Shortage of Homes?

market news iconI was reading Forbes.com this morning and saw the following headline, Surprise! Some Cities Are Actually Experiencing Housing Shortages. At first I thought this is no surprise, but I have to look at it from the stand point of their readers. They have a national audience that might not be as in tune with the local market as folks in North Scottsdale. It seems like real estate is a topic at all the social events I go to. Maybe it’s because people know I sell homes, but it always amazes me that some think we’re still in a buyer’s market. I’d like to share a quick story about the current market and let you decide if it’s a good time for buyers or sellers.

Last month we got word of a listing that was about to go on the market. We sent it out to our list of buyers that have asked to be notified of such homes for sale in North Scottsdale. That same night one of our buyers submitted a full-price offer to the seller’s agent – BEFORE IT EVER HIT THE PUBLIC MLS! This was the first time we ever sold another real estate agent’s listing before it hit the Arizona Regional MLS. Crazy times. You be the judge, does that favor buyers or sellers?

How long does it take to sell a home?

Obviously this story is about an outlier. I decided to run some reports to see how long it takes to sell a home in two of our largest communities; DC Ranch and Grayhawk. I decided to look at the days on market for homes that sold in the given months, rather than all the homes for sale. Here’s what I found…

June July August
DC Ranch Real Estate 2012 69 76 61
2011 170 95 142
Grayhawk 2012 50 75 77
2011 83 135 136

 

 

What a difference a year makes! The time it takes to sell a house has been cut by about 50% in August for both DC Ranch and Grayhawk when you compare it to 2011.

Contact us if you would like a listing price estimate. You never know, it might surprise you.