Right now, the Scottsdale market as a whole is seeing prices up as well as sales. Our annual appreciation right now is about 4.6%, which is a steady and sustainable rate.
A really great trend we’ve noticed lately is a decline in the sale of distressed inventory, which includes bank-owned homes and short sales. The average days on market has lowered and the list-to-sale ratio is currently at 97%. This means that homes are selling for 97% of the original list price at the time of the sale, which is spectacular news for sellers.
Of course, each market is different and there are both hot and cool markets here in the Scottsdale area. The West Valley remains hot — we’re seeing a seller’s market there, so buyers need to act quickly and make competitive offers if they want to get results. If you’re selling there, be prepared to sell quickly if your home is in good condition and priced right.
The markets farther away from town, such as Maricopa, are more in favor of buyers. Maricopa is improving, but buyers still have a lot of options and overall have the upper hand. If you’re selling in that area, you need to price your home competitively and get it in good condition in order to sell.
The luxury market, particularly in North Scottsdale and Paradise Valley, is seeing some cooling trends, so expect to see sales down this year. The luxury market in Arcadia has just surpassed Paradise Valley as the highest dollar-per-square-foot in the Valley. The market in that area remains very strong.
So, that’s where the market is currently at, but what can we expect moving forward? Here are are few trends we expect to see in 2016:
- Baby boomers are selling large homes in favor of luxury condos.
- Buyers are avoiding outdated homes.
- Fixing and flipping are making comebacks.
- The strong US dollar is slowing down international sales
If you have any questions about what’s to come in 2016, or if you would like area-specific market data, please don’t hesitate to reach out to us. We’re always available to help you accomplish your real estate goals!
Let’s talk real estate! We can help you sell your home or buy your dream home.