– Scottsdale Homes for Sale and Home Sales in October 2013 –
October was another lukewarm month for Scottsdale home sales activity and inventory continues to rise.
SCOTTSDALE HOME SALES ACTIVITY – OCTOBER 2013
The chart below will give you a visual representation of how home sale activity in Scottsdale has been performing.
– Homes for sale are shown in red.*
– Pending home sales are shown in green.*
– October Home Sales are shown in purple.
OCTOBER 2013 RESULTS
- Active Scottsdale Homes for Sale: There was another large jump in inventory (19.7%) in October and we ended the month with 1,925 homes on the market. We have not seen inventory this high since May of 2011. As would be expected, this well exceeds the 12 month average of 1,535 homes for sale. Part of this is due to sellers getting their homes on the market in anticipation of the high season and I imagine that now a lot of homeowners who were previously underwater are now in a position to sell.
- Pending Homes Sales in Scottsdale: Pending sales dipped very slightly to 298. We have not seen a number this low since February of 2009. Typically, in October, this number comes in in the 400’s. I do believe that uncertainty surrounding the government shutdown during the first part of the month had an impact on this figure and I hope to see this number rebound in November.
- Scottsdale Homes Sold: A total of 326 homes sold over the month. This was better than anticipated as we went into October with only 300 pending sales. However, this number is still well behind the 12 month average of 431 home sales.
Below are two additional charts related to Scottsdale home sales.
The first is a look at how things have changed month over month for the last 12 months. As you can see inventory has been increasing quite a bit since August, while pending sales and home sales have been dropping off.
The second section looks at how much of a discount, on average, buyers have been getting off of list price. In October, we saw a slightly larger discount of 4.8% for homebuyers.
October 2013 was a lackluster month for Scottsdale home sales, although sales were higher than I had anticipated based on September’s figures. Pendings were low again, but this was most likely impacted by the government shutdown and the uncertainty it caused. Inventory is quite high again, going back to 2011 levels.
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Disclaimer: Homes for sale and pending home sales figures reflect the number of homes in that status at the end of the month. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2013 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 October 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 © 2013 Heather Tawes Nelson
