Skip the fluff and give me the facts!! Scottsdale Realtors Ashley Leroux and Jeff Sibbach explain the difference between media market updates, and our true status here in Maricopa County.
See Scottsdale Az Real Estate statistics for the last 12 months.
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The amount of “distressed inventory” continues to impress us with the way that it plummets week after week.
Distressed inventory is the number of homes with an “active notice of default” combined with the number of properties that the bank currently owns.
At the beginning of 2011, the amount of homes in distress was 58,613.
At the end of May, those numbers had dropped to 45,847.
On average, the distressed inventory has fallen 2,553 homes per month over the last five months, as noted in the chart below:
What does this mean for prospective buyers and sellers in Scottsdale?
Thank goodness the math is simple, as math never was my strong suit. 
If distressed inventory continues to decline at its current rate, within 10 months it will all be gone.
My Real Estate partner and long time friend Jeff Sibbach — North Scottsdale Real Estate expert — makes some very insightful and valid points:
I wanted to put together of some factual data points that the media chooses not to print that would point to a very strong Scottsdale/Phoenix housing market and why, if you want to get a great deal on a house you should be buying right now.
1) Experts, economists and talking heads predicted our Inventory (Scottsdale AZ homes for sale) and our Shadow Inventory would swell during the first half of the year. The reality our Inventory and Shadow Inventory are off 50% during the time of their predictions. Recap: they predicted an increase of up to double the inventory in some cases, so they were off by 100%. So why are we still giving them credibility?
2) In classical economic theory, the relation between supply and demand determines the price of a commodity. This relationship is thought to be the driving force in a free market. As demand for an item increases, prices rise. Plain and simple, when there is low inventory, prices rise, coincidently that is what our real estate market looks like today yet everyone is predicting gloom and doom.
So What Now?
If you or someone you know have been considering buying or selling your Scottsdale AZ home, the bad / good news (depending on which side of the fence you are) is that home prices are likely to increase very soon. Visit ScottsdaleAzHomesForSale.com to do your own FREE home search, or contact me to set up a customized search for you.
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Ashley Leroux