April 2011 Real Estate Market Report for Metro Phoenix & Scottsdale by Jeff Cameron Realtor

April 2011 Real Estate Market Report for Metro Phoenix & Scottsdale by Jeff Cameron Realtor

Hi this is Jeff Cameron with Keller Williams Integrity First, Your Place On-Line to get the Real Estate FACTS!
Today’s post is the April 2011 Real Estate Market Report for Metro Phoenix & Scottsdale.
Inventory of Single Family Homes continues to drop in the metro Phoenix and Scottsdale areas. It is now at a 5 year low and stretching to the levels not seen since 2005.

 

With 21,719 single family homes on the market and 7,840 sales for the month of April in metro Phoenix, we now have a 2.7 month supply of homes. This should be a seller’s market with home prices appreciating. However, with distress properties dominating the market prices are just inching up. There are nearly 18,000 home under contract in the metro Phoenix area. Also, 8,847 homes went under contract.

I don’t believe there is the supply to continue selling homes at this rate. Just in the last week I experienced a listing of mine is Scottsdale priced at $900,000 with multiple offers, a starter home at $82,000 with multiple offers and then one of my buyers went after a home in Tatum Highlands in Phoenix and it had multiple offers. This is crazy. Buyers cannot find homes.

 

Even in Scottsdale, inventory is low and sales are surging.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home closings doubled in McDowell Mountain Ranch from March of 2011.

Closings were weak in the Foothills neighborhood, but homes under contract surged as buyers snapped up deals.