Dale Samar – Real Estate – PGA Life Member

Your GOLF LIFESTYLE Professional™

Anthem – Cave Creek – Scottsdale Home Market Report July 19 – 2021

Market Update – Week of July 19th

The number of detached single-family homes on the market in the Valley:

  • Home inventory increased again this week coming in at 6,008 vs 5,839 a week ago – a 2.8% increase.
  • Under $1 million inventory increased as well with 4,972 vs 4,804 a week ago – a 3.5% increase.
  • Under $500k inventory also increased with 2,885 vs 2,787 a week ago – a 3.5% increase

According to my friends at First American Title, the median home sold last week was on the market for the following:

  • Anthem – 25 days (up from 21) – price per foot = $293 (up from 282)
  • Cave Creek – 56 days (up from 49) – price per foot = $349 (Down from 351)
  • Carefree – 53 days (up from 49) – price per foot = $429 (up from 425)
  • Phoenix – 14 days – price per foot = $267 (down from $269)
  • Scottsdale – 28 days (unchanged) – price per foot = $402 (unchanged)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

Overall, home prices are starting to stabilize as can be seen from the stats above but we’ll need to continue to watch the trends going forward. Homes under $400k are still selling quickly but location and condition are starting to be a factor in just how quickly. The number of multiple offers on individual homes seem to be going down but the best properties are still getting multiple offers.

If you are planning to sell a home in below average condition soon, it may be better to list it sooner than later as the inventory continues to grow and buyers have more options in the market. If your home is in superior condition, your home will almost always gain more interest and attention even as the inventory increases.

Cave Creek – Scottsdale – Anthem Home Market Update – July 12 – 2021

Market Update – Week of July 12th

The number of detached single-family homes on the market in the Valley:

  • As expected, available homes increased again this week coming in at 5,839 vs 5,462 a week ago – a 6.9% increase – larger due to less activity last week during the holiday.
  • Under $1 million inventory increased as well with 4,804 vs 4,466 a week ago – a 7.5% increase.
  • Under $500k inventory also increased with 2,787 vs 2,607 a week ago – a 6.9% increase

According to my friends at First American Title, the median home sold last week was on the market for the following:

  • Anthem – 21 days (up from 14) – price per foot = $282 (up from 275)
  • Cave Creek – 49 days (up from 35) – price per foot = $351 (Up from 326)
  • Carefree – 49 days (up from 45) – price per foot = $425 (from 418)
  • Phoenix – 14 days – price per foot = $269 (both unchanged)
  • Scottsdale – 28 days (down from 35) – price per foot = $402 (up from 398)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

Homes are still selling very quickly with the best homes continuing to sell within a few days but below average homes are starting to take longer to sell. Although the inventory is continuing to grow, we are still far from what our “normal” inventory level is in the valley and multiple offers are still most common. However, as we go forward, there will likely be a larger gap in pricing between the best homes and the below average homes (less updated and/or less popular lot locations). This gap will allow investors/flippers to have more room to work with to improve homes and still make a profit. A large percentage of homes I see need some kind of updating – not to make them livable but to make them more “current.” An updated home almost always brings in more interest from buyers and a higher sales amount for sellers.

Scottsdale – Phoenix Home Market Update – July 5th – 2021

Hope you had a great Independence Day Celebration!

Market Update – Week of July 5th

The number of detached single-family homes on the market in the Valley:

  • Remained flat this week coming in at 5,462 vs 5,499 a week ago – almost no change.
  • Under $1 million inventory was basically flat as well with 4,466 vs 4,489 a week ago.
  • Under $500k inventory was also flat with 2,607 vs 2,579 a week ago.

The biggest influence on the numbers this week is likely the July 4th weekend as most people celebrated Independence Day and didn’t spend much time buying or listing homes.

