– Scottsdale Homes for Sale and Home Sales in May 2016 –
The Scottsdale housing market had another great month in May. Sales were the third highest we have seen in the past year, inventory dropped to levels that we have not seen since the beginning of the year and pendings are the highest they have been in the last 12 months.
SCOTTSDALE HOME SALES ACTIVITY – MAY 2016
Below is a graphic that depicts the past year of home sales activity in Scottsdale. It is tracking three metrics:
– Single-family homes for sale are shown in red.*
– Pending home sales are shown in green.*
– Home Sales are shown in purple.
MAY 2016 RESULTS
- Scottsdale Homes for Sale: Inventory was down again for the second month in a row to 2,367, the second lowest we have seen in 2016. A lot of this can be attributed to home sales, but Scottsdale is also approaching the warmer months and people are less likely to list their homes during that slower sales period.
- Pending Homes Sales in Scottsdale: Pending sales were the highest they have been in the past 12 months, closing out the month at 380. This is a good sign for June sales figures.
- Scottsdale Home Sales: Sales dropped 3.8% to 485. This is a very strong sales pace and it is the 3rd highest sales month in the past year.
This next section has two parts, including the monthly rate of change and sales prices in comparison to list prices.
The first portion is how things are trending compared to the previous month. So, for instance, the number of active listings was down 6.5% at the end of May when compared to the end of April. By the same token, pendings were up 2.2% and sales were down 3.8%.
The second portion looks at the average sales prices of homes as a percentage of their average list prices. In May, it was the average sales price was 95.5% of the average listing price. Looking at this another way, buyers on average saw a 4.5% discount off of asking prices.
May was another strong month for the Scottsdale real estate market. Sales were strong, inventory tapered off and pendings were the best we have seen in a year. Based on this, June should be another solid month for Scottsdale home sales.
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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 6/1/2016 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 May 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
