Weekly Summary Market Conditions in Scottsdale from Cromford Report

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SCOTTSDALE

Homes $2 million and Above
As of May 9, 2020

The luxury sector is not immune to the real estate market effects of the COVID-19 pandemic. Although we have seen an uptick in new contracts in the Greater Phoenix market by over 30% in the last three weeks, the luxury market over $2 million is still moving slow. What does this mean?

The good news is that new contracts are up and days are market are very low at just 64 days. During the pandemic price per SF continued to rise however it took a drop this week to the levels when the pandemic started. While this may seem alarming, it may be due to several factors related to the specific homes that went under contract. Are they older, less desirable, need work? Our belief is that luxury over $2 million will be steady and slow while we continue to work through the current health crisis. But, we are confident that when things lift, we will see an influx of our higher end luxury clients buying. After all, we are the #1 most popular relocation nationally right now!

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SCOTTSDALE

Homes $800K to $2 million
As of May 9, 2020

The $800k - $2 million market tells a different story. Sales have increased significantly, inventory is at an all time low and days on market are under 60 days. Price per SF is bouncing back much quicker and we’re seeing pricing in January levels before the pandemic hit. This price range is even more difficult for Buyers because the inventory is so slim and homes are trickling on the market. We predict that we are going to see an influx of buyers in this price range and it will only mean a better time to sell for our sellers. Get your homes ready - now’s the time.

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We are happy to provide a more in depth look at your home, neighborhood or areas of interest. Email us below and we’ll look forward to being in touch.