Real estate in 2012 was on the up.Both in terms of pure numbers but also the consensus on the street.
2013 is a new year and the market is moving fast. Here are my must have real estate statistics to keep you ahead of the crowd as we begin the year.
All the statistics below are for the city of Scottsdale. The stats are compiled from Arizona Regional Multiple Listing Service (ARMLS).
Currently Active Listings: 2,214
Median List Price: $579,450
Average Days on Market: 159
Homes currently under contract: 919
Median List Price: $350,000
Average Days on Market: 106
The market under $500,000 is seeing remarkable gains. Fast sale times. Low inventory. This is now very much a sellers market. The only problem is some sellers still are comparing prices to 2007-8 and we are not back there yet.
For closed transactions in 2012
Number of sales: 7,866
Median List Price: $329,000
Median Sales Price: $320,000
Average Days on Market: 104
For 2012 average monthly sales were 655 homes. That means there are less than 3.5 months worth of inventory listed for sale. As you see from average days on the market in 2012 homes are selling on average in under 4 months. And interestingly selling for over 97% of asking price.
Luxury Real Estate
The luxury market didn’t take the hit as hard as other markets. It was later to join the party and the losses in percentage terms were not as drastic. For that reason the explosive growth is also not there yet. Here’s the numbers.
The best barometer for the luxury market is 85255. While there are expensive homes throughout 85259, 85259, 85266 and 85262 the highest priced zip code is still 85255.
85255 in 2012 saw 1,262 sales with a median sales price of exactly $500,000. Average days on the market was only 122.
Today there are 416 homes active for sale with a median list price of $899,000.
Average list price for 85255 is $1,598,100. As the pressure on the lower price points there will be trickle up demand into the higher priced areas.
As someone who is in the MLS daily looking for homes for clients I can tell you this. There are not many amazing homes available to purchase in 85255 for less than $1 million. Less than 4% of active homes are distressed. It’s very, very hard to find a deal anymore.
If you are buying a Scottsdale home under $500,000 expect a lot of competition throughout 2013. It’s almost impossible to predict any less than continued price rises unless more inventory comes to the table.
I personally do not predict a slowing in price growth for Scottsdale homes until there is towards 3,500 homes active for sale.
If you wanted to check my 2012 predictions they were all pretty much spot on 🙂