Scottsdale News

Sales are down from both 2011 and 2010. Only 8,480 properties sold compared to 9,452 for the same period last year and 9,129 two years ago. The same thing for pending properties: 11,996 currently while last year it was 13,326 and 14,406 two years ago. 

If you only looked at those numbers the trend would look depressing and dismal, but the reality is so much different, it's almost as extreme and surreal as it was in 2005 and 2008.

All those numbers are down from the previous periods only and only because there is a lack of inventory, or demand has driven down inventory to levels that have forced a significant change in the market trend. Lack of inventory, lots of cash out there, a volatile stock market, low interest payments in the banks and low

Spring is almost here, but it already feels like summer. Spring is also the busy season for home sales. Every city in Greater Phoenix low on inventory, even Scottsdale, though inventory is higher then in other parts of the metro area, which is normal.

( Chart: The Cromford Report )

Scottsdale was not as hard hit by the Great Recession, partially due to the higher end market, but mostly due to the fact that the area is established with long time residents, many of whom have been there for a long time and have a low mortgage or no mortgage. 

Thus long term apprecation has, for the most part, stayed in the black.

Right now there are some 2,081 homes on the market, which has been steady for the last few months. Sales have increased. The last

Unlike may other parts of metro Phoenix, Scottsdale is more in tune with the regular trends the market has followed in the past. While inventory is low and demand is high, Scottsdale settled down for the winter like it usually does this time of year. 

While inventory is low at 2,112 properties compared to 3,020 last year, the demand is lower as well. 316 homes sold in November. That brings inventory to 6.6 months, up from 5.2 months last month, but down from 9.3 months last year.

Much of this has to do with the high inventory of high priced luxury homes, which tend to follow a different cycle then the general market. That is to say, homes in Scottsdale under $400,000 are doing well and inventory is low, but homes above these price ranges had less

Unlike the most of the valley which is following an unlikely trend, Scottsdale, has fallen inline where it should be, that is with slighly lower sales and higher inventory. In fact Scottsdale has a 5 month supply of homes vs many other parts of the valley that have 2-3 months and buyers are fighting each other for homes. In Scottsdale over the last 30 days, 397 home sold which is under the 441 in July and 482 in May, but way above the dismal 303 in 2010. 

Even inventory is lower than last year at 2,003 vs. 2,956: these are certainly improvements. In Scottsdale, though, there are many more homes in the higher price brackets, especially in north Scottsdale and these homes like others throughout the valley in the higher price points are selling slow, but