Scottsdale AZ Real Estate Market Report – October 2013

Scottsdale, AZ Real Estate Market Report-October 2013

Sctdl_SS_10_13The Scottsdale, AZ Residential Real Estate Market continues to cool. Like other parts of the valley Scottsdale active listings of resale homes has increased month over month and velocity of resale homes coming on the market has increased over the summer months. Active listings had been on a steady increase from May of 2012 until May 2013.

Active listings are up year over year, (14%) and Scottsdale is rapidly moving towards a balanced market. October’s traditional home sales in Scottsdale averaged 80 DOM (days on market) and Lender Owned properties are averaging 61 days on market.

Lender Owned (REO) and Short Sales (SS) make up less than 6% of, Scottsdale‘s total active listings. Distressed properties have been absorbed much faster than many had predicted. This is great news for the Scottsdale, AZ home owners and has helped to achieve a 14.9% year over year appreciation.

Sctdl_Distress_10_13 Lender Owned (REO) prices have been steadily increasing over the past year from $129 per sq ft. to $161. This is due in large part to the incredibly small number of Available Lender Owned properties, only 24 in October. REO’s have almost shrunk to “pre-bubble” numbers in the Scottsdale Market.

Short Sales (SS) prices are up 9% month over month and 16% year over year. Short Sale prices have fluctuated somewhat but overall have been steadily increasing since May of 2012. Fluctuations are, in part, due to the extreme low inventory of Short Sales (SS) listings in Scottsdale, AZ. There were only 72 Short Sale active listings in October with only 16 closing.

While efforts have been made to improve the short sale process the failure rate is still very high compared to traditional or lender owned transactions. Short sales are still taking almost three times as long to close as a traditional sale.

Normal Sale prices are up slightly month over month and up almost 15% year over year and while prices may not increase at the same pace over the coming three months, the lack of available inventory virtually insures that they will continue to rise.

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

If you are thinking of buying an 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. Tighter mortgage lending rules are going into effect in January of 2014 which will make it more difficult for home buyers to qualify for a mortgage at the lowest interest rates. Buy now.

If you are thinking of selling your Scottsdale home in the next 12 months list it now, competition (other active listings) is still low in many parts of the valley. We are still in a sellers market but rapidly moving to a balanced market, probably by the end of 2013. Take advantage of the sellers market we currently enjoy before interest rates increase.

Buyers who bought a home in Scottsdale a year ago have seen as much as a 14.9% 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?

If you are thinking of buying or selling a home in Phoenix or Scottsdale

I offer a Free Personalized Market Report

As an informed buyer or seller you’ll make better decisions.

E-mail Nancy@NancyLaswick.com or call (602) 793-1627

 

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All content in this post is protected by copyright. © Nancy Laswick 2013. All Rights Reserved.

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

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