You can either watch the video or read the blog. The content is the same.
Hi, Jeff Sibbach, Ashley Leroux.
We’re here to talk about whats going on in the current market, Phoenix, Scottsdale Homes for Sale. We love to see you guys come into town, we want to get you up to speed so that when you go out and look at homes is, your not shocked.
So, let’s talk about our current inventory situation. As you can see here, we have a cup representing one month sales, for the entire Valley in MLS. Right now that averages about 8,000 a month.
So your saying we sell 8,000 Phoenix Scottsdale homes each month…yes, because a lot of people out there say we have no demand. Because 8,000 a month would be about average…
That’s demand folks. Eight thousand a month. That’s nearly 100,000 a year. Exactly, the demand is strong.
So right now, as of today, we have 14,800 (this number has dropped to 13,436 since we shot the video) approximately Scottsdale homes for sale on the market available throughout the valley. Ashley, there’s a lot of signs and post out in front of houses out there. There’s more than 14,800 signs out there. What’s happening with all those homes with signs in front of them?
They’re pending (or AWC – both mean the house is currently under contract). Haha.
Ok, so let’s talk about the current supply of Phoenix Scottsdale homes for sale inventory, alright? (Pouring water from pitcher of water into first cup) We’ve got one month’s supply, (Pouring water from pitcher of water into second cup) two month’s supply…wait a second…that’s it? Two months supply? That’s right, if no more homes come on the market right now, our inventory will be gone in two months.
What has happened this year, is we’ve had the worst three months ever (for newly listed homes on the market), well since more than 10 years ago. What happened is we only listed 22,000 homes, I mean everyone in the media (CNBC, CNN, Realty Trac, Core Logic) predicted the all underwater homeowners would be short selling their house, and letting the home for to Phoenix Scottsdale foreclosures but what they predicted simply did not happen, but we only listed 22,000 homes.
To compare it to 2005, we listed 25,000 during the same period of time. And that was the worst 3 month period ever. So we just set a record.
What happened to all that shadow inventory? Come on, unleash the shadow inventory! (jeff lifts the bucket marked 250K Foreclosures representing approximately how many Phoenix Scottsdale Foreclosures we have had.)
So, what your saying is, BRING THE HUGE WAVE OF SHADOW INVENTORY TO THE MARKET.
Shadow inventory being released into the market (Jeff starts pouring the huge bucket into the Inventory pitcher). That’s it, there’s gotta be more Phoenix Scottsdale homes for sale shadow inventory than that, that’s not even half way! Oh wait…
So, your telling me there’s not any shadow inventory to speak of?
Ashley, I like to compare it to the oil in the gulf, when they said it would be around for years and decades, but guess what, it’s all gone.
Hey the proof is in the pudding, people. Inventory is down, demand is up…prices are on the rise.
Thanks Ashley, Have a great day!
Scottsdale Homes for Sale, Flood of Shadow Inventory