Scottsdale Real Estate Market Update: April 2020

by dustimartin-chime-me

The Scottsdale real estate market had some surprising outcomes for the month of March, 2020. After weeks at home, inventory remained low and demand remained high. Watch the video and take a look at the monthly supply and demand break down by by price range. Whether you are looking to sell your home or purchase your first home, these are numbers you need to know when entering the real estate market in the City of Scottsdale.

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Transcript (English, Auto-generated):

00:00 Hey everybody it is Dusti Martin again

00:02 joining you for your monthly market

00:05 update we’ve got all kinds of crazy

00:06 stuff going on with covet 19 I’m gonna

00:09 give you a little update on what to

00:11 expect in the market right now

00:13 buckle up here we go

00:17 [Music]

00:20 All right so let’s just get right into

00:24 it our active listings despite all the

00:26 craziness despite everybody being locked

00:29 up for half of the last month so two

00:31 almost three weeks in some cases already

00:35 here in in Arizona our active listings in Scottsdale

00:38 are down twenty nine point nine percent

00:40 over last year that’s you know still in

00:44 trend with what we’ve been seeing the

00:46 last I don’t know three to six months

00:48 with our inventory but our sold listings

00:50 are still actually up three point two

00:53 percent over last year so that means

00:55 that there’s still a strong demand

00:56 they’re still low supply and that’s

00:59 making sellers still even with all of

01:01 this going on and all this uncertainty

01:03 in the market it’s still a good time to

01:05 sell and historically our rates are

01:08 still kind of low for interest rates so

01:11 we’re doing good there a median square

01:14 our median sale price per square foot is

01:17 up eleven point eight percent it’s at

01:20 two hundred fifty six dollars and forty

01:22 four cents this year over last year

01:24 which was at two twenty nine and change

01:25 and then our month supply believe it or

01:28 not with all that’s going on the market

01:30 and everything that’s going on our month

01:34 supply is actually down thirty two point

01:36 one percent over this time last year and

01:39 we are sitting at a very very healthy

01:42 two point five months of supply in

01:45 Scottsdale Arizona so that’s well inside

01:47 a seller’s market and then minute here

01:50 we’re gonna break it down by price range

01:52 and then our median days on market is

01:54 also down twenty two point four percent

01:58 year-over-year we’re at 45 days last

02:01 year we were at fifty eight this time

02:03 last year so even with all the craziness

02:06 that’s been going on things are still

02:11 for right now okay in the housing market

02:15 so that’s that’s great for anybody who’s

02:17 looking to buy or to sell and I think

02:19 buyers if you’re listening I think one

02:22 of the things that I’m starting to see

02:24 is that sellers are more willing to deal

02:27 simply because they haven’t quite

02:29 realized that the numbers are still in

02:30 their favor so they think they could

02:34 probably go back on the market and still

02:35 sell but in many times they they’re

02:39 they’re not as sure of themselves as

02:41 they were before so a lot of times

02:42 they’ll just take the first best deal

02:44 and move on and be happy to keep that

02:46 customer satisfied so keep that in mind

02:50 before they find out let’s move into the

02:54 0 to 100 thousand dollar price range we

02:57 are at a 1.6 7 month supply so that is

03:01 still a white-hot seller’s market if

03:03 you’re in that price range the 100 to

03:05 200 thousand dollar price range we’re at

03:07 1.41 so still super strong seller’s

03:10 market they’re still have gentle upward

03:14 pressure on the prices and then we get

03:17 to the 200 to 300 thousand dollar price

03:19 range and we’re still under – we’re at

03:22 1.47 that’s only six weeks of inventory

03:25 so if everything stuck if nothing came

03:29 on the market from here on out if our

03:31 governor tomorrow said all right no more

03:33 real estate listings and they did that

03:36 for a while in California you’d actually

03:39 see that in six weeks we’d be out of

03:42 houses to sell so that’s still really

03:44 good for sellers in our area and then on

03:48 top of that the 300 to 500 thousand

03:51 dollar price range we are at one point

03:53 two eight months of supply so still

03:56 super hot seller’s market in that price

03:58 range the five to seven hundred thousand

04:01 dollar price range we’re two months of

04:03 supply 2.0 – still inside a seller’s

