April Phoenix Scottsdale Real Estate Market Report 2013

April Phoenix Scottsdale Real Estate Market Report 2013

Take a look at our brief video produced by The Cameron Team and HomeSmart giving a breakdown of the past year Metro Phoenix, Scottsdale, and McDowell Mountain Ranch housing statistics and market update.

Jeff Cameron, a HomeSmart Realtor, will update us in his video report with the following:

• How are home sellers and home buyers reacting to today’s market?
• A brief review of home sales for March 2013
• An introduction to a new home subdivision in Scottsdale

In March 2013, for the first time since December 2008, more existing single family homes were purchased with conventional loans than with cash, ending 51 consecutive months of cash purchases ruling over conventional loan purchases.  The Phoenix Business Journal reported this on April 10, 2013.

Inventory is up from a year ago, but sales are down. And sales are 10% below the 10 year average for March.

Why one asks?

Sellers are pricing higher and buyers are rejecting the prices.

Just today, we sold a home. Would you believe at $330k 20 buyers looked at it and had no interest in writing an offer? We lowered the price to $320k and sold it for full price. Buyers are acting persnickety about prices. They will pay full price when priced right, but in many cases won’t right an offer for a home just 3% over priced.

That’s what’s happening on the Streets today!

The Real Estate Market Numbers:

• Available Home Sales
• Metro Phoenix  is up 16%
• Scottsdale is up 2%
• McDowell Mountain Ranch is up 159%
• Pending Home Sales
• Metro Phoenix is down 24%
• Scottsdale is down 20%
• McDowell Mountain Ranch is down 22%
• Closed Home Sales
• Metro Phoenix is down 8%
• Scottsdale is even at 0% change
• McDowell Mountain Ranch is even at 0% change
• New Home Sales
• Metro Phoenix Down 7%
•  Price per Square Foot
• Metro Phoenix is up 26%
• Scottsdale is up 18%
• McDowell Mountain Ranch is up 18%

The Market Mix in Metro Phoenix of Foreclosures, Short Sale or Retail/Regular Available Homes:

• Available Homes Market Mix
• Foreclosures 6.6%
• Short Sales 4.8%
• Retail 88.6%
• Pending Homes Market Mix
• Foreclosures 10.2%
• Short  Sales 36.9%
• Retail/Regular 51.8%
• Closed Homes
• Foreclosures 11.6%
• Short Sales make up 15.2%
• Retail/Regular 73.2%

Can you see how the distress sales are  declining and regular sales are dominating the market?

Still a few months off from their first release, Camelot homes has 50 lots off Scottsdale road just north of Pinnacle Peak Reserve called Bacara.

The homes will be on ¼ acre lots and range from 2,900 to 4,000 sf.

Camelot builds a quality home! Remember to take your Realtor with you.

Before buying new, you should see what the resale market offers and have an agent to advise you. It cost you nothing.

Metro Phoenix event updates and local information brought to you by The Cameron Team.  

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