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/
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.
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
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