It’s been a little quieter on the roads since all the Super Bowl visitors left on 2/3, but traffic to listings is up! In the last 2 weeks, pending sales increased by 10% compared to the same date last year. That number is good, but when you split out the data, which the Cromford Report did, certain segments stand out like a shorts-wearing snowbird next to a bunch of sweater-bundled locals on a 60-degree day in Old Town Scottsdale.
Take a look at this chart and see if they jump out at you:
- $175,000-200,000- up 38%!
- $200,000-250,000- up 51%!!
- $300,000-400,000- up 47%!
After spending the last 2 weeks with one particular buyer searching for homes priced around the $300,00 mark in Scottsdale’s 85254 zip code, I can certainly attest to a jump in pending sales there. After our 1st visit out, I realized that 2 of the 4 homes I showed that day went under contract. The one my buyer liked the most, was under contract before he decided he could like it. Another home we saw 1 hour after the lockbox was installed had 3 cards in it. We wrote an offer for the property, which got 4 offers total and the seller took the one that was over asking!
Do note, all segments from $150,000 to 600,000 are doing well, with pending sales up at least 30%. With a median sale price in the low-$200,000s for the entire metro area, this broad range covers most of the “affordable” housing that buyers can actually afford.
After the wild swings we’ve come accustomed to, these numbers may appear to be small- and that’s OK! Exciting real estate is not for the faint of heart. After a wild roller coaster ride for the last decade, slow and steady is a nice change of pace. Let’s see what the next few weeks bring and what that could mean for our continued recovery here in the Valley of the Sun. Stay tuned for more to come!