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Jeff Cameron

HomeSmart

480-652-2004

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Real Estate Market Report Metro Phoenix and Scottsdale by Jeff Cameron Realtor HomeSmart

March 7, 2018 By Jeff Cameron

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Hi it’s Jeff Cameron your family Realtor at HomeSmart here Live from in north Scottsdale.

I know its been a while since my last report, I apologize. I have had a lot of personal stuff going on. I commit to being your eyes and ears for the Real Estate Market here in the Metro Phoenix area. When it comes to Real Estate, I want to be your choice for information, advise and action. Can you believe it is March already?

Have you seen all the building going on? I am amazed and it is exciting to see!

Let’s talk about the Real Estate market!

INVENTORY IS WEAK(LOW)

First, Inventory has not been this low since 2013, remember prices bounced in 2013. I am not calling for a bounce, I don’t predict future markets, I interpret today’s market. Today there are 13,789 SFR for sale valley wide. Let’s put that in perspective, in January 2011, there were over 30,000 homes for sale. Inventory is TIGHT! We have 2.4 month supply based on February’s closings, but only 1.9 month supply based on the number of homes sold in February.

ACTIVITY IS STRONG

There are 9,692 homes in the Pending Status. There is only a 1.4 month supply based on Pending home sales. 5,705 homes closed escrow in February. 7,253 homes went under contract last month. Compared to the closings you can see the jump as we moved into the selling season.

PRICES ARE STRONG

The Average Price Per Square Foot, APPSF, is $155 valley wide, $241 in Scottsdale and $261 in McDowell Mountain Ranch. The valley average is up 8% from last year and 1% from last month.

BUT WHAT IS HAPPENING OUT THERE?

First, the entry level market is on fire. Generally that is under $250,000, but could be different for your area. Unlike 2005, buyers are not just buying any home and running the price up. They are paying for upgrades, improvements and modern styles. Many of my home sellers are choosing to upgrade their home prior to selling. Let me point out there is a difference between upgrading and fixing differed maintenance! We are seeing large swings in prices of the same floor plan in the same neighborhood based on things such as White Shaker Cabinets verses some type of Maple; modern bathrooms verses dated tile or cultured marble; luxury backyards and a pool. I am shocked to see how many buyers do not want the Tuscan look of travertine and brown granites.

So what is happening in your neighborhood to your home? Does it make sense to remodel? What colors?

I am always here for YOU and ANY Questions you may have, wether your buying/selling or not!

Call me ….. text me …. or email me….

This was Just my opinion….

Jeff Cameron 480-652-2004.

HomeSmart

I want to be your Realtor… What can I do for you today?

Here is a look at the numbers…

As of March 1, 2018, the numbers are below for Single Family Home Sales.

Area Available Homes % chg

Last year

% chg

Last Month

Pending % chg

Last year

% chg

Last Month

Closed

Home

Sales

% chg

Last year

% chg

Last Month

PPSF % chg

Last year

% chg

Last Month

New Sales % chg

Last year

% chg

Last Month

Months Supply

Based on closed

Months Supply

Based on new Sales

Metro Phoenix 13789 -17% -1% 9692 -8% 18% 5,705 -7% 14% $155 8% 1% 7253 -7% 14% 2.4 1.9
Scottsdale 2008 -17% 1% 706 -5% 17% 416 17% 10% $241 4% -2%
McDowell Mtn Ranch 58 9% 2% 41 58% 41% 19 27% 58% $261 4% 3%
Tatum & Bell 11 -27% 57% 12 20% 9% 8 14% -11% $187 13% 8%

Filed Under: How's The Market, Latest News, Market Report, Market Reports, Phoenix, Recent Buyer News, Recent Seller News, Scottsdale Tagged With: 2018, Home Sales, Jeff Cameron Realtor, March, market report, real estate, realtor

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Jeff Cameron

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8388 E Hartford Ave,
Scottsdale, AZ 85255

Jeff: 480-652-2004

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