– Scottsdale Homes for Sale and Home Sales in February 2016 –
February was a recovery month for Scottsdale home sales, but the spike in inventory is something to keep an eye on.
SCOTTSDALE HOME SALES ACTIVITY – FEBRUARY 2016
Below is a graph that looks at home sales activity in Scottsdale over the previous twelve months. We are looking at three indicators:
– Single-family homes for sale are shown on the red line.*
– Pending home sales are shown on the green line.*
– Home Sales are shown on the purple line.
FEBRUARY 2016 RESULTS
- Scottsdale Homes for Sale: Inventory has continued its increase in February to 2,575, a 9.1% increase over the end of January. If sales activity does not start picking up, this is something to keep an eye on.
- Pending Homes Sales in Scottsdale: Pending sales experienced a nice 26.9% rebound over the end of January. They were up to 335 which is ahead of the twelve month average of 309.
- Scottsdale Home Sales: Home sales also had a nice rebound (19.4%) as buyers were getting back into the market after the holidays.
These next two charts show some additional detail for the Scottsdale housing market.
The top section compares activity on a month-over-month basis. So, if you look above, home sales in February saw a 19.4% increase over sales in January.
The lower section takes a look at sales prices in comparison to their asking prices. On average, buyers in February 2016 saw a 3.9% discount off of asking prices.
Overall, the Scottsdale real estate market started picking up, as we are in the midst of the high season. Pending sales and sales were solid. However, another spike in inventory is something we want to track as ideally we want to see sales/pending sales keep up with all of the homes on the market.
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*Figures for active homes for sale and pending sales are based on the numbers at the end of the month.
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/2/2016 and can change at any time. The analysis looks at single-family resale homes for sale and home sales in Scottsdale AZ over the last 12 months. Information deemed reliable, but not guaranteed. There February be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2016 Heather Tawes Nelson | Joyce Tawes
