Scottsdale Real Estate Inventory
In one month Scottsdale Real Estate Inventory will be depleted (sort of). One measure of the housing market is called Days of Inventory. It measures how many days it will take to deplete housing inventory given the number of homes on the market and the rate of sale. Right now in the Phoenix metro market, that number has fallen to a record low of 30 days. When Scottsdale real estate inventory falls this low, it is considered a seller’s market.
Start Your Search Now if You Are Considering a Scottsdale Home
If you are considering a move to the Scottsdale area, give us a call, this is a good time to start exploring as there is clear evidence that the market is not slowing down, and prices are likely to increase as Scottsdale real estate inventory dwindles. The contract ratio is another measure of market health. It is simply the number of homes under contract compared to the total number of homes currently listed. The chart below shows contract ratios between May and August for the past three years. It is very clear that right before the Arizona shut-down the market was quite strong in March. It dropped in April and May, started coming back in June, and took off in July.
COVID Impact on Scottsdale Real Estate Inventory
If you’ve been thinking about putting your home on the market, this may be a great time to sell. Concerns about COVID have definitely reduced available inventory. Scottsdale low real estate inventory combined with interest rates that have fallen eight times this year and are now the lowest in recorded history and the large influx of out-of-state buyers, and the stage is being set for a market frenzy. Homes are selling well and depending on the condition and price, are selling quickly.
One colleague listed a home, in good shape on Friday evening for $425,000. On Saturday they had 14 showings and seven offers by the end of the day, several for cash and over asking price.
In the past week in Scottsdale, 70 homes went under contract or pending in less than a week. If we compare this to the same time frame last year, that number was only 36.
If we can help you navigate this market, please let us know.