The new year started off a little slow for Scottsdale AZ homes for sale. Although the slowdown is to be expected due to many people trying to close on homes before the end of the year, the dip in this case was a bit more than I would have anticipated. The good news is that pending sales rebounded a bit after dropping off in December. Scottsdale resale home inventory was back up as well.
January 2010 Findings
Active Homes for Sale: At the end of January, there were 2,927 homes for sale in Scottsdale. This was a jump up from December when a lot of home listings expired. However, we are still below the 12 month average of 3,134 active homes on the market.
Pending Home Sales: Pending sales enjoyed a nice little rebound in January. They were up 7.5% over December to come in at 471. This is slightly behind the 12 month average of 479.
Homes Sold: There were only 267 home sales in January and this is the first time this number has dropped into the 200’s since March of 2009. This figure has been firmly in the 300’s since April of 2009. Clearly, December’s drop in pending sales had an impact on January’s figures. The 12 month average for monthly Scottsdale home sales is 327.
Sales Price to List Price: 90.4% – This is the lowest this figure has been since July of 2004. Typically, it tracks in the low 90%’s.
While the sales figures were a big disappointment, the uptick in pending sales was an encouraging sign. We are also hearing that more and more Scottsdale short sales are now closing, so ideally, that will help down the road. Inventory was back up, which was to be expected for the beginning of the year, but the good news is that it is still at more or less the same level as October’s and November’s levels.
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2010 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2010 Heather Tawes Nelson
