November proved to be a pretty good month in terms of Scottsdale real estate activity. Let’s see what’s happened in the past 30 days and where we’re at currently. Here’s my Scottsdale market update for December 2019.
The big news is still low inventory at most price points.
As of December 16, there are 1851 properties actively listed. The average days on market for the active listings is 135–this figure has not changed since October.
There are 855 pending sales (under contract) and since November 1, 2019, there have been 987 closed sales in Scottsdale. The average sold price ratio is .98 –up from October by .01 and the average days on market for the closed sales was 84–up a few days since October.
What about the Scottsdale luxury real estate market?
There are 736 actively listed single family homes priced at $1M or more–this accounts for a large percentage of the total available inventory in Scottsdale.
From $1M to $3M, there is a 7.85 months’ supply of homes for sale. From $3M and above, there is a 25 month supply.
This chart shows the Supply versus Demand at various price points in Scottsdale:
Since November 1, 2019, there have been 139 sales over the $1M mark–compare that to 90 for the same period last year (approximately 45 days), and the luxury market doesn’t look so bleak. There is still plenty of inventory, but as has been the case for a while, there are not enough fully renovated homes at $1M plus (not counting new construction).
As the holidays approach, sales will begin to wind down. NAR economists and leading financial forecast experts predict that 2020 will be another strong year–with perhaps a little less appreciation and slightly fewer sales. Rates are near historic lows so now is a great time to buy. Thanks for reading my Scottsdale market update for December 2019.
If you have any questions about the Scottsdale real estate market, contact me any time.