I woke to an interesting post on Facebook this morning, and when I shared it with my friends, a couple fellow real estate agents added their experiences on how quickly their listings are selling.
Location, condition, and setting the right price are key, of course!
While sellers don’t want to “give their house away”, once they’ve made the decision to do it, getting the house sold is definitely the goal. The sooner the better.
Here are a few tips (all short videos) for Scottsdale home sellers:
The Scottsdale real estate market is definitely improving. While prices are still recovering, the number of sales per year is definitely back to the level of the pre-boom days.
The dots in this chart above reflect the number of Scottsdale home sales in the previous 12 months. From cumulative sales of 5,086 in January 2001, to a peak of 6,915 in March 2005, and then a valley of 2,938 that extended from February 2008 to April 2009, the total number surpassed the 5,000 mark in November 2011.
Definitely good news for local real estate.
Taking a closer look, you’ll see that the Scottsdale real estate market has a seasonal fluctuation that peaks in the spring selling season. Here you can see that from 2001 through 2011, the peak selling months in Scottsdale initially averaged about 600 home sales, peaking in 2003 at about 750, plummeting to a peak of just over 300 in 2007, finally approaching “normal” as of 2011.
2012 just may be the year that 600+ homes are sold in the peak month.
With the huge amount of business that seems to be flowing to me and the other agents that I work with in Scottsdale and the surrounding cities, it seems that this spring is could be a significant turning point in our market.
We can hope!
The sun was almost setting this afternoon and I slipped out to catch a few photos in that lovely golden light.
My favorite is a this peaceful view of the McDowell Mountains, taken from the McCormick Ranch Golf Course.
Feels like spring, even though it still looks a bit like fall.
I pulled up a copy of Scottsdale’s long-term home appreciation chart this morning, expecting to see more improvement than I do here:
From a broader perspective, the trend is definitely to the positive, with a few intermittent months of plus-side appreciation, but still running in the negative overall.
Sellers need to keep this perspective in mind as they list their homes to sell in over the next couple of months. Spring is Scottsdale’s biggest selling season and buyers are definitely keeping on top of the market. Writing offers that hold tight to what their perception of the local real estate market is today.
A quick overview of key real estate indicators shows that overall 2011 was definitely a step in the right direction for Phoenix metro real estate.
- Total sales exceeded 100,000 transactions up, exceeding our last “normal” years in 2002, 2003, and 2004.
- Total new listings of 121,041 also approached the pre-boom years.
- Months supply of inventory is also righting itself, and now hovers about 4-4 1/2 months.
- Pending foreclosures dropped significantly, and are now 60% below the decade high.
- Distressed sales (short sales and foreclosures) dropped from 70% of total sales to just under 60% for each of the final two months of the year.
- Short sales now exceed foreclosures.
- Median sales price increased about 5%, while average sales price inched up 3%.
- Unemployment started the year at over 9%, and dropped almost 1.5% through Novembers estimates.
All in all, these numbers paint a picture of a Phoenix real estate market that is strengthening and gaining steam. Seems that 2012 is going to be a pretty good year!
Credit goes to the Arizona Regional MLS for these stats. If you’d like to see their full report, complete with some very helpful charts, click here: Stat 2011 Year in Review