In this Phoenix, AZ and Scottsdale, AZ real estate market update Geoff Lilienfeld, Scottsdale Realtor, reviews the latest version of STAT, a monthly real estate market report put out monthly by the Arizona Regional MLS (ARMLS)
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If you'd prefer to read a transcript of this July Arizona real estate market update here it is:
Hi, this is Geoff Lilienfeld with the Kay-Grant Group. Coming to you today from the Optima Camelview Village in Old Town Scottsdale to take a look at the July 2016 issue of STAT. STAT is put out by the Arizona Regional MLS and gives some real estate statistics around the Phoenix and Scottsdale metro area markets.
What we want to take a look here at, really more than anything, are the year over year comparisons. We can see that sales are down 13.9% month over month, but that's of course expected with the way that the summers go here in Arizona. Year over year, we do see a decrease of 3.6%. There is a significant decrease in the number of sales. Now, one thing that we want to compare that to here is our new inventory and total inventory. We'll also see that new inventory is down 3.6% as well year over year. At the same time, our total inventory actually has an increase of 3.4%. What that tells you is that there is definitely still inventory sitting on the market.
If you are interested in investing in real estate, now is definitely a good time to take a lot at what's out there and maybe consider making some offers. I know a lot of times, people worry that their real estate agent will not want to make aggressive offers. I would say, generally, that is not the case. We are always certain the offer, happy to present all offers on behalf of our clients. Definitely, I think now, with this amount of stale inventory, it's definitely a good time to consider going out and making some offers while these units are sitting on the market.
If we come down and we take a look at sales prices year over year, we can see that the sales prices have continued to really be on the rise. With an increase of 3.5% on average and a median increase of 6.1%, the real estate market around here in the Phoenix metro area is really continuing to pick up, but because of the summer and the cyclical trends, there is still inventory sitting on the market. Again, if you are interested in investing, now is a great time to take a look at some of this inventory that's out there.
My wife and I, we, as well as being realtors and managing members of the Kay-Grant Group, we do also own investment properties in Old Town Scottsdale ourselves. I can tell you that we are presently actively pursuing additional properties for this reason. If you take a look at the distressed properties, these, as we've seen in the past, are definitely down the number of distressed properties as we continue to rebound from the market crash. You're not necessarily going to get the best deals by trying to find your foreclosures and short sales. Honestly, that's been the case for a little bit, but really what you want to be out there looking for are going to be these properties that are otherwise probably pretty good properties, but that have been sitting on the market a little bit due to this cyclical nature of real estate in Arizona.
If you have any questions about this STAT, about the real estate market in general around Arizona, we do have a focus on Scottsdale, Phoenix, Tempe, the Valley area, especially Old Town Scottsdale real estate, as that's where we own our investments and we work with a ton of Old Town Scottsdale condo buyers. You can, of course, view all of the inventory that is available on the MLS on our website at www.kay-grant.com. Also, please feel free to call or text my wife Andrea. 480-387-3990. We would be happy to help you understand investing, look for investment properties, or if you're just interested in maybe seeing what's out there right now for a home. Please, give us a call. Also, if you're interested in listing your house or condo, we always have the most aggressive marketing strategies, and we would absolutely love the opportunity to share what our marketing strategy looks like and to execute that marketing strategy to get your home sold.
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