– Scottsdale Homes for Sale and Home Sales in January 2014 –
Scottsdale home sales came in low, as I had anticipated. However, we did see a bump up in pending sales that puts us back to where we were trending in the last part of last year. On the other hand, inventory jumped 18.7% between the end of December and the end of January.
SCOTTSDALE HOME SALES ACTIVITY – JANUARY 2014
Below are two charts with data on the Scottsdale real estate market and how it has been performing for the last year.
– Single-family homes for sale are depicted in red.*
– Pending home sales are depicted in green.*
– January Home Sales are depicted in purple.
JANUARY 2014 RESULTS
- Active Scottsdale Homes for Sale: Inventory saw a big bounce as we started off the new year. My guess is that many homeowners were waiting on the new year to list. At the end of January, there were over 2,200 homes on the market, well above anything we have seen in the past year.
- Pending Homes Sales in Scottsdale: Pending sales saw a nice uptick in January. We ended the month with 298 pending sales, which is lower than the 12 month average, but much improved over a quiet December.
- Scottsdale Homes Sold: Home sales suffered in January based on low pending figures in December. While this number was low, we do typically see a seasonal dip in sales in January.
Here are two additional charts that pertain to Scottsdale real estate activity.
The top section looks at the percentage change month-over-month for listed home, pending sales and completed sales. As you can see, inventory was up almost 19% in January over December, whereas pending sales saw a nice 26.3% increase.
The lower section looks at the average sales price compared to the average listed price. The difference will give you an idea of how much of a discount buyers were getting on average. In January, it was 4.1%.
Overall, January 2014 was off to a bumpy start. The large number of new homes to the market is great for buyers as there are a lot more choices. However, we have been seeing signs of the market balancing, and too much inventory could tip the scales into a stronger buyer market, hurting sellers.
However, we are moving into the high season for sales, so perhaps some of this inventory will be absorbed by buyers who were unable to find anything when inventory was so low last year.
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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: 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 2/1/2014 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 © 2014 Heather Tawes Nelson | Joyce Tawes
