Here is a quick insider’s look at the Phoenix Metro real estate market.
What a difference a year makes!
Comparing current market conditions on 10/15/09 to conditions one year ago, here are the highlights.
- There are 24,495 single family detached homes currently active in the MLS. That’s 220 more listings than last week.
- Total listings (including condos, patio homes and townhomes) currently active in the MLS: 31,815.
- This equates to 42% fewer listings than we had one year ago.
- One year ago we had 54,693 active listings with only 42% of the inventory selling. Today we have 31,815 listings with 64% of listings selling. More realistic pricing may be a contributor. The average list price per square foot one year ago was $183 versus $163 today.
- “Pending” sales have doubled. One year ago, 6,616 listings were pending versus 13,234 today.
The northwest and southeast Valley markets are still seeing the heaviest activity, primarily because their prices are in the highly competitive $75,000 to $200,000 range.
Latest Scottsdale Real Estate Update: Foreclosures Drive Sales
Writing for The Arizona Republic, Peter Corbett reports:
Scottsdale existing-home sales in September matched the previous month and were more than one-third higher than a year ago, but prices continue to slide, down 5 percent from August.
Scottsdale’s median home price last month, $375,000, was $10,000 lower than it was in September 2004. It shot up to $550,000 in 2005.
That is based on the latest monthly report from the Arizona State University realty-studies program.
Condominium resales in Scottsdale jumped 76 percent last month compared with a year earlier, but prices were off by 29 percent.
Foreclosures accounted for 24 percent of the 470 home sales and 29 percent of the 255 condo sales. The foreclosure rate Valley-wide was 32 percent.
What does this mean? Scottsdale continues to offer once-in-a-lifetime bargains for people who have always dreamed of owning a Scottsdale vacation home or who live here and want to move up to neighborhoods that used to be out of their financial reach.
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