2019: The Supply and Demand real estate figures in Scottsdale, Phoenix, Paradise Valley, and others in Arizona tell us an interesting phenomenon. Supply down, demand up – Are we in a sellers’ market for homes priced $1M+ data says maybe?…well not so fast!
The Supply is down (Phoenix, Scottsdale, Paradise Valley), clearly that is an indication that buyers have fewer choices hence more competition for the few well priced properties. The Sales are up, this is also an indication what potential buyers can expect. Clearly if sales are up in Phoenix metro and Inventory is down, that is a recipe for potential multiple offers as well as price increases. In other words, sellers are king! But not all markets support a healthy number of sales to buyers. Fountain Hills, Carefree, and Cave Creek is seeing inventory rise, buyers drop, and homes never selling.
Below you will find infographics for luxury real estate markets of $1M+ in Scottsdale, Paradise Valley, Phoenix, Fountain Hills, Carefree, Cave Creek, and the new hottest luxury market Peoria – Arizona.
Not so healthy markets…
Supply vs Demand by dwelling type (Homes vs Penthouses/Condos)
Data and numbers can be deceiving but the fact is inventory is down in the top luxury home markets (Scottsdale, Phoenix, Paradise Valley). On the other hand, we typically see less inventory during the summer months. It typically starts picking up September due to snowbirds, valley of the sun many events, tourist season, and the holidays. The $1M – $2.5 M price range for an SFR and $1M – $1.4M (Penthouse/Condo) is competitive. These markets could see more buyers and multiple offers but above that it starts to drop off and slow down.
If you are a buyer the best advise is be ready to buy and stop procrastinating. This means have financing set up or proof of funds if paying cash. Agents will NOT work with you otherwise unless they know you or know of you. Many listings agents will not allow showings without proof of funds. Contact a Realtor, Broker, or Agent sooner rather than later that way he/she can have a good idea of what you seek– John Pesqueira, Realtor
If you are a Seller yes, the market is in your favor however don’t over price. The homes overpriced are missing the market and staying on for much longer. Many of those overpriced homes end up never selling, build up a bad stigma, and typically end up selling for less than the market supports. Take all offers serious. Have the house ready for showings.– John Pesqueira, Realtor
In conclusion the healthy seller’s luxury home markets hovering around 7-8 months’ supply is Scottsdale, Paradise Valley, Phoenix, and Peoria. For Fountain Hills, Carefree, and Cave Creek buyers call the shots.
If you would like a Free Market Analysis let me know. So, with that said if you are looking for a Realtor in the Greater Phoenix area, you found him! If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or desert properties in the Scottsdale, Phoenix, Paradise Valley – area. Feel Free to give me a call at 480.458.8007 or email me at email@example.com or visit one of my websites at LavishpAdZ.com your luxury home Realtor.