According to my friends at First American Title, the median home sold last week was on the market for the following:

  • Anthem – 14 days – price per foot = $275
  • Cave Creek – 35 days – price per foot = $326
  • Carefree – 46 days – price per foot = $418
  • Phoenix – 14 days – price per foot = $269
  • Scottsdale – 35 days – price per foot = $398

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

No big changes this week – As home inventory continues to improve, buyers are starting to have a few more choices but will still have to act quickly when a great home becomes available.

Phoenix – Scottsdale – Valley Home Market Update – June 21, 2021

Market Update – Week of June 21st
The number of detached single-family homes on the market in the Valley:

  • Grew slightly again this week coming in at 5,273 vs 5,082 a week ago – a 3.7% increase.
  • Homes under $1 million grew by around 4.1% while homes under $500k grew by more than 2.7%.
  • Since the beginning of April, the inventory has been continuing to climb most weeks and inventory is now up over 31% since April 5th.

Even with this continued growth of inventory, buying demand still remains high and especially for homes in superior condition or that have other standout features like views, updated backyard/outdoor space and/or the most recent interior updates. I’ve also seen a few more homes stay on the market a bit longer because they are likely over-priced for their condition or lack of updates. These homes that have dated or poorly done finishes and/or on less desirable lots are likely to sell for less than the list price unless already priced on the lower end of their neighborhood. However, this has only been around 20% of the market recently. More than half of the recent homes sales have sold for more than list price.


What does this mean?
Because demand for homes is still so strong, the best homes (because of location/views or updates) will continue to sell very quickly and often above list price. However, buyers may find that if they are willing to make some improvements on a home with some correctable faults, it may be the best way to get to your end result of owning a home that is best suited for your specific needs.

Phoenix – Scottsdale Valley Home Market Update – June 14, 2021

Market Update – Week of June 14th – Dale Samar – Realtor

The number of detached single-family homes on the market in the Valley:

  • Grew slightly again this week coming in at 5,082 vs 4,813 a week ago – a 5.5% increase.
  • Homes under $1 million grew by almost 6.8% while homes under $500k grew by more than 6.4%.
  • Since the beginning of April, the inventory has been continuing to climb most weeks and inventory is now up about 26% since April 5th.

Buying demand is still high and I’ve seen this first-hand with a few properties over the weekend that sold for well above asking price. These homes were in the $800k – $1.5 million range. Some homes with accepted contracts may adjust prices after inspection or not go any further at all depending on the terms of the offer but it does show that demand remains high even with additional homes coming on the market.

During the past 30 days May 14 – June 14 within my most prevalent North Valley area, there were 239 closed sales within in the $500k – $1 million range: 61% sold for over list price, 21% sold for less than list price and 18% sold for list price. I always provide a more detailed look at the homes within your target area/price point when you are ready to make an offer ( or price your home) so you can base the offer on the best data available.

Why are more homes coming on the market?

There are a few reasons for this recent increase in inventory:

  • There is pent up demand on the selling side that is starting to show up in the market. There was a lot of uncertainty in the world over the past 15 months and that made people decide to stay in place longer than usual.
  • Covid concerns have eased so more people are comfortable putting their homes on the market and having people come into their homes for showings.
  • It is still a sellers-market which makes it easier to sell a non-updated home and if someone is considering a move. It is still a great time to sell. Many people would rather sell a dated home and move to a more updated home than go through the process of updating their currently home.
  • Work-at-home trends are continuing to show up in the needs of homeowners and many have found they need more than what their current home offers – time to sell.

What does this mean?

Because demand for homes is still so strong, the best homes (because of location/views or updates) will continue to sell very quickly and often above list price. However, homes that are dated without the most premium lots or location may stay on the market a little longer allowing you to purchase without as many competitive offers being available to the sellers – but even these homes will still sell relatively quickly because of the strong demand.

If you are willing to paint and have some cosmetic updates including flooring, counter tops and even cabinets updated after you purchase, you may be able to build in some additional equity into your new home.

Feel free to let me know if you have any questions about updating either your current home or a potential purchase. My team includes my very talented wife, Michelle, of Mongrel Design Interiors www.mongreldesign.net . Together, we can make any home your perfect home!

Have a great week!