• June 9, 2009 -- A New Trend in Bank Communications
• June 25, 2009 -- Get Off The Couch and Look Out Belay
• August 14, 2009 -- The Consequences Of Holding Out
• July 27, 2009 -- Pre-Approved Short Sales Do Not Exist