Scottsdale Residential Report for May

Scottsdale Residential Report for Month of May. (data for month of April)


April was pretty much the status quo for homes priced under $1 million.

However it was a different matter for homes priced over $ 1 million- listings were pretty much the same as prior month but sales were down significantly. I don’t have any explanation other than this may normal ebb and flow of the market or perhaps the higher end is taking a breather from the prior month when sales in the higher end were up significantly. Lets watch and see what the next month shows.

I can say that in certain communities buyers have actively snapped up what they perceived as bargains and now inventory is reduced in some communities.

For April the effect of foreclosures or shadow inventory has not materialized or translated into any increase in supply as inventory in all price points is roughly the same.

For anyone looking for a bargain there are excellent opportunities especially in the over $2 million category. Paradise Valley in particular is feeling the effect of price reductions and in the over $ 3 million range there are great buys!
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