It’s time for my monthly email newsletter. That always gives me a moment to have a look at what’s going on in our market from a sheer numbers point of view to see if there is any jump out statistics I need to share with my clients.
Numbers certainly don’t always tell the full story. What we are seeing on the ground is the following. Cash is still king, lender owned homes are now over priced, multiple offers are common, sellers are gaining confidence.
Scottsdale Real Estate Market Statistics
Inventory for me is still the main driver of market conditions at the moment. Total inventory is just too low for the number of active buyers in the market place. It’s frustrating for buyers. It’s like walking in to Target and half the shelves are empty.
Good homes are coming to market but as a buyer you just need to be fast to identify those nicer homes and be ready to make an offer.
Prices have risen. This is now a fact. Some buyers do not think this is the case, but it’s time to embrace the reality.
Average Days on the Market
A bit of an anomaly in days on the market. If inventory is low and there’s buying activity surely days on the market would be low?
This number is still being affected by short sales. WHile the number of short sales in the market is much lower than it was they are still taking time to process. A home may come to market and have multiple offers in the first week but if it’s a short sale it will still take time to complete the sale.
Sellers have been beat down for a long time. But the tide is definitely turning.