The number of homes for sale in Scottsdale has remained much more stable than other parts of the valley. Due in part the the typical sales price of a Scottsdale single home, which is higher than all other cities in Phoenix Metro.
What I think is most interesting to note in this chart is that it shows that the inventory (i.e. number of homes actively for sale) for Scottsdale single family homes, is the dominated by typical homes for sale. Green are the normal sales, blue signifies short sales, and red denotes lender-owned/REO properties.
Most buyers, just getting started, assume that they are going to get their best deal buying a foreclosure or a short sale. But as you can see, there just aren’t many on the market. And since the demand for these properties is high, it can make it difficult to purchase at previous bargain prices.
In our market, multiple offers are very common. And the number of days that it’s taking to sell a house is dropping like crazy. In Scottsdale, the typical days on market has dropped from 172 to 127 in the past year. Two years ago, Scottsdale had a 11-month supply of housing inventory, and today, it’s just 6 months.
So with the dominance of normal single family homes for sale in Scottsdale, as well as the steady supply, it makes sense for buyers to really focus on their needs and wants, regardless of the type of listing it is.
For some tips home buying in Scottsdale, you can watch these short videos:
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“And since the demand for these properties is high, it can make it difficult to purchase at previous bargain prices.”
I really think this is the salient point of your piece.
Distressed property buying is so mainstream now that you almost need to have a high budget to get the kinds of deals you’d expect in other areas or in Scottsdale a few years ago.
Thanks for delineating this chart so nicely for the laymen Dru!
Sasha, I appreciate your perspective and comments.
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