North Scottsdale has some of the most beautiful luxury neighborhoods in the Phoenix metropolitan area. From golf to horse properties or an entertainer’s dream home. As a guide to some of these areas, we publish The North Scottsdale Luxury Property Report. This report provides a comprehensive market perspective and evaluation of the North Scottsdale luxury market. Our latest report is available for you to view on-line.
We also mail the report out to anyone who is interested in receiving a copy in the mail if you would like to receive a copy in the mail, please go to our report sign up page.
We have great expectations for the seasonal market this year. The trend in luxury homes closing in our market these past few months has been above previous years, and if this trend continues, we are looking at a very solid market this fall and into early next year. To provide some perspective, the number of homes sold in July was 57 percent higher than the same period in 2017. August sales were 26 percent higher and September sales were 8% higher. This is great news as we enter the busier selling months.
The key question on every potential seller’s mind is, “what is my home worth in this market?” We have some tools to help answer this question. The easiest way to find out is to visit our home valuation website. To use this tool, simply enter your home’s address, answer some simple, non-intrusive questions, and you will instantly receive a report providing you with a home valuation range. If you are interested in a more in-depth valuation with a higher degree of accuracy, we have statistical tools and models available to provide a comprehensive pricing picture. Just give us a call at 602-603-0708 and we will be happy to produce a complimentary one for you.
The Price Is Right
If you are a seller, nothing is more important than hitting the market at the right price. It will determine how quickly your home will sell, and if priced correctly, it should sell close to the original list price. If you want to know how well an agent prices a home, ask this question; “on average, what percent discount do the homes you list sell below the original list price?“ Many agents measure their discount from the most recent list price, which is often a reduced price, not the original list price.
We analyzed the number for many of the area’s top agents and found that some homes sell between 15 and 20 percent below their original price. Unfortunately, some agents will list a home for the price the seller wants to sell for, knowing that in the given market it won’t sell at that price, but, they will get the listing. Far too many agents take a listing at a higher price, with the intention of just riding the price down to where it will eventually sell, and close to where it should have been priced originally.
Make sure there is data that supports a listing price and understand that it may not always be the number you want. Some sellers believe their home is worth more than what the market supports, and grow frustrated when it sits on the market. Remember, in the end, it is neither you nor your agent that set the price your home will sell for, it is the market.
The Market Look Good
As we stated at the beginning of this report, sales are higher in this market than last year, but adding to the positive news is that inventory is down. At the beginning of October of this year, there are 19 percent fewer listings than in 2017.
The good news continues when you look at homes that are under contract or pending. As we go to press, listings falling into these two categories, most of which will eventually close, are up nearly 33 percent over last year.
Median sales price also tells a nice story about our three zip codes. The median price for homes sold in the area is up 3.25 percent from the same time last year, at $730,000.
Sign Up To Receive Future Reports
In addition to this, our quarterly report on North Scottsdale, we publish a monthly luxury snapshot of the entire Scottsdale luxury market. If you would like to ensure that you continue to receive these reports in the future, as well as our monthly snapshot report (which is only distributed by email), please visit our sign up page. We only need your name and email address, but if you would like to continue to receive our published reports also, please provide a mailing address also.
We produce our specific area and neighborhood reports so that our clients and readers can see statistics on key North Scottsdale neighborhoods and compare them to homes in similar neighborhoods. You will find these broad area reports, zip code reports and neighborhood reports in the full report.
This report is read by a broad cross section of North Scottsdale luxury homeowners. If you live in a specific neighborhood that is not featured in this report but would like to know the statistics for your specific neighborhood, just give us a call at 602-603-0708, and we are happy to produce a customized report for you.