Today, I want to give you a quick market update for the surrounding Scottsdale area.
As a whole, our county has seen sales and average prices increase by 4.6% year over year. Distressed inventory, meaning bank-owned properties and short sales, continues to decline and remains a very small segment of our market.
The average days on market remains lower than 2015. Our average list-to-sales price ratio is 97%, meaning homes are going under contract at 97% of the asking price.
Each market in the valley is different. Avondale and Glendale are both experiencing strong seller’s markets. If you’re a buyer in those areas, you have to move quickly. We do have cooler areas in the market. For instance, in North Scottsdale, buyers will have more options. If you’re a seller in that area, you will have to be extremely competitive on price, condition, and marketing. A good agent goes a long way in those cooler markets.
We are also in a rental bubble. That means rental inventory is rather low and rental prices are going up. For a landlord, that’s great news. You can most likely lease your property out for more than before. If you’re a tenant, you will have fewer options and your lease amount will be a lot higher than what a mortgage would be for that same house. I strongly suggest that you look at your purchasing and lease options so you know what the best strategy is for you.
Now, here are four trends to look for during the rest of 2016:.
- Baby boomers are selling their large homes and moving into condos downtown.
- Buyers are unenthusiastic about dated homes.
- Fix and flip is coming back.
- The strong U.S. dollar is slowing international sales. Most of our Canadian clients right now are sellers rather than buyers.
If you have any questions about today’s video or about real estate in general, give me a call or send me an email. I would be happy to help you!
Let’s talk real estate! We can help you sell your home or buy your dream home.