Scottsdale Homes for Sale
Information provided by Michael Orr - Cromford Report During August we continued the market's three month wind-down following its springtime frenzy. The basic numbers for September 1, 2012 relative to September 1, 2011 for all areas & types across ARMLS are: •Active Listings: 14,405 versus 19,216 last year - down 25% - and up 7% from last month •Pending Listings: 10,125 versus 11,508 last year - down 12% - and down 3% from last … [Read more...]
Below is an article that was released today from the Phoenix Business Journal by Kristena Hansen: The huge gains in Phoenix-area home values over the past few months have started to mellow this summer, according to the latest housing report released Thursday by Arizona State University’s W.P. Carey School of Business. In June, the median single-family home price in metro Phoenix was $150,000. That’s up 2 percent, or $3,000, from May, … [Read more...]
Client have been asking us about the 3.8% tax that will possibly go into effect in 2013. Here is what the National Association of Realtors says: Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a … [Read more...]
When clients ask us about the real estate market in Scottsdale most are surprised to hear that it is doing well. We are seeing home prices increase. The problem we are seeing right now is lack of inventory and many buyers looking for a property. With the pool of buyers increasing and the among of inventory declining, we are seeing multiple offers on homes and properties selling for over asking price. Below is commentary provided by Michael Orr of … [Read more...]
Information provided by Michael Orr of the Cromford Report in Phoenix, AZ RealtyTrac® today is claiming that "Arizona surpassed Nevada for the most foreclosures". Is this correct? Well, as with many things, it depends on what you are really counting. RealtyTrac® likes to count "foreclosure filings", a concept that I think is unique to them and also extremely misleading. This is the SUM of recorded Notices of Default (NOD) or Lis Pendens … [Read more...]
Below is commentary provide by Michael Orr of the Cromford Report - The Cromford Report™ provides detailed information to track the history and current status of the Greater Phoenix residential resale market and offers unique insight into its future direction. April 6 - The monthly median sales price for all ARMLS areas & types reached $131,000 today. This is significant because this is the highest it has been since January 30, 2009, … [Read more...]
In 2011 the Scottsdale/Phoenix real estate market experienced a relatively stable and predictable market with very little price movement. In 2012 we have a market in which dramatic change is not only to be expected, but is already happening. Prices have moved in the single month of March 2012 more than they did in the whole of 2011. In these circumstances it is very difficult to appraise homes accurately, and in many cases appraisals are coming … [Read more...]
The Phoenix/Scottsdale real estate market is behaving very differently at different price points. Below is information provided by the Cromford Report. The Cromford Report™ provides detailed information to track the history and current status of the Greater Phoenix residential resale market and offers unique insight into its future direction. Below $100,000: supply is down 63% from last year with REOs down 86% pending listings 17% … [Read more...]
ARMLS 2011 year in review focuses on the state of the Phoenix area real estate market recovery over the last 12 months, placing gains and losses over the year in perspective. Overall, ARMLS states the tale is positive. Below is information provided by ARMLS. Sales Sales rebounded in 2011 topping out at 101,436, the second highest total sales in the decade. It was surpassed only by 2005 with 104,725 sales. There were 67,950 sales in 2002, 80,052 … [Read more...]
Phoenix/Scottsdale real estate market update - have we hit the bottom? Basic principals of supply and demand would indicate so.... Information provided by the Cromford Report Sales per month- were up 3% from July and 26.5% from this time last year. Inventory - the number of properties on the market are down 3.5% from August and 37% from last year. Pending sales - are just slightly up by 0.2% from August 1, and up 17% compared with … [Read more...]
