Real Estate Analysis Scottsdale Arizona

Real Estate Analysis Scottsdale Arizona

by Gene Urban

COTTSDALE, AZ REAL ESTATE HAPPENINGS

The information below outlines real estate activity for the month of July in Scottsdale, Arizona. Analysis is performed on a zip code by zip code basis.

Abbreviations used are SFH = Single Family Homes Condo = condos, lofts, town homes, patio homes DOM = Days on market.

85250 12- SFH sold 11- condo sold 83- active home listings 189- active condo/TH listings 88 - Average DOM 25- new foreclosures recorded Analysis: Number of sales increased while prices dropped in July. Stats indicate 85250 is finding some stability and headed for recovery. Foreclosure numbers rose slightly in July. SFH are fairing better than condos.

85251 21- homes sold 34- condos sold 130- active home listings 467- active condo listings 90- DOM 30- new foreclosures recorded Analysis: SFH market gained strength as sales and prices were steady. Condo/TH market is over-saturated with listings. Expect condo prices to continue declining into 4th quarter of 2008 with inventories so high. Since this is an older area and nearer Old Town and the Waterfront, we expect it to recover ahead of the pack. However, foreclosure could be a factor in recovery. May be a good time to find a condo deal or bank owned home.

85254 61- homes sold 7- condos sold 455- active home listings 129- active condo listings 114- DOM 27- new foreclosures recorded Analysis: High inventory levels are still a problem, especially for the condo market. One of the hardest hit foreclosure areas in Scottsdale., Prices will probably continue to fall. No indication for quick recovery here. If you can buy a bank owned right it could be a good long term hold/investment.

85255 52- homes sold 18- condo/townhouse sold 912- active home listings 229- active condo/TH listings 128- DOM Analysis: Sales dropped off significantly and inventory levels were very high in July. Hardest hit zip code in Scottsdale for foreclosures thus far in 2008. A bad combination of factors suggesting further price declines. We're not too surprised by the state of real estate in 85255. Many homes were built and bought in 2002-2006 and subject to the crazy loans and buying stampede. Many buyers stretched to buy the homes and variable interest rates are coming back to bite. I'd be very alert if buying in this zip code. We believe prices will continue to drop.

85257 23- homes sold 4- condos sold 154- active home listings 113- active condo listings 83- DOM 22- new foreclosures recorded Analysis: One of the best performing zip codes in Scottsdale. Homes are doing better than condos. We like the lower inventory levels in the SFH market and the southern parts of Scottsdale appear to be more stable and are probably being supported by the Waterfront developments and lower drive times. Foreclosure numbers are relatively low in this zip code suggesting prices won't be effected as much as some other areas.

85258 22- homes sold 17- condos sold 243- active home listings 243- active condo listings 120- DOM 20- new foreclosures recorded Analysis: Sales have fallen off dramatically and DOM is rising. Not unusual for this zip code in late summer. Inventory rates are in the 18 month range. Probably sluggish until November. If you wanted to live in the McCormick/Scottsdale Ranch area there are probably some good deals to be had during the summer and fall.

85259 22- homes sold 6- condo sold 410- active home listings 63- active listings 107- DOM Analysis: Home prices fell sharply in July as did the number of sales. High inventory is a problem. We like to see inventory rates in the 6-8 month range rather than the 18 months we are currently seeing. (Inventory rates are the number of months it would take, at current sales volume, to sell all the homes on the market.) On the good news front, 85259 had the fewest foreclosures in Scottsdale during July, Condos are likely to do better than SFH for the rest of the year. Again, this may be a good time to find a deal on a SFH since DOM are still pretty high and there are a lot of homes competing for your dollars.

85260 42- homes sold 32- condos sold 384- active home listings 218- active condo listings 114- DOM 37- new foreclosures recorded Analysis: The number of sales rose in July while prices dropped significantly. We feel this is partially due to the relatively large number of bank owned homes in the area... a number not likely to come down in the near future. Condo market less stable than SFH. If you were very careful, getting a great deal on a condo in 85260 is a good possibility. Keep an eye on bank owned home prices as they can significantly effect a market quickly.