May 2012 Housing Report Scottsdale

Scottsdale Residential Report- data for month of May

Homes priced from $400,000 to $1 million.
Wow! Sales continued strong in this price category as inventory continues to decline putting pressure on upward pricing. Sales increased from prior month almost 17%. This category has a modest 3 month supply of homes and is now a Seller’s market. I expect June and July to be a slower as summer season is here.

Some homes are receiving multiple offers as buyers compete for the best homes.

Homes priced from $1 million to $2 million.

Sales continued strong in this category, same level as prior month. Inventory is declining also. Now at 8 months supply it will be a sellers/buyers market in equilibrium at 6 months inventory.

Homes priced over $2 million

This category had an amazing 100% gain in sales over the prior month. This is a strong indicator of how much buyer interest in Scottsdale there has been in the last quarter.

Brief note: I still hear some people talk of "the banks releasing their inventory" as if there is some mysterious collection of homes that lenders refuse to list for sale in order to create an artificial shortage. This is an urban myth.
As of yesterday there were a total of 6,446 residential properties in Maricopa County whose current owner is a bank or lender of some sort. This is appx ½ of 1% of the homes that exist in the county.

If you are considering the sale or purchase of a Scottsdale or Paradise Valley home I would love to be of assistance. www.premierazhomes.com