On Scottsdale Real Estate Blog

Scottsdale Real Estate Market Update - #7

Steve Belt — Mon, 04 Aug 2008 03:26:14 +0000

For ARMLS, the new FlexMLS went live Monday (July 28, 2008). Actually, it wasn’t really live on Monday, as new listings I needed to enter could not be saved on Monday. Tuesday, however, I was able to save new listings. Accordingly, I suspect there are still some data integrity problems with what we see in MLS. One data point worth noting is the drop off in pending sales this week. I suspect this is the seasonal impact that results from the start of school August 11.

Currently, Scottsdale has 3871 homes for sale, down by 55; 328 home sales are pending, down by 25; and 285 homes were sold in the last 30 days, up by 51. This results in 13.6 months of supply. As well, Scottsdale has 1765 condos for sale, down by 45; 125 condo sales are pending, down by 27; and 136 condos were sold in the last 30 days, up by 6, resulting in 13.0 months of supply.

The following is a breakdown of single family homes statistics for the 6 price categories I’ve selected for Scottsdale:

Price	Homes for Sale	Sales Pending	Sold
$0-$300,000	213 2	57 3	44 6
$300,001 - $500,000	741 0	100 14	108 13
$500,001 - $750,000	879 12	77 1	62 3
$750,001 - $1,000,000	620 22	31 3	33 0
$1,000,001 - $2,000,000	810 35	48 5	31 2
$2,000,001+	605 11	15 1	7 0

*Notes: All data via ARMLS, and is deemed reliable, but is not guaranteed. All sold properties were sold in the last 30 days. The following trend indicators are relative to the previous week’s update:

Positive move upward Positive move downward

Negative move downward Negative move upward

Scottsdale Real Estate Market Update - #6

Steve Belt — Mon, 28 Jul 2008 02:18:14 +0000

For ARMLS, the new FlexMLS goes live tomorrow (July 28, 2008). As a result of the change over from Tempo, all data updates have been frozen since Friday morning. Therefore the accuracy for this update is certainly off, as changes in statuses for Friday, Saturday, and today (particularly closings on Friday) are not reflected in the numbers below. Next week, I expect bigger changes than we would otherwise expect, as the new data pours into the system on Monday/Tuesday to catch up from over the weekend.

Currently, Scottsdale has 3926 homes for sale, up by 11; 353 home sales are pending, down by 18; and 234 homes were sold in the last 30 days, down by 67. This results in 16.8 months of supply. As well, Scottsdale has 1810 condos for sale, up by 25; 152 condo sales are pending, down by 2; and 130 condos were sold in the last 30 days, down by 4, resulting in 13.9 months of supply. The following is a breakdown of single family homes statistics for the 6 price categories I’ve selected for Scottsdale:

Price	Homes for Sale	Sales Pending	Sold
$0-$300,000	215 2	60 6	38 2
$300,001 - $500,000	741 13	114 6	95 5
$500,001 - $750,000	867 12	76 5	65 6
$750,001 - $1,000,000	642 10	34 3	33 7
$1,000,001 - $2,000,000	845 8	53 3	29 4
$2,000,001+	616 6	16 1	7 2

Positive move upward Positive move downward

Negative move downward Negative move upward

Scottsdale Real Estate Market Update - #5

Steve Belt — Mon, 21 Jul 2008 02:15:28 +0000

This update comes via data in the new FlexMLS system, which is due to be released on July 28, 2008. Until FlexMLS goes live, the data is being updated once a day with the data that is in Tempo. Some data discrepancies may exist, but in spot checking, it seems more than accurate enough for the reporting on this blog.

Currently, Scottsdale has 3915 homes for sale, down by 15; 335 home sales are pending, down by 4; and 301 homes were sold in the last 30 days, down by 5. This results in 13.0 months of supply. As well, Scottsdale has 1785 condos for sale, up by 101; 150 condo sales are pending, down by 4; and 134 condos were sold in the last 30 days, up by 6, resulting in 13.3 months of supply. The following is a breakdown of single family homes statistics for the 6 price categories I’ve selected for Scottsdale:

Price	Homes for Sale	Sales Pending	Sold
$0-$300,000	217 4	54 4	40 1
$300,001 - $500,000	728 8	108 1	100 1
$500,001 - $750,000	879 20	71 7	79 2
$750,001 - $1,000,000	632 3	31 3	40 4
$1,000,001 - $2,000,000	837 1	56 2	33 6
$2,000,001+	622 3	15 1	9 1

Positive move upward Positive move downward

Negative move downward Negative move upward

Scottsdale Real Estate Market Update - #4

Steve Belt — Mon, 14 Jul 2008 03:02:34 +0000

Currently, Scottsdale has 3930 homes for sale, down by 13; 339 home sales are pending, up by 7; and 306 homes were sold in the last 30 days, down by 20. This results in 12.8 months of supply. As well, Scottsdale has 1684 condos for sale, down by 3; 154 condo sales are pending, down by 17; and 128 condos were sold in the last 30 days, down by 9, resulting in 13.1 months of supply.

