Scottsdale Home Sales News | The February 2008 Real Estate Market

March 08, 2009

The Scottsdale real estate market continues to decline, although slowly, but is not overwhelmed by lender owned homes.

Sales slightly increased from January 2009 to February but were down 15% from last year and down 40% from 2007 which were already slower months in the valley, though, it was the lower priced segment which first drove the market down but it's this lower priced segment which is not driving the market up in the valley.

57% of all homes sold in February 2009 were $150,000 or less. The higher priced areas of the valley took longer to decline and wer seeing a continuation of that decline now in Scottsdale and Paradise Valley and other higher priced segments where financing is more difficult to obtain or more expensive.

[Single Family Home Sales in Scottsdale]

	February '09	January '09	February '08	February '07
Active	4,086	4,027	4,375	3,234
Pending	318	265	303	453
Sold	193	180	227	322
Days on Market	209	207	150	141
Months Supply	20.2	22.8	19.1	10.3
Active $/SF	$328.07	$331.22	$361.49	$380.50
Pending $/Sf	$220.61	$220.55	$317.65	$333.61
Sold $/SF	$235.40	$241.42	$288.89	$289.76
Annual Growth in Sales	-11.30%	-6.90%	-27.30%	-9.30%
Median Price	$ 479,000	$ 485,000	$621,000	$637,000
Avg. SF	2,796	2,781	2,812	2,750

(ARMLS data via The Cromford Report | Graphed by Artur Ciesielski)

As a result of the weakening market and unlike the valley as a whole both prices and sales declined: this means the neither supply nor price is at bottom.

In some parts of the valley like Avondale, Goodyear, Surprise the bottom has been reached already in terms of supply but not prices.

In the valley 23% of active homes are lender owned while 68% of home sold are lender owned and 10% pre-foreclosure. In Scottsdale 80% of active homes are normal and 6.6% are lender owned. Only 37% of sold homes were lender owned while 47% were normal sales.