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.
Wednesday, June 23, 2010
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/
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