Typically in the Scottsdale and Phoenix real estate market, active homes for sale fall through the winter and spring months and rise from approximately June or July through the end of the year. This year, inventory levels are bucking the seasonal trend.
The total number of active listings in the Phoenix area have been “gently falling” since May of this year. ASU’s Cromford Report just recently reported that last month’s numbers are in, and the trend continued through August.
In the past 14 years, this is only the 4th time that this has occurred. Falling inventories occurred in the summers of 2003, 2004 and 2008.
Mike Orr of the Cromford Report states that if these low levels of new listing supply continue, and should demand suddenly increase, we could move from a balanced market to a sellers market pretty quickly.
The bottom line is that it’s a great time to sell NOW. Don’t wait until the fall season or the New Year to sell your home. Take advantage of the lowest new inventory rates we have seen in the past 12 months.
We’ve had a couple of recent situations where listings of ours have sold in less than a week for great prices. No doubt the lack of inventory in the surrounding neighborhoods played a role in the short marketing times.
We are Scottsdale real estate agents who make it our job to watch housing trends and real estate market conditions. Contact us if we can help you buy or sell a home in the Scottsdale area.