The following is a breakdown of single family homes statistics for the 6 price categories I’ve selected for Scottsdale:

Price	Homes for Sale	Sales Pending	Sold
$0-$300,000	213 1	50 0	39 1
$300,001 - $500,000	720 8	107 1	101 2
$500,001 - $750,000	899 0	78 6	81 8
$750,001 - $1,000,000	635 3	34 1	36 6
$1,000,001 - $2,000,000	838 7	54 2	39 2
$2,000,001+	625 6	16 1	10 1

Positive move upward Positive move downward

Negative move downward Negative move upward

Loop 101 photo enforcement ends

Steve Belt — Tue, 08 Jul 2008 23:31:42 +0000

Effective July 1, 2008, the city of Scottsdale has ended the one year agreement it had with the Arizona Department of Public Safety to continue Loop 101 photo enforcement. With construction shutting down some of the cameras, along with the new bill passed into law for sate wide photo enforcement, the City of Scottsdale decided now was a good time to end their enforcement/involvement.

Scottsdale city court will still process all citations issued through the end of June.

According to the East Valley Tribune, it is unclear whether the existing fixed cameras will go back into effect once construction is complete, and once the contract for state wide photo enforcement is awarded.

Scottsdale Real Estate Market Update - #3

Steve Belt — Mon, 07 Jul 2008 05:19:23 +0000

Currently, Scottsdale has 3943 homes for sale, down by 111; 332 home sales are pending, down by 22; and 326 homes were sold in the last 30 days, down by 28. This results in 12.1 months of supply. As well, Scottsdale has 1687 condos for sale, down by 43; 137 condo sales are pending, down by 14; and 137 condos were sold in the last 30 days, down by 1, resulting in 12.3 months of supply.

The following is a breakdown of single family homes statistics for the 6 price categories I’ve selected for Scottsdale:

Price	Homes for Sale	Sales Pending	Sold
$0-$300,000	214 12	50 1	40 0
$300,001 - $500,000	728 13	108 8	103 12
$500,001 - $750,000	899 22	72 4	89 8
$750,001 - $1,000,000	638 13	35 2	42 3
$1,000,001 - $2,000,000	845 41	52 3	41 3
$2,000,001+	619 34	15 3	11 2

*Notes: All data via ARMLS, and is deemed reliable, but is not guaranteed. All sold properties were sold in the last 30 days.

The following trend indicators are relative to the previous week’s update:

Positive move upward Positive move downward

Negative move downward Negative move upward

DC Ranch Market Update - #1

Steve Belt — Sat, 05 Jul 2008 18:09:39 +0000

I hope everyone reading had a safe and fun 4th of July. I took the day away from the blog, so here is the DC Ranch update on Saturday, instead of Friday.

For the Scottsdale subdivision of DC Ranch, there are currently 120 single family homes actively listed for sale, there are 13 homes with sales pending, and 11 homes closed escrow (sold) in the last 30 days, resulting in 10.9 months of supply. Homes currently range in price and size from $500,000 for 1853 square feet, to $5,395,000 for 8121 square feet.

Status	Price Range	# Homes	Average Size	Average Price	Median Price
Active	$0-$750,000	40	2681 sq ft	$666,240	$672,000
Active	$750,001-$1,000,000	22	3195 sq ft	$850,586	$800,000
Active	$1,000,001 - $2,000,000	37	3921 sq ft	$1,401,727	$1,350,000
Active	$2,000,001+	21	6085 sq ft	$3,451,190	$3,345,000
Active	All PRICES	120	3753 sq ft	$1,414,178	$998,000

Pending	$0-$750,000	3	2989 sq ft	$624,466	$599,900
Pending	$750,001-$1,000,000	2	3434 sq ft	$789,450	$789,450
Pending	$1,000,001 - $2,000,000	7	4390 sq ft	$1,507,343	$1,575,000
Pending	$2,000,001+	1	4800 sq ft	$2,075,000	$2,075,000
Pending	ALL PRICES	13	3951 sq ft	$1,236,823	$1,150,000

Sold	$0-$750,000	6	2139 sq ft	$555,000	$522,500
Sold	$750,001 - $1,000,000	2	2943 sq ft	$913,750	$913,750
Sold	$1,000,001 - $2,000,000	3	4379 sq ft	$1,553,333	$1,505,000
Sold	$2,000,001+	0	—- sq ft	$-,—,—	$-,—,—
Sold	ALL PRICES	11	2896 sq ft	$892,500	$641,000

*Note: All data via ARMLS, and is deemed reliable, but is not guaranteed. All sold properties were sold in the last 30 days, and noted prices are SOLD prices, while active and pending prices are ASKING prices.

Scottsdale Real Estate Market Update - #2

Steve Belt — Sun, 29 Jun 2008 17:24:42 +0000

Currently, Scottsdale has 4054 homes for sale, down by 14. 354 home sales pending, down by 12. And 354 homes were sold in the last 30 days, up by 28. This results in 11.5 months of supply. As well, Scottsdale has 1730 condos for sale, down by 3. 151 condo sales are pending, down by 4. And 138 condos were sold in the last 30 days, down by 6, resulting in 12.5 months of supply.

