Ladies and gentleman, welcome to April 2013 Scottsdale Homes for sale market update.
I thought we were talking about the Scottsdale Real Estate market.
Is that not the same thing? Ok, anyway.
So anyways, we’re going to cover price, we’re going to cover supply, we’re going to cover
demand, inventory, what’s happening, how much distressed property we have, and even some scuttlebutt about the bubbleologists out there. Bubbleologists…
Yes, say that 5 times fast! Tell us what’s happening.
Well, prices in Scottsdale are currently at $198 per square foot, up 33% since the low
of 2011 and how that compares to years past…if you bought your house in 2005 you now have equity in your home. Right now as far as inventory is concerned, we’ve got about 15,564 homes actively on the market right now…
Ashley, that sounds like a lot. Well, it is a little less than two months inventory. What does that mean?
That means since we sell on average about 8,000 homes a month, if we didn’t get any more listings for the next two months, we’d be out of a job.
That would be bad. And our buyers would be very angry because there would be no homes to buy.
Ok, so we have low supply from what you just told me, we sold 8700 homes in April so we have…
A lot of demand. We’re even selling homes before we can even get these in the yard. Which means prices are going up.
Right, Some of our buyers are going OMG with these price reductions prices must be going down. Well sellers who have got the idea that the market’s going up are now pricing stuff 5 and 10 percent above market value and then what do you know, the market’s so efficient because we’re not in 2005.
Right, so once they’re home is sitting on the market for 36 days in most cases it’s because it’s over priced.
Right, so you said something about somebody’s scuttlebutt…
Yea, scuttlebutt about the bubbleologists Oh bubbleologists!
Oh, you mean bubbles! The bubble bursting!
Um, ok so at $200 a square foot now, the peak was at $300 a square foot, what do you think?
I think we got some headroom there Jeff. I think we got some, well said there Ashley.
And considering the fact we’re not writing bad loans anymore the banks are only writing
loans to people that are extremely qualified and even not to some people that are qualified…
And putting money down, right so exactly. Right, so the whole bubble talk is kind of…
Old news. Flat. Keep in touch with us because we do Sibbach stealth mode now to find you listings that are not on MLS.
Stay tuned for more on that. Have a good day!