Paradise Valley has seen positive gains similar to Scottdale and will continue for homes priced under $1.75 million.
Tuesday, January 22, 2013
Year 2012 in Review
Scottsdale-The year 2013 marks an improved market for sellers as the median price for homes has been trending positive. The last 6 months of 2012 saw about a 6% increase in the median price of homes. I predict with inventory levels tight the year 2013 will see more gain in home price's.
Thursday, June 28, 2012
May 2012 Housing Report Scottsdale
Scottsdale Residential Report- data for month of May
Homes priced from $400,000 to $1 million.
Wow! Sales continued strong in this price category as inventory continues to decline putting pressure on upward pricing. Sales increased from prior month almost 17%. This category has a modest 3 month supply of homes and is now a Seller’s market. I expect June and July to be a slower as summer season is here.
Some homes are receiving multiple offers as buyers compete for the best homes.
Homes priced from $1 million to $2 million.
Sales continued strong in this category, same level as prior month. Inventory is declining also. Now at 8 months supply it will be a sellers/buyers market in equilibrium at 6 months inventory.
Homes priced over $2 million
This category had an amazing 100% gain in sales over the prior month. This is a strong indicator of how much buyer interest in Scottsdale there has been in the last quarter.
Brief note: I still hear some people talk of "the banks releasing their inventory" as if there is some mysterious collection of homes that lenders refuse to list for sale in order to create an artificial shortage. This is an urban myth.
As of yesterday there were a total of 6,446 residential properties in Maricopa County whose current owner is a bank or lender of some sort. This is appx ½ of 1% of the homes that exist in the county.
If you are considering the sale or purchase of a Scottsdale or Paradise Valley home I would love to be of assistance. www.premierazhomes.com
Homes priced from $400,000 to $1 million.
Wow! Sales continued strong in this price category as inventory continues to decline putting pressure on upward pricing. Sales increased from prior month almost 17%. This category has a modest 3 month supply of homes and is now a Seller’s market. I expect June and July to be a slower as summer season is here.
Some homes are receiving multiple offers as buyers compete for the best homes.
Homes priced from $1 million to $2 million.
Sales continued strong in this category, same level as prior month. Inventory is declining also. Now at 8 months supply it will be a sellers/buyers market in equilibrium at 6 months inventory.
Homes priced over $2 million
This category had an amazing 100% gain in sales over the prior month. This is a strong indicator of how much buyer interest in Scottsdale there has been in the last quarter.
Brief note: I still hear some people talk of "the banks releasing their inventory" as if there is some mysterious collection of homes that lenders refuse to list for sale in order to create an artificial shortage. This is an urban myth.
As of yesterday there were a total of 6,446 residential properties in Maricopa County whose current owner is a bank or lender of some sort. This is appx ½ of 1% of the homes that exist in the county.
If you are considering the sale or purchase of a Scottsdale or Paradise Valley home I would love to be of assistance. www.premierazhomes.com
Tuesday, May 1, 2012
Scottsdale Homes Report- March, 2012
Homes priced from $400,000 to $1 million.
This price point is a very
active market presently. Homes that are in the under $500,000 segment in
particular are seeing strong buyer nterest. The top echelon of homes in this
price point is not staying on the market for long periods. Sales were up almost 50% from the prior month.
This price point is seeing
some appreciation. If sales continue like this it will be a sellers market –
hard to believe!
Homes priced from $1 million to $2 million.
March had strong sales in
this price range as well, roughly a 50% increase from the prior month.
Homes priced over $2 million
This segment saw a dramatic
increase in sales of almost 300% over
the prior month.
Thursday, March 29, 2012
Scottsdale homes on the uptick
Rather than post the usual statistical data for the month of February I decided I would send the below excerpt from the Wall Street Journal. This article confirms what I have been saying in prior posts and thought it might be good to see this from an unbiased source.
IV. Rise In Phoenix
This sprawling desert metropolis was one of the hardest hit housing markets during the bust. Phoenix home prices declined 55% from 2006 through the end of 2011, and Arizona
Now real-estate economists across the country are studying an early but surprisingly broad Phoenix
"Phoenix
The nation's hard-hit housing markets face a tough act: engineering a housing recovery without traditional trade-up buyers, many of whom are either unwilling or unable to sell because of huge price declines.
Monday, January 9, 2012
Scottsdale November Market Report
Homes priced from $400,000 to $999,999
246 homes added to the market in November increased inventory by appx 6.5% over the prior month. Not unusual as many homes that were taken off the market for the summer months are now being re-listed. Sales were down from prior month by 13%.
Homes priced from $1 million to $2 million saw inventory rise 6% however sales were almost the same as prior month (24 homes sold versus 26 prior month).
Homes priced over $2 million.
This category saw a slight 3 % increase in inventory from the prior month however new homes added to the market decreased from 44 homes prior month to 34 this month. Sales were up from 4 homes the prior month to 6 homes this month.
Thursday, September 8, 2011
August Residential Info for Scottsdale, Az
Homes priced from $400,000 to $999,999
Inventory continues to decline, which it has done for the least six months in a row.
Prices are flat but that is what is attracting buyers. Sales were same as the prior month which was good considering August is generally a slow month. It is still a buyer’s market as buyers are only buying the best and brightest and all want a “good deal”.
Homes priced from $1 million to $2 million saw sales down from the prior month however the six month trend in inventory has been declining except for August which was roughly the same as the prior month.
Homes priced from $2 million to $3 million saw inventory decline which it has been steadily doing for the last six months. Sales were healthy as they remained same as the prior month.
Homes priced over $3 million saw one home sell versus none for the prior month. The last six months has seen inventory on a steady decline.
