In the $500,000-$700,000 price range in Scottsdale, Arizona, there is a shortage of active listings on the market. The shortage of homes and low-interest rates are causing a seller’s market. As of July, we have a 1.59 month supply, and the average sales price is 99.4% of the asking price. Not much wiggle room for the buyers.
The $700,000-$1,000,000 range has a 1.88 month supply on the market. The average sales price is 98.2% of the asking price. We are starting to see multiple offers in the luxury market under the $1,000,000 price range. Look for multiple offers on updated homes with today’s styles.
Even the $1,000,000-$3,000,000 range is heating up with 2.84 months of supply. The average sales price is $96.2% of the listed price.
The market above the $3,000,000 has 19.5 months of inventory. The average sales price is 94.4% of the current listing price. A high supply in the $3,000,000+ range is not unusual for the Scottsdale market. Eventually, after the buyer demand catches up and the availability is reduced, you will see new construction in this price range.
I personally believe this market will continue through 2021.
If you are thinking of selling your luxury home, please contact us at 602-999-2627 or firstname.lastname@example.org. Have a lucky duck day. 🙂
Michelle Quackenbush with Lucky Duck Realty