SCOTTSDALE, AZ – June 11, 2015 – (RealEstateRama) — The Scottsdale Area Association of Realtors® (SAAR) recently released its monthlyMay 2015 real estate market report for Phoenix, Scottsdale, Mesa, Tempe Market Data Report, which highlights key metrics for residential real estate inventory.
The count of homes currently listed as active for sale continues to decline for the fourth month in a row. May saw a steep decline, with the active listing count dropping 18%. As is typical, this declining inventory is due to the homes currently listed for sale turning to “pending” or “sold”, without enough new homes being listed “active for sale” to replenish the inventory of what is being sold.
7,438 homes sold in May, with a total volume of $2.1 billion. This is the highest dollar volume of home sales in a single month in over two years.
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 fifth month in a row. There are currently 10,677 homes that are pending sale, more than the valley has seen at one time in over 24 months. 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.
Only 8,349 new homes were listed for sale in May, the least amount of new listings in a single month since February of this year. Dwindling active for sale inventory and increased pending and sold inventory typically lead to higher prices, as more buyers compete for fewer available homes.
The full market report can be downloaded below.
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.