Scottsdale and Paradise Valley Market is Heating Up

I often talk to people from other states looking at real estate in the Scottsdale and Paradise Valley areas that believe the real estate market here is still extremely bad. When I tell them the Scottsdale and Paradise Valley market is heating up they have a hard time believing me. I don’t say this and follow it up with anything silly like “it’s a seller’s market” but I will tell them about some of the statistics in the areas. You can always view more statistics on my site.

• Our inventory is down in both locations, by almost half
• Our average price per square foot for sold properties is stable and has been for about 2 years
• The average sale price % to list is in the high 90% for both locations
• Annual price per square foot of sold properties has been relatively stable for the last 2 years
• The monthly supply of homes has gone from 10 months to 5 months in 2 years in Scottsdale

With what the national media has continued to say about the Phoenix market it never surprises me that buyers, and sellers for that matter, are confused. With all the information you can get from the internet many feel they are coming into the market very educated and end up even more frustrated because they are not getting that “deal” they thought they could get here, that “deal” that everyone has been talking about!

The reality is that the days of getting those amazing deals are over. There are still some great homes at amazing prices however they are not at 50% of the list price and the statistics are showing it.

To Sellers Thinking About Selling Your Home

The timing could not be better! The inventory of homes is so low that I can tell you I currently have 3 buyers I am working with that I am sending direct letters to homeowners asking if they would consider selling their home because we cannot find anything on the market that my clients like.

The Scottsdale and Paradise Valley market is heating up and it does not seem to be slowing down. Sellers I caution you with this positive news, do not price your home too high to test the market, it will backfire on you, finding the “sweet spot” in the market is VERY important. As we enter out most active time of year for real estate many of my listings are seeing an extreme increase in traffic and we have already begun to see offers come in. And buyers I have news for you, sellers are pushing back on pricing if it is not an attractive offer. Buyers do not get frustrated, get the right information.