The high end still has a high level of inventory and this is where the best deal can be made as the pressure on the high end has been steady for sometime.Tuesday, July 19, 2011
Scottsdale Monthly Residential Report
Scottsdale Residential Report- data for month of June
Homes priced from $400,000 to $999,999 saw a significant increase in homes sold from the prior month. However the bulk of these sales were from homes under contract 30- 60 days prior as we have entered the slower summer months and I expect sales to start reflecting that in the next month. Inventory actually increased from the prior month
Generally it is still a buyer’s market as buyers are only buying the best and brightest and all want a “good deal”.
Homes priced from $1 million to $1.5 million saw sales same as prior month with new listings actually slowing down and inventory decreasing a slight amount.
Homes priced from $1.5 million to $2 million saw a drop in sales, however inventory decreased.
Homes priced over $2 million saw sales remain same as the prior month and a drop in inventory. The high end has seen surprisingly brisk sales over the last 3 months.
The high end still has a high level of inventory and this is where the best deal can be made as the pressure on the high end has been steady for sometime with high carry costs.
Homes priced from $400,000 to $999,999 saw a significant increase in homes sold from the prior month. However the bulk of these sales were from homes under contract 30- 60 days prior as we have entered the slower summer months and I expect sales to start reflecting that in the next month. Inventory actually increased from the prior month
Generally it is still a buyer’s market as buyers are only buying the best and brightest and all want a “good deal”.
Homes priced from $1 million to $1.5 million saw sales same as prior month with new listings actually slowing down and inventory decreasing a slight amount.
Homes priced from $1.5 million to $2 million saw a drop in sales, however inventory decreased.
Homes priced over $2 million saw sales remain same as the prior month and a drop in inventory. The high end has seen surprisingly brisk sales over the last 3 months.
The high end still has a high level of inventory and this is where the best deal can be made as the pressure on the high end has been steady for sometime with high carry costs.
Monday, July 18, 2011
Mobile Phone Home Search App
I will be adding a free mobile phone search app that anyone can use on their phone for free. This should be available in next couple of days.
Friday, June 17, 2011
Scottsdale Residential Market Report- May Data
Homes priced from $400,000 to $999,999 saw inventory decrease for the fourth month in a row. At a 6 month inventory of homes for sale that is technically a balanced market with no preference to the buyer or seller. However, generally it is still a buyer’s market as buyers are only buying the best and brightest and all want a “good deal”.
Homes priced from $1 million to $1.5 million saw inventory levels decrease slightly from prior month however sales were down 20%.
Homes priced from $1.5 million to $2 million saw inventory down slightly from prior month. Sales were up 60% which was a large increase in units sold from prior month. I will watch this going forward as it should drop with the onset of summer months however this was a large increase.
Homes priced over $2 million saw sales and inventory pretty much the same as the prior month. The high end still has a high level of inventory and this is where the best deal can be made as the pressure on the high end has been steady for sometime with high carry costs.
Friday, May 13, 2011
Scottsdale Residential Report - May
Homes priced from $400,000 to $999,999 saw inventory decrease with a slight increase in sales of homes. We are now in the slower months of the season with many of the snow birds gone and all activity should slow down.
Homes priced from $1 million to $1.75 million saw inventory increase slightly from prior month and home sales were relatively the same as prior month.
Homes priced over $1.75 million saw new listings down while inventory and homes sales were almost identical to the prior month.
Buyers are buying homes that are priced to market and that are the best in their communities/price points.
Thursday, March 31, 2011
Scottsdale Residential Market Report
Scottsdale Residential Market Report – data for month of February
Homes priced from $500,000 to $1 million
Homes in this price range saw inventory rise slightly and a modest increase in sales from the prior month.
Homes priced 1 million to $1.5 million
Homes in this price range saw inventory remain flat with a slight increase in sales.
Homes priced $1.5 million to $2 million
Homes in this range saw inventory rise slightly and sales remained the same as prior month at 6 home sales.
Homes priced over $2 million
The upper end saw inventory post a modest gain and sales were actually up from prior month.
Clearly the lions share of home sales is in the under $1 million price range. However I have noticed a marked rise in interest in the high end as well, especially in the more exclusive communities. Several media sources are citing lower foreclosure notices and trustee sales with some increase in median prices.
Homes priced from $500,000 to $1 million
Homes in this price range saw inventory rise slightly and a modest increase in sales from the prior month.
Homes priced 1 million to $1.5 million
Homes in this price range saw inventory remain flat with a slight increase in sales.
Homes priced $1.5 million to $2 million
Homes in this range saw inventory rise slightly and sales remained the same as prior month at 6 home sales.
Homes priced over $2 million
The upper end saw inventory post a modest gain and sales were actually up from prior month.
Clearly the lions share of home sales is in the under $1 million price range. However I have noticed a marked rise in interest in the high end as well, especially in the more exclusive communities. Several media sources are citing lower foreclosure notices and trustee sales with some increase in median prices.
Monday, January 10, 2011
Scottsdale Report for December
Homes priced from $400,000 to $1 million saw a significant increase in sales, 20% increase from prior month, while the inventory of homes for sale decreased slightly(2%).
Homes priced from $1 million to $1.5 million saw activity and inventory levels almost identical to the prior month.
Homes priced $1.5 million to $2.5 million also saw almost identical activity levels as the prior month. Home sales were 9 vs. 8.
The real surprise – Homes over $2.5 million saw a major increase in sales from the prior month, almost a 400% increase in sales as homes sold jumped to 11 vs. 3 prior month.
Tuesday, December 7, 2010
November Market Report- Scottsdale
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.
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.
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/
Wednesday, December 9, 2009
December Scottsdale Market Report
I will post the December market report in next couple of days. Have agreat holiday season!
http://www.premierazhomes.com/
http://www.premierazhomes.com/
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.
Subscribe to:
Posts (Atom)
