The Arizona Regional Multiple Listing Service reports that 7,249 homes sold in February, up 1.3 percent from a year ago. “Sales above 7,000 units are seen as robust for the Valley’s market,” the report said. Median sale prices also rose, to $122,000 — up from $108,300 in May of 2011.
The total number of homes on the market dipped 5.2 percent from the previous month, to 23,736. Inventory is down 41.6 percent since February 2011, which the RMLS considers a healthy correction that is key in restoring home prices.
Foreclosures continued to decline, to 17,833. That’s a 65 percent increase from the worst period in the market in November 2009.
I believe that the Scottsdale real estate market recovery will be slow but steady. All the statistics and metrics are moving in the right direction.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260