Foreclosures and short sales continue to be on the decline in Scottsdale and Phoenix. The number of normal sales is at the highest point in the last 5 years with 61% of all sales. This is a huge shift in the market from just a year and a half ago when foreclosures and short sales dominated the market. The Scottsdale real estate market has clearly changed and is improving significantly on a month by month basis. If you are considering buying a Scottsdale home the time to get serious is now.
Here is some additional information about the decline of foreclosures and short sales in our market:
1. Active Notices of trustee sale for residential properties as of the end of September 2012 were 11,899 units. Down from last month of 13,066. Down from the all-time high of December 2009 of 47,606.
2. Residential Foreclosures were at their all-time high in March 2010 at 5,451. Residential foreclosures were 1874 last month.
3. Residential foreclosure properties are sitting at 5,955 vs. last month of 5,939. Down slightly by 16 units from last month. This is down 43% from October of 2011 when there were 10,451 foreclosure properties.
4. Short Sales Represent approximately 26% of the total sales and foreclosures are down to 12.8%. As I mentioned above, normal Sales are at the highest point in the last 5 years. They represent 61% of total sales.
With interest rates near historic lows and the prices still low, the Scottsdale market is full of great opportunities for buyers. Call me to schedule a tour of any homes for sale in Scottsdale.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260