Scottsdale Real Estate Market Update: Feb 2020

The Scottsdale real estate market is heating up and home sales are on fire.  It is safe to say that the “Spring Home Selling Market” is well under way in Scottsdale.  Inventory has remained low and demand high which is leading to some unprecedented numbers in the luxury home market.  Take a few minutes and watch this quick video to get up to speed on the current housing market and Scottsdale real estate market.  I’ve broken it down by price point to make it even easier to understand exactly what this all means for you when it comes to buying or selling your home.  Knowing these numbers are the key to selling your home fast and making the winning offer if you are the home buyer.  Without further ado, here’s that Scottsdale real estate market update.

To see if we have any Home Buyers in Waiting that match your home, click here.

To learn more about Dusti Martin or search homes for sale, visit DustiMartinRealtor.com.

Transcript (English: Auto-generated):

00:05 hey everybody it’s me again it is March

00:08 5th and it is time for our monthly

00:09 market update so we’re gonna start with

00:11 the City of Scottsdale right now things

00:14 are going a little bit bonkers in the

00:18 North Valley but Scottsdale Phoenix

00:21 anthem I’ve been pulling a lot of data

00:24 in a lot of areas right now and to be

00:26 honest it is just a zoo out there so

00:28 let’s get right into it our active

00:31 listings in Scottsdale right now are

00:33 down 38.2% our sold listings are up 13

00:37 point 6 percent and our median sale

00:40 price per square foot is at 10.1% that’s

00:44 a huge jump over last year a 10 percent

00:48 jump basically your home value over last

00:50 year so if you had $300,000 home you

00:53 just earned yourself $30,000 so then our

00:59 month supply is only two point four

01:02 seven that is a pretty strong seller’s

01:05 market like I said that is also for the

01:08 whole city overall but also keep in mind

01:12 we have a lot of high-dollar properties

01:13 here in Scottsdale so with that said

01:16 that’s kind of white hot just for our

01:19 area and then our median days on market

01:22 is 50 days which is down 26.5% from last

01:28 year this time and it’s down even a

01:30 couple days from January I think it was

01:32 53 days last last month so we’ve

01:33 continued to go down and the number of

01:39 days supply that an average days on

01:42 market that we have here so let’s break

01:44 it down by by price points so let’s get

01:49 straight into it like I said we’ve got a

01:50 two point four seven months supply

01:52 meaning four months or less is a

01:54 seller’s market so we’re gonna start off

01:58 at the zero to one hundred thousand

02:00 dollar range nothing available not

02:04 enough data to calculate it there was

02:06 only 11 properties available and almost

02:11 you know they all sold there there’s

02:16 like nothing to calculate so it’s either

02:17 a zero or there’s just not enough

02:19 either way not good so then we’ve got a

02:24 100 to 200 thousand dollar price range

02:28 excuse me that’s at point five five

02:32 months supply meaning just over half a

02:34 month’s supply so if nothing came on the

02:37 market in that price range today in two

02:39 weeks it would all be gone in the two

02:42 hundred to three hundred thousand dollar

02:44 price range we’re at point eight seven

02:46 months supply as in under one month so

02:49 you’re looking at probably a three week

02:53 supply and then the three hundred to

02:56 five hundred thousand dollar price range

02:58 is one point one month’s supply it’s

03:01 still white-hot probably looking at four

03:04 to five weeks supply which is kind of

03:08 crazy and for what it’s worth this past

03:10 weekend I actually took clients out home

03:13 shopping and I showed up at the only

03:17 property I have seen in Scottsdale under

03:20 three hundred and fifty in months and we

03:24 went to see that and I kid you not there

03:26 was an actual line out front twenty or

03:29 thirty people it was not an open house

03:31 it was just that many people who had

03:33 scheduled showings wanting to see it so

03:35 they literally slated times took down

03:38 the agents names and I like had to

03:40 check-in my clients because it was just

03:42 an absolute zoo and that happened in

03:45 pretty much half of the homes we saw in

03:48 the North Valley we would show up there

03:50 would be a line or people waiting and in

03:52 the ones that people weren’t waiting

03:55 somebody would be pulling away as we

03:57 drove up and then as we would be leaving

03:59 somebody else would be pulling up so it

04:02 was really crazy this weekend and that’s

04:05 what I said last month is a lot of

04:07 people went and got pre-qualified in

04:09 January the national brokers association

04:12 their mortgage brokers I should say did

04:16 warn us that all those people went and

04:18 applied for new mortgages so keep that

04:21 in mind and then the fades just had

04:23 another rate cut so rates are going to

04:26 go down even more which is going to

04:28 increase the purchase power of the

04:30 average buyer

04:32 and it’s gonna get crazier so buckle up

04:35 everybody now we get into the 500 to 700

04:38 price range we’re at one point six three

04:40 months of supply still crazy white-hot

04:43 market and then we get into the 702 wait

04:47 nope ooh the 5 to 700 price range is 1.6

04:52 three months then we get into the yeah

04:57 700 to a million which is at three point

05:00 three one that’s the high-end market

05:02 borderline luxury so the high-end market

05:05 is three point three one month supply

05:07 that is a seller’s market that is

05:10 unheard of that is super low inventory

05:12 for that price point then we moved to

05:15 the one to three million dollar price

05:17 range we’re at a five point four six

05:20 month supply last month we were

05:23 officially out of the buyers market but

05:27 closer to that know we’re still even you

05:30 know between that four and seven mark

05:32 but we are trending heavily in the

05:35 direction of a seller’s market for the

05:37 one to three million dollar crowd which

05:39 is amazing if you have a luxury home in

05:42 Scottsdale and then when we get to the

05:45 three million dollar mark there is a

05:47 twenty point seven five month supply

05:51 which is crazy for the super high-end

05:53 when you’re thinking three million three

05:57 million dollars or more anything above

06:01 that only to have twenty point seven

06:04 five or twenty-one months that’s what we

06:07 normally see in the one to three million

06:08 range in the valley and that’s what we

06:10 saw most of last year so it’s been a

06:12 little crazy even for them but

06:17 year-over-year this time last year there

06:19 was a twenty one over twenty one months

06:21 supply for them so they’ve lost almost a

06:24 whole month’s worth of inventory so if

06:28 you guys have any questions let me know

06:30 especially if you’re thinking of selling

06:31 because I have buyers coming out my ears

06:34 but again my numbers 4 8 zero seven one

06:37 seven nine four zero five I look forward

06:39 to helping you a buyer sell your next

06:41 home have a great day bye

06:46 you

English (auto-generated)

For more information, visit www.DustiMartinRealtor.com.