January is nearly behind us so it’s time for my Scottsdale market update for January 2020.
Let’s jump in.
As of January 31, 2020, there are 1792 active listings in Scottsdale–compare this to last months’ number of 1852. In general, there is low inventory in Scottsdale–this matches what’s going on in the greater Phoenix metro area.
The active listings have been on market an average of 136 days. There are 997 properties under contract and since 12/31/2019 there have been 548 sales. The sold properties were on market an average of 80 days–this is down four days from the previous month.
Interestingly, the sale to list price ratio (for recently sold properties) dropped from .98 in December to .97.
The question I’m most often asked by sellers is “how long will it take for my home to sell?”. Well, that is a loaded question and the answer depends upon many factors. Without going into too much detail, this graph illustrates Supply v Demand for the previous 30 days. For homes priced under $500K there is a 45 day supply–not much in the grand scheme of things.
Scottsdale Luxury Market
So, what’s going on with the luxury end of the market? We’ve seen increased activity over the past few months. Lots of folks from California are looking for second homes in Scottsdale. Of the 1792 total active listings, 806 are priced at $1M+–this represents 45% of total inventory.
Of the 806 $1M+ properties, 164 are priced at $3M or more. As with past months, the luxury market, while stronger, remains a bit soft–especially at the higher price points. Now, if you have a well located and beautifully renovated luxury home, there will be a buyer ready to purchase in short order. Unfortunately, we don’t have enough fully renovated luxury homes to choose from in Scottsdale.
Scottsdale Lots for Sale
With inventory so low, now might be a good time to buy a lot and build your dream home. If you haven’t had a chance to read it, check out this article I wrote on buying land in Scottsdale. If you need a high quality builder, architect or interior designer for your next project, let me know and I will connect you to some great resources.
With home loan rates at a very low point and existing demand still strong, we expect the next few months to be good ones in terms of sales activity in Scottsdale. It’s a great time for Scottsdale home sellers and for buyers, the good news is that you can lock in at a very low rate (FICO score, assets and income dependent of course).
Thank you for taking time to review my Scottsdale Market Update for January 2020! If you have questions about the Scottsdale real estate market, reach out any time–I would be honored to help.