Talk around town...........
Mortgage Rates fall below 4%: If there is ever a good time to buy…this is it. If you believe the real estate market will drop another 5, 7, or even 10%, that is all well and good, but, if interest rates rise to a very respectable 5%, then all that “savings” will be wiped out in higher payments and cost of the loan over time. Now is the time to buy.
North Scottsdale Average Sold Price up 12.25%: According to ARMLS, the average closed sales price for homes/condos in 85255/85266 was up 12.25% in the month of October 2011 when compared to October 2010. When comparing the more recent trend of October 2011 average price to September 2011, October gains were up an impressive 14.2%. The October 2011 average sold price was $670,673 for our area.
The Previous Stat doesn’t tell the Whole Story: Check out this trend for the North Scottsdale Average Sold Price:
October 2009: $588,114
October 2010: $588,507
October 2011: $670,673
Draw your own conclusions about where the “bottom” of the market was.
The High End is Active: In October 2011, sales of homes over $1M were up 21.7% from October 2010. Along with the increase in activity, the average sold price for homes over $1M increased 10.52% from a year ago.
Foreclosure Activity is Down: Arizona’s Mortgage Delinquency Rate is down 32% from October 2010. In addition, delinquency rate fell 25% from the second quarter and 40% from the third quarter of last year. In fact, according to RealtyTrac, out of the top 20 metro areas nationally, the only areas where foreclosure stats decreased from the previous quarter were Boise and Phoenix.
Distressed Inventory: Currently, only 27.7% of listings in Maricopa Country are either Short Sales or REO Properties. Way down from the days when 40-50% of the market was distressed. That number falls to 11.7% in North Scottsdale.
Inventory is still low: Maricopa County currently has a 3.57 month’s supply of inventory
