Scottsdale Real Estate Update: Active Market Ahead

Scottsdale Real Estate - Homes under contract
Scottsdale Real Estate – Pending Listings

The number of single family homes under contract in Scottsdale has been at its lowest in recent years.  We are rolling into our busiest season for real estate sales in our city.  And the number of home on the market has been increasing fairly dramatically over the past couple of weeks.  Definitely good new for Scottsdale home buyers, and something that local home sellers need to be aware of.

Number of homes for sale in Scottsdale
Scottsdale – Active Listings

And the Cromford Report has just reported a record number of price decrease for homes currently listed for sale in the Arizona Reggional MLS.

January 31 – In the last 24 hours we have seen 645 price cuts among the active listings. This is by far the highest daily total since we started tracking price changes on January 1, 2013. It also looks likely that we will approach 3,000 price cuts for the week (Sunday through Saturday). This will rival our previous highest total, measured in the last week of October. Clearly sellers are under increasing pressure caused by a growing supply and much weaker demand than normal for the time of year.

I’ve been showing a lot of homes in the past month, and many seemed to be overpriced.  Buyers are being very discriminating in comparing homes and making offers.  They want to see the “comps”, which are recent comparable sales, NOT comparable properties currently on the market.  There’s a big difference.

Stay tuned… we are just going into our “high season” for Scottsdale real estate.  We will most likely see a much larger number of homes go under contract in the next 6-8 weeks as our winter visitors arrive and add to the mix of our Scottsdale real estate market.

My sense is that we will have a strong market for spring, but that prices will really stabilize and real estate will be as close to normal as it has been in years.

Here are 7 most recent homes listed for sale in Scottsdale. [idx-listings city=”Scottsdale” mindom=”30″ statuses=”1″ propertytypes=”317″ orderby=”DateAdded” orderdir=”DESC” count=”7″]

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