November was another challenging month for Scottsdale home sales. The number of homes for sale increased for the second month in a row and sales were down significantly. The good news is that pending sales were up over the prior month.
November Highlights:
- Active Homes for Sale – The number of homes for sale went above the 4,000 mark to 4,072, a 2.6% increase over October. This is the first time this figure has been over 4,000 since May of 2008.
- Homes Pending Sale – Pending home sales actually increased in November from October. There were 259 pending sales in November, up 4.9%. However, this is still below the 12 month average of 294 pending sales.
- Sold Homes – The number of homes sold dropped dramatically in November to 177, a 22.4% decrease over October. This is the fifth month in a row where sales figures have dropped. The average number of monthly sales over the last 12 months has been 245.
Overall, November was a negative month based on the large drop in sales activity and the uptick in the number of homes for sale. The bright note was that pending sales were up 4.9% and ideally, this will help with December’s numbers.
