Time to gather some numbers from the Arizona MLS to see where we are at with real estate in Scottsdale. All numbers taken directly from the live MLS this morning.
Single family homes fully active for sale in Scottsdale: 1,608. Under $1 million only: 1,106. All homes currently for sale including those under contract 2,527.
Scottsdale single family homes currently under contract: 920. With contingencies 396. Fully pending sale: 524.
Homes taken temporarily off market: 166.
What Sold in August?
All single family homes in Scottsdale: 482 sold. Million dollar homes in Scottsdale 30 sold.
Just going off the numbers above at the same sales pace as in August 2011.
Single family homes in Scottsdale inventory stands at 5.2 months. For million dollar homes 18.6 months.
While there is no definitive use for months of supply to determine the state of the real estate market. Many peolpe use the following rule.
Less than 4 months supply is a sellers market.
Between 4 and 6 months supply is a normal or balanced market.
Greater than 6 months supply is a buyers market.
So as you can see Scottsdale as a whole for single family homes homes is in a normal or balanced market. This would allow for good opportunities for both buyers and sellers to meet their goals.
The luxury market still heavily favors buyers. It’s not easy getting financing on million dollar homes at the moment and the market is showing the signs of this.
Price Per Square Foot
On average sellers in August got $149 per square foot for their Scottsdale single family home. The highest sale amount being $539 per square foot, a sale in no other than Silverleaf of course.
The asking price for all those homes that sold was $158. So they managed to get 94% of asking price on average. Of the 1,608 people actively trying to get their home under contract and sold the average list price is $248. Quite a disconnect. As always if your home isn’t selling the number one reason is price.
That’s the numbers in the bag. I hope it gave you some insight into the market. If you would like a specific market analysis done for your segment of the market please feel free to connect with me. Remember real estate is hyper local so what’s happening in the overall market is not as important as what’s happening right in your neighborhood.