Scottsdale Real Estate Market Update: December 2019 Recap

by dustimartin-chime-me

Here Dusti takes a look at how the Scottsdale real estate market did in December 2019. She breaks the numbers down by both overall city stats and then goes deep on the housing market in each price range. If you are thinking of buying or selling a home in Scottsdale, these are numbers you need to stay up on.

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00:00 Hey, if you own a home in Scottsdale these

00:03 are numbers you definitely need to know.

00:05 [Music]

00:12 I’m Dusti Martin with Platinum living Realty dropping in

00:15 to give you your monthly market update

00:17 for the City of Scottsdale. It is January

00:20 2nd, 2020. Alright guys, so happy new year

00:23 let’s just jump right into it our active

00:25 listings are actually down 26.8% and our

00:28 so listings are up 24.3%. What that means

00:32 is the market is definitely heating up

00:35 even with all of the holidays and what

00:40 usually would be a slower time of year

00:42 it actually kind of peaked and

00:44 skyrocketed against everybody else’s

00:48 forecasts which you watch my channel you

00:52 probably saw coming but those are

00:54 definitely some exciting numbers to

00:56 finish out December 2019 with our median

01:00 us price per square foot is actually up

01:03 4.1 percent year-over-year which is

01:05 great for homeowners especially those

01:07 who are looking to sell and our month

01:09 supply in the City of Scottsdale right

01:11 now is only two point five four months

01:14 that means that if no other homes came

01:17 on the market everything would be sold

01:19 with it two and a half months and if you

01:21 watch my channel you know that anything

01:23 four months or less is considered a

01:25 seller’s market so if you’re in a

01:27 Scottsdale area you own a home that

01:29 you’re thinking of selling you’re at two

01:30 point five four months of supply that’s

01:33 great for you as a seller you can try to

01:35 push the envelope with your pricing a

01:36 little bit but as a buyer that’s also

01:38 something you should know because that

01:40 kind of indicates how much competition

01:41 you’re going to have when you go to

01:43 purchase a home and being well aware of

01:46 what the markets doing how to get the

01:48 home that you want instead of losing out

01:51 on multiple offers time and time again

01:53 so that’s just one of the things that

01:55 you should keep in mind if you are

01:57 looking to buy or to sell and then our

01:59 median days on market is down 1.9

02:01 percent this time over last year and

02:05 we’re at 53 days which is still

02:07 lightning-fast we have a lot of luxury

02:09 homes in this in this city and our price

02:14 per square foot and the median price

02:18 range in the City of Scottsdale compared

02:20 to the

02:21 in Maricopa County is much higher so

02:23 with that said medium days of market

02:25 only being 53 days that is a wonderful

02:29 number and that shows that the market is

02:32 definitely moving quickly let’s get down

02:35 into the price break and the numbers in

02:39 accordance to price range so overall

02:44 like I said we’re at two point five

02:45 months of supply which is great overall

02:47 if we’re in the under a hundred thousand

02:52 dollar range say a condo or townhome

02:57 like that you’re at Q and a quarter

02:59 months of supply which is about average

03:01 it’s because there’s not a whole lot of

03:04 them in Scottsdale not on top of the

03:06 fact that there’s not a whole lot of

03:08 people looking to live in Scottsdale who

03:10 want something that small so so it’s

03:15 still a seller’s market you should have

03:16 an easier time but it’s not as high but

03:19 demand is some of the other price ranges

03:21 and in markets so when we get to the

03:24 hundred to two hundred thousand mark

03:26 we’re at point eight two months supply

03:28 meaning less than one month supply that

03:31 is white-hot and when we get to the two

03:33 hundred three hundred dollars or hundred

03:35 thousand dollar range we’re at point

03:37 eight nine still less than one month of

03:40 supply and then the three hundred to

03:42 five hundred thousand dollar range our

03:45 month supply is only 1.18 that means we

03:48 are in a white-hot seller’s market for

03:50 anything under five hundred thousand

03:53 when we get to seven hundred thousand to

03:56 a million this is a shocking number our

03:58 month supply is only one point seven

04:00 seven that is a white-hot seller’s

04:02 market if you’re under the million

04:04 dollar mark which is phenomenal for home

04:06 sellers in the high-end market here in

04:09 Scottsdale and then when we get to I’m

04:14 sorry under 700,000 I misspoke they’re a

04:16 little tongue-tied our practice because

04:19 the holidays but we’re at one point

04:21 seven seven months supply for anything

04:23 under seven hundred thousand and then

04:26 when we get to the seven hundred to a

04:28 million we’re at three point four one so

04:30 we’re still slightly a seller’s market

04:33 the 702 a million dollar range which is

04:36 great if you’re thinking of selling but

04:38 also if you’re thinking of buying you

04:40 may have a little bit of competition

04:42 that maybe not as much as in the lower

04:44 price points once we get to the 1

04:47 million to 3 million dollar mark this is

04:50 really interesting and kind of exciting

04:51 if you own one of those luxury

04:53 properties here in Scottsdale we’re at

04:56 six point six and one month’s supply

04:58 that is kind of white-hot as far as the

05:01 luxury market goes because anything from

05:05 four to seven months is considered even

05:08 stable for a median priced home so when

05:12 you consider we’re at less than seven

05:14 months for luxury properties between one

05:16 and three million that is amazing and

05:19 that is one of the best numbers that we

05:21 have had in over a decade for our luxury

05:24 sellers and homeowners the good news is

05:27 is that the feds kept the interest rates

05:30 low through the last quarter you even

05:32 reduced them a little bit so if you are

05:34 borderline your purchase wise you are

05:37 actually able to buy more going into

05:41 this last quarter and as a result we

05:45 have more buyers in the luxury market

05:47 than we have in a long long time and

05:49 then this is the really interesting

05:51 number that I saw is over the three

05:55 million dollar mark we are at nineteen

05:57 point eight eight months of supply so

05:59 almost twenty months so that you know

06:04 statistically if this were an average

06:06 priced home that would be considered a

06:08 buyer’s market and generally the luxury

06:10 market is however when you compare it to

06:14 last year where there was a 68 month

06:17 supply of luxury homes over three

06:20 million dollars you got to kind of do

06:23 the math that’s over five and a half

06:24 years of inventory that we had in the

06:28 luxury market over three million in

06:30 Scottsdale this time last year so with

06:34 that said for that to move more than

06:37 three years worth and drastically reduce

06:41 the amount of inventory that we have and

06:43 increase the buyers and

06:45 I am luxury market that is phenomenal

06:47 and so if you bought one of these

06:50 properties to invest in or kind of store

06:53 your cash or some some equity or

06:56 something you liquidated maybe a few

06:59 years ago you’ve made a great return on

07:03 your investment and now might be a

07:05 really great time to sell again if you

07:08 guys have any questions or if you want

07:10 to know what the numbers look like for

07:11 your specific zip code or your specific

07:13 neighborhood I’d be happy to talk with

07:16 you and help you go through the numbers

07:18 and see what things look like for you

07:19 and Happy New Year everybody I hope

07:23 everybody has a happy healthy safe New Year.

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Dusti Martin

Agent | BRSA651351000

+1(480) 717-9405