Real estate like any market is basically about supply and demand. Sure government incentives and other outside influences can effect the sentiment and dynamics of the marketplace but eventually prices will be determined by the supply of homes versus the demand of buyers.
Scottsdale as you an see from the chart above the inventory in Scottsdale just keeps on falling. There’s actually less than 2,000 single family homes for sale in Scottsdale currently. As I type this according to the Multiple Listing Service (MLS) there is only 1,995 and if you take out those homes that are under contract, Active with Contingencies (AWC) there are only 1,609 fully active homes for sale.
Wait! I heard Phoenix is on sale and there are tons of distressed properties for sale there all going way below market. That’s not the case in Scottsdale now at all.
There are 306 fully active distressed properties for sale in Scottsdale currently. While that as a percentage of total listings is far higher than it would be in a boom period it doesn’t really represent that much choice for buyers.
Much of the distressed properties left seem to be very odd also. Tons of half finished McMansions, really ugly homes etc. It seems a lot of the really good value lender owned properties have been cherry picked and the inventory left is a bit no desirable.
If you like me to email you a full Scottsdale market analysis in PDF format just contact me with your email address. I won’t contact you further that that unless you request I do so 🙂