Scottsdale AZ Market Report – April 2013

Scottsdale Residential Real Estate Report April 2013

Scottsdale, AZ Real Estate Market Report – April 2013

The Scottsdale, AZ Residential Real Estate Market continues to be one of the hottest buyer markets in the country. And unlike most of the Phoenix Metro area, active listings, (with the exception of April), have been slowly increasing over the past 12 months. Total Active Listings for the Scottsdale are down 3% over the past 30 days but up 15% from April 2012. And while active listings are up year over year they are no where near the amount needed to balance the market. The low number of active listings has created a strong sellers market. Traditional listings in Scottsdale are averaging only 82 DOM (days on market) and Lender Owned properties are averaging only 58 days on market.

Lender Owned (REO) and Short Sales (SS) make up less than 4% of Scottsdale’s total active listings. The column chart graphically illustrates how small that part of the market has become. Distressed properties have been absorbed much faster than many “experts” had predicted. This is great news for the vast number ofScottsdale, AZ home owners and has certainly helped year over year appreciation.

Lender Owned (REO) prices are unchanged month over month and up 23% year over year. Available Lender Owned properties have shrunk to “pre-bubble” numbers in the Scottsdale Market and many are receiving multiple offers within a few days of coming on the market.

Short Sales (SS) prices are up 11% month over month and 20% year over year. Price increases are, in part, due to the extreme low inventory of Short Sales (SS) listings in Scottsdale, AZ. There were only 37 Short Sale active listings in April.

While efforts have been made to streamline the short sale process the failure rate is still very high compared to traditional or lender owned transactions. And Pending Short Sales are still a huge bottle neck in the Scottsdale market.

Normal Sale prices are unchanged month over month and up 12% over the past 6 months and while prices may not increase at the same pace over the coming summer months, the lack of available inventory insures that they will continue to rise.

Scottsdale AZ Real Estate Market Report

What does this mean for buyers and sellers in Scottsdale, AZ :

– If you are thinking of buying a Scottsdale home in the next year or two, don’t wait, prices will continue to rise and the historically low mortgage interest rates we currently enjoy have nowhere to go but up. Buy now.

– If you are thinking of selling your Scottsdale home in the next 12 months list it now, competition (other active listings) is very low in most parts of the valley. Take advantage of the sellers market we currently enjoy before interest rates increase.

– Buyers who bought their homes a year ago have seen as much as a 34% increase in value. I believe we are going to look back on 2013 much as we do 2012, a year of great opportunity. Will you take advantage of the opportunity?

 

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Dashboard Illustration Courtesy of The Cromford Report

Please Note:All statistics and figures are reported from the Arizona Regional Multiple Listing Service (ARMLS) and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy. It is recommended that any information of special interest be verified through independent sources.