SCOTTSDALE, AZ – September 16, 2015 – (RealEstateRama) — The Scottsdale Area Association of Realtors® (SAAR) recently released its monthly Market Data Report, which highlights key metrics for residential real estate inventory in the Phoenix metro area.
The number of homes currently listed for sale dropped once again this month, making August the seventh continuous month of decreasing inventory in the Valley. This lack of inventory isn’t unique to our Phoenix metro area; many metropolitan areas across the nation are reporting a low number of homes for sale.
Tight inventory conditions, like what we are experiencing currently, usually lead to higher home prices as more buyers compete for less available homes. In August, average listing price for residential properties jumped to $516,000. That’s an over 7% increase from last month, and almost 31% increase from August 2014. Average price per square foot also increased in August, to an approximately two-year high of $175 per square foot.
Low inventory of homes for sale is also leading to faster sales. In July, 43% of properties sold in the United States spent less than a month on the market. Homes typically sell faster during the spring and summer months, but the market usually begins to slow down around July or August. Homes listed for sale in these months tend to stay on the market slightly longer than those listed in the spring. However, even as we head into the fall months, homes in Phoenix and the rest of the nation are still selling fast.
The full market report can be viewed at SAARonline.com.
Every home is different. For more information on how these trends impact your own home, contact a REALTOR® today.
About Scottsdale Area Association of REALTORS®
The Scottsdale Area Association of REALTORS® (SAAR) is a 501(c)(6) not-for-profit trade association serving more than 8,000 members. SAAR members specialize in every aspect of the real estate profession, including residential, property management and commercial, as well as supplemental services such as appraisal, financing, title, and inspection. Formed in 1963, SAAR has earned the reputation of being the Voice for Real Estate™ for the Scottsdale, Fountain Hills, Carefree and Cave Creek communities. More information can be found on SAAR’s website at www.saaronline.com.
REALTORS® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® (NAR) and subscribe to its strict Code of Ethics.
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For more information, contact: Amanda Sue Piltz, 480-945-2651, amandasue (at) saaronline (dot) com