I will post the December market report in next couple of days. Have agreat holiday season!
http://www.premierazhomes.com/
Wednesday, December 9, 2009
Friday, December 4, 2009
My take on current luxury market
I have a gut feel that the Scottsdale luxury market is picking up in unit sales in the $400,000 to under $ 1 million range as I have noticed more inquiries on my website http://www.premierAZhomes.com in that price range. Seems Canadians are actively looking at this market in strong numbers. I will pull some data later this week to see what it reveals and post such soon.
Monday, November 16, 2009
November 2009 Scottsdale Residential Report
(Data thru end of month October)
October is typically a slow month for sales which is normal for this time of year. However sales were fairly strong for homes priced under $1.5 million and especially the $500,000 to $1 million range.
Homes priced $500,000 to $1 million show continued robust activity as inventory has shrank considerably and sales have been relatively strong.
For homes priced over $1 million this was a month maintaining the status quo for sales which is a good sign as October is usually a slower month.
Homes over $1.5 million and especially over $2 million still have large inventories.
Homes priced $400,000 to $999,999.
New Listings Active Listings Sold Listings Months Inventory
Oct/2009 65 377 165 2.28
Sep/2009 134 616 147 4.19
Aug/2009 160 820 153 5.36
Jul/2009 218 1,004 181 5.55
Jun/2009 238 1,216 186 6.54
May/2009 254 1,511 164 9.21
Apr/2009 293 1,723 165 10.44
Mar/2009 330 1,901 113 16.82
Feb/2009 374 1,935 94 20.59
Jan/2009 447 1,938 78 24.85
Homes priced $1 million plus.
New Listings Active Listings Sold Listings Months Inventory
Oct/2009 205 1,116 41 27.22
Sep/2009 154 1,059 44 24.07
Aug/2009 132 1,051 35 30.03
Jul/2009 108 1,128 46 24.52
Jun/2009 104 1,248 47 26.55
May/2009 131 1,396 41 34.05
Apr/2009 131 1,490 42 35.48
Mar/2009 180 1,551 38 40.82
Feb/2009 194 1,543 30 51.43
Jan/2009 270 1,487 21 70.81
(Data thru end of month October)
October is typically a slow month for sales which is normal for this time of year. However sales were fairly strong for homes priced under $1.5 million and especially the $500,000 to $1 million range.
Homes priced $500,000 to $1 million show continued robust activity as inventory has shrank considerably and sales have been relatively strong.
For homes priced over $1 million this was a month maintaining the status quo for sales which is a good sign as October is usually a slower month.
Homes over $1.5 million and especially over $2 million still have large inventories.
Homes priced $400,000 to $999,999.
New Listings Active Listings Sold Listings Months Inventory
Oct/2009 65 377 165 2.28
Sep/2009 134 616 147 4.19
Aug/2009 160 820 153 5.36
Jul/2009 218 1,004 181 5.55
Jun/2009 238 1,216 186 6.54
May/2009 254 1,511 164 9.21
Apr/2009 293 1,723 165 10.44
Mar/2009 330 1,901 113 16.82
Feb/2009 374 1,935 94 20.59
Jan/2009 447 1,938 78 24.85
Homes priced $1 million plus.
New Listings Active Listings Sold Listings Months Inventory
Oct/2009 205 1,116 41 27.22
Sep/2009 154 1,059 44 24.07
Aug/2009 132 1,051 35 30.03
Jul/2009 108 1,128 46 24.52
Jun/2009 104 1,248 47 26.55
May/2009 131 1,396 41 34.05
Apr/2009 131 1,490 42 35.48
Mar/2009 180 1,551 38 40.82
Feb/2009 194 1,543 30 51.43
Jan/2009 270 1,487 21 70.81
Monday, May 18, 2009
We have now seen 4 months in a row of decreasing inventory. Homes listed for sale have decreased significantly in the under $1 million price range. Homes under $400,000 have literally been flying off the shelf (today the Phoenix metro MLS shows less than a 6 month inventory exists as investors have been extremely active in the last 60 days snapping up bargains).
Homes priced over $ 1 million will continue to see pressure to reduce their prices as many of these homes are unrealistically priced as owners have continued to believe the market has changed and don’t understand the impact of bank owned homes that are realistically priced and setting the new benchmarks for pricing in many instances.
Have we reached the bottom? In homes priced under $600,000 we may be close and we will be there for a while. Over $1 million still going down. Homes priced under $300,000 – you missed the boat.
www.premierAZhomes.com
Homes priced over $ 1 million will continue to see pressure to reduce their prices as many of these homes are unrealistically priced as owners have continued to believe the market has changed and don’t understand the impact of bank owned homes that are realistically priced and setting the new benchmarks for pricing in many instances.
Have we reached the bottom? In homes priced under $600,000 we may be close and we will be there for a while. Over $1 million still going down. Homes priced under $300,000 – you missed the boat.
www.premierAZhomes.com
Tuesday, April 14, 2009
March Scottsdale Report
As the numbers show inventory is decreasing significantly as buyers are snapping up great deals and we may be moving out of the bottom for inventory. Prices will continue to decrease or be flat in over $1 million while my guess is we are at the bottom or very close to the bottom for pricing of homes $400,000 to appx. $600,000.
This is a great time to buy and interest rates are at an all time low! Many clients tell me they think they may wait a few more months and while prices will still be great for buyers the best of breed inventory in some price points is dwindling (as the numbers above indicate).
