My February 2009 Scottsdale Arizona Real Estate Monthly Report:
Homes listed for sale: Homes Sold:
Last year This year Last year This year
6463 5939 195 124
Not quite sure how to interpret the above data. January inventory levels shrank as sales were brisk in December. January data shows inventory rising again but I suspect it is merely adjusting back to where it headed in November before the holiday season. I will watch the next couple of months to see where the data goes and if inventory rises, flat lines or shrinks.
Homes priced under $400,000 have been selling briskly as homes are now priced where buyers who were not able to afford a home before are now able to at today’s reduced prices. Inventory in that price range has reduced to 13.2 months.
Additionally homes priced $400,000 to $1mm has seen inventory shrink as well. However homes priced over $1 million continue to be a real drag on the market as that price segment has appx. 60 months of inventory based on latest sales and inventory data available.
The over $1mm homes will have to continue to aggressively reduce prices over the next year if they wish to sell and reduce time on market which has a cost associated with it.
Conclusion: Buyers market but many of the cheaper priced homes have been picked over.
Rip Miller
http://www.premierazhomes.com/
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