So Jeff, I was with a client this week and we found a spectacular home for them and they said well, we’ll think about it a couple days…I’m sure there’s room to move in the price because it’s summertime, and homes don’t sell as fast in the summertime and they probably sell for less.
So, you were in New York City they sell slower in New York City is that what your saying?
Oh -of all places.
I mean the weird thing is about it is, people typically think because the weather is so hot that sales are a lot slower in the summertime. Ash, how many homes do we sell in July this year?
This year, a little over 8200, so 8216 I think exactly.
Ok, so um, now just to throw in that little interest rate argument because they said that as interest rates have been rising over the last four months, how does that compare to last year?
OH, 7180 were sold in July of 2012 so, over 1000 more homes sold in July this year than in July last year, with rates higher.
Oh, because there being scared into buying now because that rates are going up more of course, yea.
Right, so I would say that the demand is still strong wouldn’t you?
I would have to argue that the demand is still strong and also that inventory remains low, I mean we have 17,724 homes on the market as of this morning, you said we sold 8200 homes in July this year, simple math puts that over a little over 2 months inventory valley wide, Scottsdale’s a little closer to 5 months inventory.
And let’s not forget about prices, last year in July, the average price was $402,000 and this year…
They said it’s slowing…
I know it’s going to slow down because rates are going up and it’s getting hot in Scottsdale, well guess what, $480,000 is the average price this year so, I don’t know.
I’d have to say that Cup Theory prediction is looking pretty good!
Who was that genius that came up with that?
It’d better slow down a little bit, I mean the reality is we do expect it to cool off a little bit because now we’re losing all of that distressed supply I mean no one’s even making an argument that there’s distressed homes out there.
So as it’s finishing up in the marketplace we expect it to cool down maybe to single digits next year or something like that…
Yea, but still going strong so, we’ll keep you guys posted.
So, buy now, or sell now…wait a minute!
Thanks you guys!