With the dramatic change in the real estate market in the past 5 weeks, it is interesting to review the current number of homes under contract in Scottsdale. And then to compare it with the high’s and low’s of the past 14 years. The olive green line shows the number of homes under contract in 2008, which was the year with the lowest number of contracted listings. The purple line shows the number for 2011, which was the highest year in the rebound market. As you can see in the chart, 2020 was running right up the middle, following the same seasonal trends we see in Scottsdale, even showing some acceleration, right up until COVID-19 came to the forefront and shell-shocked our local real estate market.
With only 5 weeks of rapid decline and an unknown future, it’s too early to tell just what the future holds, but needless to say the Scottsdale real estate market has changed dramatically in a very short amount of time. Time will tell how quickly it rebounds.