SCOTTSDALE, AZ – July 13, 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.
For the past few months, SAAR has been reporting an increasingly “hot” market. The number of homes actively listed for sale has been steadily declining for five months now, while number of home sold has been increasing each month. This heavy demand and low inventory continues to nudge home prices higher. In addition, REALTORS® are reporting frequent multiple-offer situations, especially on homes under $300k.
7,861 homes sold in June, continuing the upward trend that began in February of this year. Months of inventory, or number of months it would take to sell all active listings at the current pace if no new homes were added to the market, continues to decline and is now at about 2 months. Typically, anything less than 4 months of inventory is considered a “seller’s market”.
SAAR’s forward-looking indicator, pending sales, which tracks the number of homes currently under contract that have not yet sold, has also increased for the sixth month in a row. There are currently 10,267 homes that are pending sale. Typically, homes are pending for 30 to 45 days before being sold. With sales counts typically in the range of 6000-to-9000 units per month, the large number of homes currently pending could lead us into the largest number of homes sold in a single month since 2012.
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.