The following is a breakdown of single family homes statistics for the 6 price categories I’ve selected for Scottsdale:

Price	Homes for Sale	Sales Pending	Sold
$0-$300,000	202 3	51 2	40 8
$300,001 - $500,000	741 10	116 4	115 2
$500,001 - $750,000	921 4	76 1	97 8
$750,001 - $1,000,000	651 2	37 4	45 1
$1,000,001 - $2,000,000	886 15	55 1	44 5
$2,000,001+	653 10	18 2	13 2

*Notes: All data via ARMLS, and is deemed reliable, but is not guaranteed. All sold properties were sold in the last 30 days.

The following trend indicators are relative to the previous week’s update:

Positive move upward Positive move downward

Negative move downward Negative move upward

McDowell Mountain Ranch Market Update - #1

Steve Belt — Fri, 27 Jun 2008 23:56:10 +0000

Every Friday, one of the 4 primary communities I am following (McDowell Mountain Ranch, DC Ranch, Windgate Ranch, and Silverleaf) will get its own market update. In combination with the weekly Scottsdale update on Sundays that should be more than enough market updates for even the die hard statistics junky.

I will need to point out in advance, that our MLS, in combination with the agents that enter listings into MLS has relatively poor data quality. As an example, a home in McDowell Mountain Ranch may be listed as:

McDowell Mountain Ranch
Mc Dowell Mountain Ranch
McDowell Mtn Ranch
MMR

Further, a home that isn’t actually in McDowell Mountain Ranch (for example, homes in Horseman’s park, which is adjacent to MMR, are often listed in McDowell Mountain Ranch. That’s an MLS rules violation, and when I find them I do report them, but the reality is, I can’t find them all.

My point? I’m reporting data from our MLS, which has about an 80-90% accuracy rate. There will be listings I unfortunately miss and listings I include, which I shouldn’t. I apologize in advance, but there’s little I can personally do about the quality of the data within MLS. I’m told that in July, with the move to FlexMLS, data quality may improve. I can only hope!

And with all of that disclosure out of the way, on to the update. In McDowell Mountain Ranch, there are currently 149 homes actively listed for sale, there are 17 homes with sales pending, and 24 homes closed escrow (sold) in the last 30 days, resulting in 6.2 months of supply.

Homes currently range in price and size from $349,000 for 1478 square feet, to $3,150,000 for 5130 square feet.

Status	Price Range	# Homes	Average Size	Average Price	Median Price
Active	$0-$500,000	28	1911 sq ft	$458,971	$471,548
Active	$500,001-$750,000	45	2362 sq ft	$605,643	$595,000
Active	$750,001-$1,000,000	54	3236 sq ft	$850,598	$849,750
Active	$1,000,001 -	22	3961 sq ft	$1,515,900	$1,262,500
Active	All PRICES	149	2830 sq ft	$804,880	$759,900

Pending	$0-$500,000	8	1664 sq ft	$412,700	$402,000
Pending	$500,001-$750,000	3	2767 sq ft	$624,667	$625,000
Pending	$750,001-$1,000,000	2	3863 sq ft	$879,500	$879,500
Pending	$1,000,001 -	4	3750 sq ft	$1,361,000	$1,445,000
Pending	ALL PRICES	17	2608 sq ft	$728,153	$550,000

Sold	$0-$500,000	8	1994 sq ft	$407,863	$410,000
Sold	$500,001-$750,000	8	2493 sq ft	$597,875	$582,750
Sold	$750,001-$1,000,000	6	3332 sq ft	$823,500	$853,000
Sold	$1,000,001 -	2	3696 sq ft	$1,180,000	$1,180,000
Sold	ALL PRICES	24	2637 sq ft	$639,454	$852,750

Subdivision Spotlight: Montecito at McDowell Mountain Ranch

Steve Belt — Wed, 25 Jun 2008 23:37:25 +0000

The Montecito subdivision at McDowell Mountain Ranch has 77 homes built by Greystone Homes from 1997 through 1999. The homes are a mix of single-story and two-story, with a 3 car garage standard. Sizes range from 2212 square feet to 3642 square feet, while the average home has 2538 square feet. Nearly 70% of the homes have pools.

Currently, Montecito has just 3 homes for sale, ranging in asking price from $584,900 for 2212 square feet to $675,000 for 3089 square feet.

One thing I’ve always liked about the homes at Montecito, is the architectural detail that was put into the homes by Greystone. The front door of the home pictured above was one of the former models, but all that has changed in 10 years is the color of the paint. The concrete columns flanking the porch, with the optional rock facade and varied roof line are found throughout the community.

This next home is the largest floor plan, and features a split 3 car garage that creates a courtyard between the single car and the two car portions. Notice also the detailing of the divided light window above the front door. Greystone put a number of touches just like this into their homes, at a time when most builders were building big square boxes, with little architectural interest.