04:06 market at the 700 – a million mark here

04:10 at two point six four still in a

04:12 seller’s market and then here’s where

04:15 things get a little crazy if you’re in

04:18 the 1 to 3 million dollar price range

04:20 right now there is only a 5 point 2

04:23 one-month supply so it’s not a seller’s

04:26 market but it’s not a buyers market

04:28 either for the first time in a very long

04:30 time

04:31 here in Scottsdale and so if you have

04:34 one of those higher priced homes there

04:36 are still people out there selling now

04:38 here’s the one thing if you have a home

04:40 that’s valued over five hundred and ten

04:43 thousand dollars and change it’s called

04:46 a jumbo loan it’s like

04:47 mention alone is just big right and for

04:51 some lenders because there’s been a lack

04:53 of liquidity in the market and this

04:55 happened before the COVID stuff and all

04:57 the shutdowns really started happening

04:59 is when interest rates went super crazy

05:02 low it started a firestorm of refinances

05:06 which caused a bunch of margin calls on

05:08 all these lenders who had locked in at

05:11 certain super low rates under 3% in some

05:16 cases and then the bigger banks that the

05:18 smaller banks would normally sell those

05:20 loans to said give us our money we’re

05:23 not sure that this is sustainable pay us

05:26 pay us now and so all of these banks

05:28 were losing money because they had

05:30 locked into these clients at super low

05:33 rates but then could not sell them at

05:36 that rate so that kind of with that said

05:40 all those refinance is kind of clogged

05:42 up the system and then we had the co

05:44 good thing and so things are slowly

05:46 starting to stabilize and even out so

05:50 that’s something we need to watch but it

05:52 is making jumbo loans construction loans

05:55 the government loans like FHA and VA a

05:58 little harder so to keep that in mind

06:01 and it really I’m finding deals more

06:05 with what type of lender you have and

06:07 their size and the number of banks or

06:10 types of banks that they deal with so in

06:13 some cases the smaller lenders hometown

06:16 guys that we would love to deal with

06:17 more often than not a lot of times they

06:20 no longer have those products available

06:21 so you have to go to a bigger bank so

06:24 just keep that in mind it’s not that all

06:26 jumbo loans are done it’s not that all

06:28 construction loans are gone it’s just a

06:30 matter of who’s gonna loan on it so it’s

06:34 just finding the right banks so keep

06:35 that in mind the other thing is is our 3

06:38 million dollar price range or higher

06:41 that’s actually at 19 months supply so

06:45 last last year it was at nineteen point

06:47 eight eight this this time last year and

06:51 that basically means we lost a full

06:53 month’s worth of supply in that price

06:55 range so that’s still it’s still a very

06:58 strong buyers market you know that’s

07:00 almost what

07:01 a year and a half a little more than a

07:03 year and a half’s worth of supply to

07:05 sell a home of that that price range but

07:07 that in the long run in the grand scheme

07:11 of things that’s really not so bad when

07:13 you’ve got so many other things going on

07:16 and playing on the market and a lot of

07:18 fear to be honest right now so I have to

07:23 say I’m a little shocked I’m shocked

07:26 that things even with things being

07:30 pretty locked down I’ve seen a lot of

07:32 homes go temporarily off the market or

07:34 withdrawn or canceled and it’s

07:39 unprecedented to say the least but it’s

07:42 also not helping our inventory situation

07:44 so it’s continuing to suppress the

07:46 inventory and yet they’re still buyers

07:48 out there who still need to find a place

07:50 to live who still need to move who are

07:52 still coming here for a new job or lower

07:55 taxes or to retire or a lower cost of

07:58 living so so far all as well time will

08:02 really tell

08:03 I hope I’m giving an update like this in

08:07 April and one more month of this for us

08:10 here in Arizona that’s what our

08:12 governor’s projected so that’s when I

08:15 think we’re going to see the real

08:18 effects on if this is going to have an

08:21 immediate effect on a real estate market

08:23 but so far what’s going on in the stock

08:26 market isn’t too terribly bad affecting

08:29 our supply and demand and ability to do

08:31 business here so if you guys have any

08:34 questions let me know four eight zero

08:35 seven one seven nine four zero five look

08:38 forward to hearing from you soon if you

08:40 need any TP let me know have a great day

08:42 bye

08:48

[Music]

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