North Scottsdale Real Estate Update

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North Scottsdale Real Estate statistics June Home Sale 2011

(Article originally published on AllNorthScottsdale.com)

North Scottsdale Homes for Sale (Inventory) is 2796 (as of 7/4/11) compared to 3479 (as of 4/29/11) – a 20% drop in the past 2 months (a total of 45% drop since November).

North Scottsdale Homes that are under contract 1441 – Down quite a bit from the record number last month 1709.

North Scottsdale Homes sold for June was 892 – The last several months we have been averaging around 800/month. These numbers are besting what we sold during the boom of the market in 2005.

North Scottsdale Homes Prices of sold properties averaged $148.98/sf. Basically flat for past several months.

My thoughts: It still looks like the prices North Scottsdale homes prices recorded the worst number in January and have nudge up since then. My belief that we will see appreciation from here based on two themes that are dominating today’s market. The first is Inventory is low, 2 months of supply below normal market trends. The second is distressed home inventory is decreasing at a very fast pace, off over 50% from the height of the market.

The Impact of Short Sales and Foreclosures in the North Scottsdale Real Estate Market

North Scottsdale Foreclosures and Short Sales

Foreclosure Inventory – 564 Active Short Sales and Foreclosures listed,down from 668 found just 60 days ago in early May — Currently 20.3% of the total inventory down. This number is slightly down from last quarter

Foreclosures Under Contract – There are 945 homes (pending and under contract but still marketed) with and agreement for sale – up from 1083 pending sales last month. Now, Foreclosures represent 66.3% of the total under contract up a touch from last reading.

Foreclosure Homes Sold June 2011 – totaled 410 short sales and foreclosures sold—46% of the total homes sold in the month. This number is up from earlier in the quarter but not as high as once reached. We continue to see foreclosure numbers decrease not increase, a welcomed sign.

North Scottsdale Foreclosure Homes sold in June averaged $126.79/sf per sold home- Up over 3% since April- $122.58/sf

My thoughts: We have an abundance of demand and a lack of supply. Multiple offers on well priced homes have become the norm. I had a buyer bid on a property in Desert Ridge that received 17 offers, 5 cash. Pricing pressure will now be to the upside. We continue to see bank’s lending practices (there methods of valuation for a property not their qualification criteria for the borrower) are keeping the housing market from seeing gains. We are seeing appraiser’s search for reasons not to let homes sell for what buyer’s are willing to pay even if the buyer is putting down 20%. We are seeing people with cash able to outbid and win homes over those that need to get a loan because seller knows it will not appraise. Thankfully there are lots of buyer’s with cash.

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Regards,
Jeff Sibbach

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