WOW: Total active listings have dropped by another 565 units over the beginning of last month. As of September 10, we sit at 27,085 Actives for Single Family Homes and Condos. Sales are at 8498 for the last 30 days (as of September 10), down by 271 from July. We are currently sitting at a 3.1 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at 2.3 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. We are in a Seller’s Market!
Short Sales represent 25% of the Closings for August (compared to 22% in July) and 39% of the active Listings for a 5.0 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 66% of the total sales for August. The listing success rate for REOs is up to 95.9% and for Short Sales is 62.8%. They are closing with greater success rate!
Closings: There were 8460 closings in August 2011 vs. 6530 closings in August 2010.
Reality Check: The Median Sold Price for Maricopa County for August 2011 was $119,000. In August 2006, the Median Sold Price was $263,879! In August 2000, the Median Sold Price was $137,000.
Luxury Market: We saw a significant drop in Luxury Sales. In the MLS, there were only 57 properties that sold for $1+ million for the month of August – and currently in the $1+ million segment, there is an 18.6 months of supply – which is up from last month’s 14.4.
Call me to schedule an appointment to see any Scottsdale or Paradise Valley homes for sale. We specialize in the NE Valley and would be happy to help you find the best deal on a great home.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260