Who’s tired of hearing about covid-19? Me too! I will try to keep the covid discussion short.
Let’s dive in to my Scottsdale market update for April 2020.
Just yesterday Governor Ducey extended the stay-at-home order another two weeks. While we are very much against this decision, it is what it is and we must all grin and bear it. The response to covid-19 has had far reaching effects on the economy and on real estate markets around the country–Scottsdale has been no exception.
On a positive note, some price points have fared well through all of this and continue to do well all things considered. Let me share with you a quick example. One of our clients listed his Scottsdale condo for sale about two months ago. We got an offer within a day or two of listing the property and then when covid-19 hit Arizona the buyer canceled. We relisted the property and within a day had another offer–this time the buyer made it through the inspection and appraisal, but ended up canceling about ten days before closing because the lender had missed a foreclosure on the buyers record. We relisted a third time and in no more than two days had an accepted offer. Now we are part way through the escrow–hopefully this one will go more smoothly. The point of this story is that at more affordable price points, Scottsdale real estate is still selling quickly. A few of our agents have had good luck selling nicely renovated homes during the “lock-down” at higher price points. So, all is not lost.
As of last month, there were approximately 1953 homes for sale in Scottsdale. As of April 30, 2020 there are currently 2007 active listings and 755 that are under contract. Check out my Phoenix metro report to see what’s going on across Maricopa County.
Since March 30, 2020, there have been 598 sales–compare this to 709 sales for the last 30 day period. The average days on market for recently sold properties was 73–this number is actually down 7 days over the past month–some positive news for sure.
Here is a chart showing Sold Listings by Price Range in Scottsdale:
Scottsdale Luxury Market
As of April 30, 2020 there are 744 actively listed luxury properties in Scottsdale. There are 126 properties under contract and in the past 30 days there have been 99 sales of homes/condo’s/town homes priced at $1M or more.
For the recent sales, the average days on market was 147 and on average, sellers came down 5% in price to affect a sale.
As a general comment, the luxury market has been hit harder than most segments due to the economic repercussions of the response to covid-19. Market volatility and lack of funds for jumbo loans are just a few of the issues.
While sales continue, the summer is approaching–triple digit heat is here and Arizona is poised for one of the hottest years on record. There could be pent up demand which could fuel sales late into summer, but if the economic shackles aren’t removed soon, all bets are off. We remain positive about the future of Arizona real estate and we look forward to helping you down the road. Let us know if you have a real estate question or need. Thanks again for checking out our Scottsdale market update for April 2020.