Scottsdale Residential Report - data for November 2011
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.
Scottsdale
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.
Scottsdale Residential Data - data for month of June 2011
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.
Scottsdale & Paradise Valley Residential Report for Month of June . (data for month of May)
2010
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.
