I can count on this question in every listing appointment. And the short answer is, “Depends”.

Depends on:

• Where your house is located
• How you price it
• What kind of condition it’s in
• And a host of other external factors that buyers and sellers don’t have direct input into, like interest rates, tax incentives, consumer confidence, …..

Today, I’ve pulled some Altos Research housing data, to show you how long homes have been listed for sale in Scottsdale.  In this first chart, for the whole of Scottsdale, you can see that number of days on the market peaked in July and has started a steady downward trend.

However, we all know that real estate is local, so I’ve done a quick comparison of the Median Days on Market for several Scottsdale zip codes.

First, from the southernmost part of the city, Scottsdale 85257, time to sell a house didn’t start decreasing until the September.

In Scottsdale 85258, where McCormick and Gainey Ranches are located, Days on Market matched the same pattern as the City of Scottsdale and started decreasing in July.

The same trend is true for Scottsdale zip code 85255, home to McDowell Mountain and DC Ranches, as well as Grayhawk.

However, moving northward toward Carefree and Cave Creek, you can see that the zip code 85266, home to many luxury homes and the community of Terravita, the number of days to sell a house still has not peaked.

When it comes times to sell your home, you will want to look a lot closer at statistics in your neighborhood.  Some subdivisions sell much more quickly than others, so it’s imperative you have a good sense of what is going on close to home, as well as in the surrounding areas.  Armed with current and relevant data, you and your agent can then price your house to sell, know just how long it might take.

Related Links – More Scottsdale Real Estate Statistics

To take a look at what is going on currently (as of the day your are reading this post), you can look at the following reports for the city of Scottsdale and then for each Scottsdale zip code:

Scottsdale Real Estate Statistics – Single Family Homes

• 85262 – North Scottsdale including Desert Mountain, north of Jomax and east of Pima Road
• 85266 – North Scottsdale including Terravita, north of Jomax and west of Pima (new zip code as of 7/1/2007)
• 85255 – North Scottsdale, including DC Ranch, Grayhawk, and McDowell Mountain Ranch
• 85260 – North Scottsdale, between Shea Boulevard and Bell Road
• 85254 – Scottsdale address, but located in City of Phoenix. North of Shea and South of the aqueduct.
• 85259 – North Scottsdale, mostly east of 104th Street and west of Fountain Hills
• 85258 – Central Scottsdale, including McCormick Ranch and Gainey Ranch
• 85250 – Central Scottsdale, between Chaparral and Indian Bend Roads
• 85251 – Downtown / South Scottsdale, between Chaparral and Thomas Roads
• 85257 – South Scottsdale, south of Thomas Road to the Tempe border

Listing prices appear to be stabilizing. Time to sell is definitely still on the rise.  When you look at the percentage comparisons, there’s another story. Median listing prices are $25,000 from two years ago, which equates to about a 3% drop.  Then, you look at the median number of days a listing has been on the market, and you see that its a 15-fold increase, from 10 days to 160.  What does that say?

The number of listings being absorbed (sold or taken off the market) is down, way down. 

I tend to post mostly positive news about the market, which means that I’ve been pretty quiet lately.   I’d like to make some comments about what’s going on, but this two year history is pretty telling and pretty much says it for itself.

Buyers call the shots.  Offers are low, and many buyers are hanging tough on what they are willing to pay.  With the rapid slide of prices, buyers are nervous and making their offers according. 

Some sellers are doing what it takes to sell.  While the offers are coming in low, and sellers are more than grimacing.  I experienced sobbing, yelling, and screaming.  And then, when home sellers are presented with the hard numbers of what the market is doing, they are countering and accepting offers more readily.  Just this past week, I completed a contract for an out-of-state buyer that was totally rejected by the seller two weeks ago.  The seller’s agent called back and asked if the buyer would reconsider a counter from the seller.  And common ground was found.

Buyers are asking for the moon in repairs.  As a listing agent, I’m seeing incredibly long repair requests, once the inspections are complete.  And as a buyer’s agent, I writing them up.  I used to have conversations with buyers that “you are not purchasing a new home“.  Not these days.  And, sellers are stepping up and completing many or all of the repairs, not wishing to jeopardize the sale.

More sellers are bringing money to the table.  It’s true.  Home owners have been using their homes as banks.  Either to purchase their next home, or to pay off other debt.  Some sellers have the resources to bring cash to close, while others are in negotiations with their lender for a “short sale”, selling for less than they owe.

Renters are in no hurry to buy.  I’m writing more leases than I ever have in the past. Clients who sold homes a year or two ago are holding out to buy again.  At the same time, I recently represented a buyer who sold their home three years ago and were ready to buy and settle again. 

Prices are finally starting to get more real.  I went on a John Hall broker tour last week, and was surprised at my reaction to a number of the homes.  “Wow, this is priced well.”  “Seems like a lot of house for the price.”  The pricing feedback I got on the home I was showing was equally positive.   Maybe we’ve been so numbed by sticker shock, that anything seems to be an improvement, or maybe we are getting close to true market values.

Realtors are either incredibly busy or wondering what to do next. A number of the agents that I’m in contact with are very busy.  The real estate market has changed and staying on top of these changes takes time and perseverance.   Agents who are there actively developing their business, and working with buyers and sellers, are the ones who have their finger on the pulse of what’s happening.  Find them and ask lots of questions.

I could say, “it’s a great time to buy” or “it’s a perfect time to sell”, but in this market, the reality of the situation is that you, as a buyer or seller, make those choices.  As I’ve mentioned before, life moves on, people get married, have kids, retire, invest, or just want to get a fresh start in a new town. 

Just think of it as “Real estate is local”,  right down to what is going on with you and where you want to be.