This is the worst real estate market in the history of Phoenix and the greatest economic challenge America has faced in all of our lifetimes. In other words this may well be the best buy opportunity in a lifetime.
The economy is an unknown wild card in this equation.
http://www.premierazhomes.com/
This is a great time to buy and interest rates are at an all time low! Many clients tell me they think they may wait a few more months and while prices will still be great for buyers the best of breed inventory in some price points is dwindling (as the numbers above indicate).
This is the worst real estate market in the history of Phoenix and the greatest economic challenge America has faced in all of our lifetimes. In other words this may well be the best buy opportunity in a lifetime.
The economy is an unknown wild card in this equation.
http://www.premierazhomes.com/
Wednesday, February 25, 2009
My latest press release- tooting my own horn!
RIP MILLER, Scottsdale Realtor Represents Buyer of Unique Luxury Home
Scottsdale, Arizona, 25, February, 2009 - Rip Miller of Russ Lyon Sotheby's International Realty located in Scottsdale, Arizona recently represented the buyer of a $2.5 million dollar home located in North Scottsdale, Arizona.
The property was originally listed for $3.5 million and situated on 1.25 acres in the northeast Shea corridor.
This privately gated estate is an entertainer's dream and met the buyer's criteria of a place to entertain family and business guests. The backyard is one-of-a-kind and is the perfect place to gather family and friends. The fun begins with a swim-up bar, outdoor kitchen, rain curtain, fire rocks, 2 fireplaces, 2 flat screen TV's, outdoor stainless Viking and Turbo appliances, heaters, and sport court.
The guest residence is about 1150 sq. ft. and offers two bedrooms and baths, and a greatroom with kitchen conveniences.
Warm interiors of natural stone, fresco's and custom details welcome guests into the main residence with 5 bedrooms, 5 1/2 baths, greatroom, formal living and dining rooms and office.
Beds/Baths: 7 / 7.5
Square Feet: 6,650
Rip Miller specializes in representing Buyers and Sellers of unique luxury homes in Scottsdale, Carefree and Paradise Valley Arizona.
http://www.premierAZhomes.com
Scottsdale, Arizona, 25, February, 2009 - Rip Miller of Russ Lyon Sotheby's International Realty located in Scottsdale, Arizona recently represented the buyer of a $2.5 million dollar home located in North Scottsdale, Arizona.
The property was originally listed for $3.5 million and situated on 1.25 acres in the northeast Shea corridor.
This privately gated estate is an entertainer's dream and met the buyer's criteria of a place to entertain family and business guests. The backyard is one-of-a-kind and is the perfect place to gather family and friends. The fun begins with a swim-up bar, outdoor kitchen, rain curtain, fire rocks, 2 fireplaces, 2 flat screen TV's, outdoor stainless Viking and Turbo appliances, heaters, and sport court.
The guest residence is about 1150 sq. ft. and offers two bedrooms and baths, and a greatroom with kitchen conveniences.
Warm interiors of natural stone, fresco's and custom details welcome guests into the main residence with 5 bedrooms, 5 1/2 baths, greatroom, formal living and dining rooms and office.
Beds/Baths: 7 / 7.5
Square Feet: 6,650
Rip Miller specializes in representing Buyers and Sellers of unique luxury homes in Scottsdale, Carefree and Paradise Valley Arizona.
http://www.premierAZhomes.com
Scottsdale market report - February 2009
My February 2009 Scottsdale Arizona Real Estate Monthly Report:
Homes listed for sale: Homes Sold:
Last year This year Last year This year
6463 5939 195 124
Not quite sure how to interpret the above data. January inventory levels shrank as sales were brisk in December. January data shows inventory rising again but I suspect it is merely adjusting back to where it headed in November before the holiday season. I will watch the next couple of months to see where the data goes and if inventory rises, flat lines or shrinks.
Homes priced under $400,000 have been selling briskly as homes are now priced where buyers who were not able to afford a home before are now able to at today’s reduced prices. Inventory in that price range has reduced to 13.2 months.
Additionally homes priced $400,000 to $1mm has seen inventory shrink as well. However homes priced over $1 million continue to be a real drag on the market as that price segment has appx. 60 months of inventory based on latest sales and inventory data available.
The over $1mm homes will have to continue to aggressively reduce prices over the next year if they wish to sell and reduce time on market which has a cost associated with it.
Conclusion: Buyers market but many of the cheaper priced homes have been picked over.
Rip Miller
http://www.premierazhomes.com/
Homes listed for sale: Homes Sold:
Last year This year Last year This year
6463 5939 195 124
Not quite sure how to interpret the above data. January inventory levels shrank as sales were brisk in December. January data shows inventory rising again but I suspect it is merely adjusting back to where it headed in November before the holiday season. I will watch the next couple of months to see where the data goes and if inventory rises, flat lines or shrinks.
Homes priced under $400,000 have been selling briskly as homes are now priced where buyers who were not able to afford a home before are now able to at today’s reduced prices. Inventory in that price range has reduced to 13.2 months.
Additionally homes priced $400,000 to $1mm has seen inventory shrink as well. However homes priced over $1 million continue to be a real drag on the market as that price segment has appx. 60 months of inventory based on latest sales and inventory data available.
The over $1mm homes will have to continue to aggressively reduce prices over the next year if they wish to sell and reduce time on market which has a cost associated with it.
Conclusion: Buyers market but many of the cheaper priced homes have been picked over.
Rip Miller
http://www.premierazhomes.com/
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