Scottsdale Housing Market Update: Decmeber 2019

by dustimartin-chime-me

The Scottsdale housing market update this month is a recap of 2019. The real estate market in Scottsdale is shifting so these numbers are a must-know for anyone looking to buy or sell a home in Scottsdale. Or, if you are simply curious about Scottsdale Real Estate, be sure to subscribe for regular update about what the Scottsdale Housing Market is doing from month to month. For more information about selling your home click here: Sell My Home. If you are wondering what a Buyer might pay for your home in today’s real estate market click here: What’s My Home Worth?

If you are looking for more updates on the the Scottsdale housing market, click here.

Video Transcript:

00:05 Hi Everybody. Its Dusti Martin with Platinum

00:07 Living Realty just dropping in to give

00:09 you your end-of-the-year monthly market

00:12 update toward the City of Scottsdale

00:14 let’s just jump right into it

00:16 right now our active listings our are

00:21 down 21.4% but our sales are actually up

00:25 8.1% so we’re still in a seller’s market

00:29 trending towards a seller’s market

00:30 things do come down a little bit during

00:33 the holidays and of course we just had

00:35 Thanksgiving and we’re barreling towards

00:37 Christmas here in a couple of weeks so

00:39 you just kind of got to be mindful of

00:41 that but year-over-year we’re still in a

00:44 better place than we were this time last

00:46 year and that’s what matters so if you

00:49 can’t really compare a month-to-month

00:50 unless you’re really getting ready to

00:53 sell right now but versus last year if

00:55 you’ve been thinking about it for a

00:57 while now is a much better time to sell

00:59 than last year don’t forget though we

01:02 are headed towards a correction and

01:03 we’ll get into that a little bit a

01:05 little bit later right now we’re at just

01:08 over three months supply so three point

01:11 zero eight months supply and that means

01:14 that yes we’re still on salt seller’s

01:16 market but we shouldn’t get too crazy

01:18 with our pricing cuz buyers aren’t gonna

01:20 just roll over and take it and then our

01:23 active days our market right now is only

01:24 50 days in an even stable market you’re

01:29 looking at 90 days for an average home

01:31 sale in Maricopa County so anything

01:34 under that is actually pretty great now

01:37 the good news and I know a lot of buyers

01:39 are thinking well we’re gonna have a

01:41 correction things might take no when I

01:43 say correction I mean like that I mean

01:47 one or two percent the great thing

01:50 though is that the interest rates have

01:52 gone down and the Fed has signified or

01:55 sent the message that they plan on

01:57 pausing that and they don’t foresee any

01:59 other rate decreases or changes in the

02:03 foreseeable future so what that means is

02:07 going into the last end of the fourth

02:10 quarter like we are now and then into

02:12 the next first quarter we’re already

02:14 seeing increased and better than

02:17 expected Black Friday

02:18 numbers and all of that so really I

02:22 think rates are about as low as they

02:25 could go and I think they’re gonna stay

02:28 this way for a little bit if not maybe

02:30 increase a little bit next year I could

02:32 be wrong I would love to be wrong

02:34 actually in that case but the good news

02:38 is for buyers is they have a lot more

02:40 buying power right now

02:41 so not only are sellers getting the

02:43 numbers they want but buyers are being

02:46 pinched too hard either just because on

02:48 say a four hundred thousand dollar

02:50 purchase before six months ago you’re at

02:56 four hundred thousand dollars you would

02:57 be looking at almost a two thousand

02:59 dollar monthly payment once you count

03:01 your HOA your taxes your insurance you’d

03:04 be up at that $2,000 a month range now

03:07 with rates shifted so much lower that

03:11 same buyer can buy upwards of four

03:13 thirty four sixty and still have a

03:15 similar payment so that’s really great

03:18 news for buyers and I hope that those

03:20 who are in a position to do so take

03:22 advantage of that quickly because

03:24 especially if you’re renting because

03:25 renting right now is actually more

03:27 expensive so just keep that in mind so

03:31 let’s break it down by price point and

03:33 I’m gonna have to read some of the

03:35 smaller ones because it gets a little

03:36 intricate here in the different price

03:39 ranges so this year right now for all of

03:45 Scottsdale like I said we’re at three

03:47 point zero month’s supply if we go to

03:49 anything under a hundred thousand

03:52 dollars we’re at a three month supply

03:54 still seller’s market pretty strong but

03:56 not crazy

03:58 it’s the 100 to 200 and the 200 to 300

04:02 that is actually super crazy right now

04:04 the one hundred and two hundred is

04:06 actually right at about one exact month

04:10 the supply that is a white-hot seller’s

04:12 market the two hundred to three hundred

04:15 which are tending to go away from condos

04:19 at that point and into single-family

04:21 homes then you’re running at less than a

04:23 month supply of inventory 0.8 six months

04:26 so it’s even crazier if you own a

04:29 single-family home

04:31 that price range in Scottsdale it’s

