Scottsdale reports 7month inventory on homes under a million bucks, yet while prices are hedging upwards, the city experiences a lag is sales...

I was at a party the other day and someone asked me how the market was doing. I asked them specifically which city they were referring to and they asked me to generalize about the Valley as a whole. Well, if you took a look at my previous post, how can one generalize. Our market is getting more and more local-specific from type of dwelling to exact location from neighborhood and subdivision down to the actual street with each passing day, week and month we're discoveriing what this market is truly shaping out to be. With that ...the Arizona Republic Scottsdale, reports that Scottsdale sales fell 15 percent in March from a year earlier, but median prices were up 6.7 percent from a year earlier to $635,000. Scottsdale condominium and townhome sales also fell 26 percent in March, but prices were up a fraction at $265,950. The past two years "were freak years". "We're pretty much at a normal (sales) pace now and nobody likes that," said Karl Stauffer, Scotsdale Area Association of Realtors treasurer. There is about a seven month supply of Scottsdale resale homes selling for under $1 million, an inventory that is the lowest in the Valley, he said. In March, 465 homes sold in the Scottsdale market and 280 condos and townhomes sold. Paradise Valley's median home price of $1.6 million was up less than a half-percent over last March.

Cheers,
Uzi Husain
Arizona Realtor, serving Goodyear & The Phoenix metropolitan area