Scottsdale Market Report – data for month of November
Homes priced from $400,000 to $999,000 saw fewer new listings come onto the market however inventory increased as sales slowed a bit from prior month.
Homes priced $1 - $2 million saw an increase in inventory as this price point also saw sales decline from the prior month.
Homes priced over $2 million saw inventory stay relatively the same with a slight increase in sales from the prior month.
Tuesday, December 7, 2010
Friday, August 13, 2010
August - Scottsdale Residential Report
Scottsdale Residential Report for Month of August. (data for month of July)
Homes priced $400,000 - $ 1 million saw sales and new listings shrink however that is normal for this time of year as the summer heat affects activity. What is of interest is that the number of homes for sale (active) has diminished steadily for the last 6 months. That means we are eating into inventory and the numbers reflect the fact that many buyers have been active and taking advantage of the low prices. The days of getting a steal are long gone and I highly recommend buyers take advantage of this historically low market while they can.
Homes over $1 million – you will notice the same thing as inventory (active) has shrank steadily the last 6 months.
I advise to ignore the “months inventory” as that is a misleading statistic, it is the number of homes for sale and the trend of such that is most meaningful. Economics 101 – supply and demand. www.premierAzhomes.com
Homes priced $400,000 - $ 1 million saw sales and new listings shrink however that is normal for this time of year as the summer heat affects activity. What is of interest is that the number of homes for sale (active) has diminished steadily for the last 6 months. That means we are eating into inventory and the numbers reflect the fact that many buyers have been active and taking advantage of the low prices. The days of getting a steal are long gone and I highly recommend buyers take advantage of this historically low market while they can.
Homes over $1 million – you will notice the same thing as inventory (active) has shrank steadily the last 6 months.
I advise to ignore the “months inventory” as that is a misleading statistic, it is the number of homes for sale and the trend of such that is most meaningful. Economics 101 – supply and demand. www.premierAzhomes.com
Wednesday, June 23, 2010
Scottsdale & Paradise Valley Residential Report for Month of June. (data for month of May)
Scottsdale & Paradise Valley Residential Report for Month of June. (data for month of May)
Paradise Valley: May saw a decrease in inventory in the homes for sale in the $1 - $2 million category as buyers took advantage of a chance to live in Paradise Valley at an affordable entry price. The price paid for a home versus the list price was 89.9% in this price range.
Homes priced over $2 million also saw inventory shrink as sales were up from $8.1 million to $24.7 million from the prior month. The price paid for a home was 84.1% of list price.
Scottsdale:
Homes priced $400,000 - $ 1 million saw sales stay steady however the number of homes available for sale shrank from 1747 to 1613.
Homes priced $1 million - $ 2 million saw inventory drop from 671 to 625 as sales were up from 19 to 34, almost double the prior month’s sales.
Homes priced over $2 million saw modest gains in sales and a slight decrease in inventory.
Conclusion: Appears buyers have felt the time to buy is now as some areas have seen modest price gains and inventory has been steadily declining in the under $ 2 million ranges. Buyers that waited for shadow inventory to enter the market or more negative news to impact prices risk not getting a great deal in hopes of getting a better deal- a risky strategy that many buyers have apparently avoided.
For anyone looking for a bargain there are excellent opportunities in the over $2 million category.
Paradise Valley: May saw a decrease in inventory in the homes for sale in the $1 - $2 million category as buyers took advantage of a chance to live in Paradise Valley at an affordable entry price. The price paid for a home versus the list price was 89.9% in this price range.
Homes priced over $2 million also saw inventory shrink as sales were up from $8.1 million to $24.7 million from the prior month. The price paid for a home was 84.1% of list price.
Scottsdale:
Homes priced $400,000 - $ 1 million saw sales stay steady however the number of homes available for sale shrank from 1747 to 1613.
Homes priced $1 million - $ 2 million saw inventory drop from 671 to 625 as sales were up from 19 to 34, almost double the prior month’s sales.
Homes priced over $2 million saw modest gains in sales and a slight decrease in inventory.
Conclusion: Appears buyers have felt the time to buy is now as some areas have seen modest price gains and inventory has been steadily declining in the under $ 2 million ranges. Buyers that waited for shadow inventory to enter the market or more negative news to impact prices risk not getting a great deal in hopes of getting a better deal- a risky strategy that many buyers have apparently avoided.
For anyone looking for a bargain there are excellent opportunities in the over $2 million category.
Wednesday, June 2, 2010
Scottsdale Residential Report for May
Scottsdale Residential Report for Month of May. (data for month of April)
April was pretty much the status quo for homes priced under $1 million.
However it was a different matter for homes priced over $ 1 million- listings were pretty much the same as prior month but sales were down significantly. I don’t have any explanation other than this may normal ebb and flow of the market or perhaps the higher end is taking a breather from the prior month when sales in the higher end were up significantly. Lets watch and see what the next month shows.