04:33 almost a unicorn you will be able to

04:35 pick from all of the buyers all of them

04:38 it’s great the next part we want to talk

04:41 about is the 300 to 500 range there is

04:44 less than a two-month supply it’s

04:45 currently at one point five nine months

04:48 supply

04:49 so still super strong a little more

04:52 buyers a little less buyers I should say

04:57 in that price range but it’s also super

05:00 desirable super affordable price range

05:02 so if you are in that that bracket with

05:08 your home if you’re somewhere between

05:09 300 and 500 buyers are really looking

05:13 that’s the sweet spot for Scottsdale and

05:15 the next one is the 500 to 700 thousand

05:19 dollar range that is actually only a two

05:22 point three months supply so still

05:24 sellers markets still pretty strong not

05:26 as strong as the lower and price points

05:30 but at the same time that is still a

05:33 really strong seller’s market and you’re

05:36 starting to creep up towards where there

05:39 are less and less buyers so and that

05:41 just kind of that’s kind of normal then

05:45 when we get to the 700 to a million and

05:48 the million to three million dollar

05:51 range this is where things get

05:52 interesting

05:53 at the 700 to $1,000,000 mark we’re

05:57 actually no longer in a seller’s market

06:00 it is actually an even market it’s at

06:04 5.2 six-month supply

06:06 so yes it’s closer to being on the

06:09 seller side what this means is you might

06:12 get top dollar for your home but the

06:17 buyers might not be willing to just roll

06:20 over and take it when it comes to

06:21 repairs they might be asking for home

06:23 warranties or other types of concessions

06:26 closing day preferences that kind of

06:29 thing or they might not be offering

06:32 above list price in the lower price

06:35 points if a home is priced properly it

06:38 is not uncommon to get multiple offers

06:40 within 10 days and a lot of them to go

06:43 over

06:44 a little bit and this price range you

06:46 have to be a little carrot more careful

06:48 you are no longer in a seller’s market

06:50 you’re kind of close to it but you’re

06:51 not there technically you’re not there

06:53 and so the playing fields gonna be a

06:57 little more even so if your home’s

06:58 priced appropriately you will probably

07:01 get close to or at market value but

07:05 you’re probably not going to get much

07:07 over that now the 1 million to 3 million

07:13 dollar mark is actually much much better

07:17 off this month than it has been the last

07:19 two months so right now we’re at seven

07:22 point eight three percent or three

07:24 months of supply for the 1 million to 3

07:27 million back in October it was like a 36

07:30 month month supply or no 10:11 my back

07:33 10 11 months it was the 3 million and

07:36 over that was the 36 months so um keep

07:40 in mind anything 8 months or more is a

07:43 buyers market so in the 1 to 3 million

07:47 dollar range you are really really

07:49 really close to being in a buyer’s

07:51 market and so this fall we saw everybody

07:55 come home all snowbirds came back

07:57 everybody has been putting their

07:59 million-dollar 1.2 1.5 million dollar

08:02 properties on the market just this week

08:05 alone I’ve gotten to Zillow calls on a

08:08 1.2 and a 1.5 million dollar property

08:10 and I have never gotten calls from

08:14 Zillow for homes of that price point

08:16 ever before even even even working the

08:20 same zip codes for years now let alone

08:22 two in a week so it’s been really crazy

08:25 to see how many buyers are out there

08:28 trying to score a deal because so many

08:30 people are finally recovered from the

08:32 recession and the homes are basically

08:35 back up to value and people are now

08:37 starting to flood the market with these

08:39 million dollar homes that they’ve been

08:41 sitting on for a decade so that’s

08:43 something to keep in mind so we’re at

08:45 seven point eight months supply for the

08:47 one two three million dollar mark and

08:49 then we’ve got the three million dollars

08:51 and over and that’s at a twenty five

08:54 month supply so that supply has actually

08:56 gone down which is

08:57 super cool if you own one of those big

08:59 luxury mansions up here in

09:02 Scottsdale because last month there was

09:04 a 36 month supply in the year before or

09:07 the month before that so we are doing

09:11 really really well at the last last

09:15 little push at 120 19 here and going

09:17 into 2020 I think we’re gonna have a

09:19 phenomenal season and if you’re thinking

09:21 of buying or selling a home now is

09:23 definitely the time last year for

09:27 example the three million dollar and

09:29 over properties had a 65 and a half

09:32 month supply now do the math that’s at

09:34 least one two three almost four years of

09:38 supply and almost no demand

09:41 so to make four things to jump that

09:45 wildly in a year for high-end like super

09:49 high-end luxury properties is amazing

09:51 again my name is Esther Martin if you

09:54 have any questions and want more details

09:57 on your specific zip code or

09:58 neighborhood give me a call at four zero

10:01 seven one seven nine four zero five I

10:03 will be more than happy to help.

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Dusti Martin

Agent | BRSA651351000

+1(480) 717-9405