Metro Phoenix and Scottsdale Real Estate Market Report for August 2010 by Jeff Cameron

August Market Report for Metro Phoenix and Scottsdale

Basics

Inventory of SFR         30K    up 4%

but last month increased 6% to rate of increase is declining

Pending Homes        13.3K  down 5%

but last month it dropped 7% rate is declining

Closed                 6,323 UP 5%

breaking the trend caused by the expiration of the tax credit

New Sales, homes under contract in August   5,345 up 12%

not only did this break the trend, but seasonally home sale drop from July to August. They don’t increase 12%

New to the market 6545 down 1%

Months of supply is 4.8 months

product Mix for August was

COE             Pend                 Available

REO    36%                23%                      20%

SS        33%                 56%                      31%

Retail   33%                 21%                       49%

For the first time Short Sale closings were over 2,000

65% of closings are vacant

52% of pending are vacant

52% of available are vacant