I can say that in certain communities buyers have actively snapped up what they perceived as bargains and now inventory is reduced in some communities.
For April the effect of foreclosures or shadow inventory has not materialized or translated into any increase in supply as inventory in all price points is roughly the same.
For anyone looking for a bargain there are excellent opportunities especially in the over $2 million category. Paradise Valley in particular is feeling the effect of price reductions and in the over $ 3 million range there are great buys!
http://www.premierazhomes.com/
April was pretty much the status quo for homes priced under $1 million.
However it was a different matter for homes priced over $ 1 million- listings were pretty much the same as prior month but sales were down significantly. I don’t have any explanation other than this may normal ebb and flow of the market or perhaps the higher end is taking a breather from the prior month when sales in the higher end were up significantly. Lets watch and see what the next month shows.
I can say that in certain communities buyers have actively snapped up what they perceived as bargains and now inventory is reduced in some communities.
For April the effect of foreclosures or shadow inventory has not materialized or translated into any increase in supply as inventory in all price points is roughly the same.
For anyone looking for a bargain there are excellent opportunities especially in the over $2 million category. Paradise Valley in particular is feeling the effect of price reductions and in the over $ 3 million range there are great buys!
http://www.premierazhomes.com/
Tuesday, March 9, 2010
Mispriced Scottsdale luxury homes and the effect on buyer's pysche
While there are still a good number of homes on the Scottsdale market priced too high that does not necessaraly mean the agent has mispriced the home but rather it is often that the seller is not willing to accept the current market realities and has told the agent to list the home at the price he wants or risk not getting the listing. Often after a period of time, sometimes a year or more, the seller finally sees reality and lists the home at a price often times less than he could have originally sold the home for if he had listened to his agent to begin with. There seens to still be a good deal of Sellers who feel they will get what they want and damn the torpedoes, full speed ahead. Silly rabitt trix are for kids!
In fairness this is also a result of an industry where the agent and the Seller's and Buyer's interest are not always aligned. Many times I have heard that the seller or buyer were not comfortable the agent was truly looking out for their interest but rather trying to make a deal to get their commission. While I always try to adress this and point out a really good agent realizes they will make more money by always striving to look out for their clients interest first, after all this is a referral driven business. In the luxury market it is critical to establish this trust or the relationship will be tenuous at best and an agents reputation is their currency.
I think the fallout of this may be that it is confusing to potential buyer's and even when they do find a home priced at the then current market price, or even below market, they feel everything is over priced and they will either wait and risk the market rising or make an offer that is so low that the Seller will never accept and neither the buyer or seller gets what they want. http://www.premierazhomes.com/
In fairness this is also a result of an industry where the agent and the Seller's and Buyer's interest are not always aligned. Many times I have heard that the seller or buyer were not comfortable the agent was truly looking out for their interest but rather trying to make a deal to get their commission. While I always try to adress this and point out a really good agent realizes they will make more money by always striving to look out for their clients interest first, after all this is a referral driven business. In the luxury market it is critical to establish this trust or the relationship will be tenuous at best and an agents reputation is their currency.
I think the fallout of this may be that it is confusing to potential buyer's and even when they do find a home priced at the then current market price, or even below market, they feel everything is over priced and they will either wait and risk the market rising or make an offer that is so low that the Seller will never accept and neither the buyer or seller gets what they want. http://www.premierazhomes.com/
Saturday, January 23, 2010
Scottsdale and Paradise Valley Residential Report- December
December 2009 Scottsdale & Paradise Valley Residential Report
(Data thru end of month December)
Scottsdale market:
Sales remained strong for homes priced in the $400,000 to $1 million range.
Homes priced $400,000 to $1 million show continued robust activity as unit sales were up from 148 to 178 homes sold. Also listings were down by 2.5% as inventory is continuing to be absorbed. Inventories in the $1 million plus category remain high as December saw an increase in homes for sale.
Paradise Valley Market:
There has been a pretty slow steady rate of home sales except for December in the over $2 million catgory which saw a 100% increase in unit sale as year end came to be. Lets watch for January and see if that pace slackens. Overall active listings have remained pretty much at the same level from month to month.
http://www.premierazhomes.com/
(Data thru end of month December)
Scottsdale market:
Sales remained strong for homes priced in the $400,000 to $1 million range.
Homes priced $400,000 to $1 million show continued robust activity as unit sales were up from 148 to 178 homes sold. Also listings were down by 2.5% as inventory is continuing to be absorbed. Inventories in the $1 million plus category remain high as December saw an increase in homes for sale.
Paradise Valley Market:
There has been a pretty slow steady rate of home sales except for December in the over $2 million catgory which saw a 100% increase in unit sale as year end came to be. Lets watch for January and see if that pace slackens. Overall active listings have remained pretty much at the same level from month to month.
http://www.premierazhomes.com/
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