Real estate Market Activity in Scottsdale and Phoenix FOR November 2020-

Here are the basics - the ARMLS (Realtor Data and Statistics site) numbers for November 1st, 2020 compared with November 1st, 2019 for all areas & types:

BELOW IS THE CHART FOR RECORD SETTING Per Square Foot Sale Price Numbers.

  • Pending Listings: 7,862 versus 5,919 last year - up 32.8% - but down 1.7% from 7,999 last month
  • Under Contract Listings (including Pending, CCBS & UCB): 13,081 versus 9,716 last year - up 34.6% - but down 0.9% from 13,203 last month
  • Monthly Sales: 9,992 versus 8,037 last year - up 20.5% - and up 3.6% from 9,641 last month
  • Monthly Average Sales Price per Sq. Ft.: $207.37 versus $174.14 last year - up 19.1% - and up 4.3% from $198.84 last month
  • Monthly Median Sales Price: $332,000 versus $285,000 last year - up 16.5% - and up 1.6% from $326,800 last month

The flow of new listings started to fade noticeably over the last week. Since we are already very short of supply, this does not bode well for buyers who are likely to be bidding against each other over a dwindling list of homes for sale during the last 2 months of the year. With demand at a very high level, especially for the normally quiet fourth quarter, the market is even more out of balance than it was last month.

Closed sales were over 20% higher than in 2019 during October. With the average price per square foot up over 12% from last year, the dollar volume is exceptionally high at $4,272 million, up from $2,786 million last year. And last year we thought we had a strong market. Market analyst are running out of superlatives to describe the state of the current market.

Average and median prices are running away skywards, but some of this is fueled by a sales mix which increasingly favors upscale properties. During October we saw 37 closed listings over $3 million. This is not only the highest total for any October in history, it is the highest total for any month in history.

The size of the market below $300,000 is shrinking fast, constrained by lack of supply and by the fact that last year's home at $270,000 is now priced well over $300,000. However any home priced under $300,000 is likely to see many anxious buyers.

Is there any sign of the upward surge in pricing losing pace. Not at this time.

MORE NOVEMBER REAL ESTATE DATA .
Below are charts showing real estate market activity in the Phoenix area with an emphasis on Scottsdale and Paradise Valley from November . The chart is based on statistical data from sold home prices and denotes the "per square foot "sold" home price increases and decreases between now and the corresponding period in 2019.  As noted above,  in last 60 days, real estate prices continue to jump with high demand, extremely low inventory.  There is no slow down in sight. In Paradise Valley for example, I am seeing homes (multiple homes) that sold 9 months ago for, or in the 2.3 million range being re-listed this month for over 3 million. Buyers beware!!  And the scary part is, most of the Real Estate agents out there will NOT be guiding buyers with the extreme expertise and integrity required in this market. Looking for drivers for this market high demand from families needing homes (not investors ) and interest rates my clients are getting are 1.55% for jumbo loans!
To buyers comparing this to the 2008 crash, there are two very different drivers pushing the market. Whereas in 2004 through 2006 there were a significant number of investors buying homes 2, 3 and 4 homes almost like a pyramid scheme now the market is being driven by solid demand from real buyers in the Phoenix area and a huge influx of buyers recognizing the amazing lifestyle the Scottsdale - Phoenix area represents.
The reports /charts below are always based on sold closings, so inherently about 45 days behind the actual market. I can share from showing and selling homes seven days a week ( In Paradise Valley and Scottsdale) there are often bidding wars for nearly every home that is presented well, has a good floor plan and is priced reasonably within market conditions.
REPORT UPDATED FOR YOU EVERY MONTH - Dec NUMBERS OUT BY Dec 20th.
Please call me for a more detailed analysis.  My pleasure to review them with you.
The next report in mid/late December. Please call anytime if you are looking for excellent representation buying or selling a home. Always done with integrity... Please remember, Integrity and expertise is not a quality of being sweet or friendly but of every action and deed in a real estate transaction.

Again please enjoy the graphs and market report and please call me for additional information. Noting again.

Call Michael Chaisson Realtor RL Sotheby's International Realty Specializing in luxury homes in Scottsdale, Paradise Valley and the greater Phoenix area. 480-450-4632

Entire report updated every 35 days.