April 1, 2020
BREAKING: April Fool’s Day has been canceled because reality itself is inconceivable right now. 😊
I hope all of you are finding some blessings available during this locked downtime. With two eleven-year-olds at home, it has been surprisingly easy. Life actually feels a bit more normal.
As you can see by the numbers below, the Terravita real estate market had another great month. The closings didn’t average over $300 per square foot like it did last month but it was darn close.
The market is beginning to see some effects due to the virus. Showings have slowed a bit with the new regulations and inventory is increasing slightly. (Arizona just moved to “Shelter in place” status a few days ago.) There is not enough data yet to support any conclusions so it is hard to say what we will see in the market ahead. We are talking to brokers around North America that I have networked with over the years to gain perspective.
Real estate is an essential business in Arizona so business can be conducted, and rest assured that we have found some very creative ways to protect our clients. We have quite a few new listings coming to the market soon and last night’s photoshoot had the photographer in full mask and gloves. Our “virtual” showings and 360 photography can enable a sale without the buyer ever actually entering the home.
I have had plenty of time to read and discuss. If you have any questions or concerns about anything, please let me know.
Don’t Forget To Support Our Local Businesses!
Below is a really poor quality video I made to let you know that our buddies at JJ’s Deli on Scottsdale Rd and Pinnacle Peak are still open and serving the food that got them voted the best deli in Arizona.
We have a list of other restaurants that are still open for carryout at ConnectingScottsdaleNorth.com. In case you missed our original video describing JJ’s Deli check it out here: JJ’s Deli In Scottsdale North.
Here are the March 2020 Terravita Real Estate Market Statistics*:
*Please note this report is created as of the first of the month and is prone to changes.
**The term “Contracts Accepted” means that there was a new contract accepted on this home this month. This is to say that this listing has moved from an “Active” status in the MLS to a “Sold” status and begun the escrow process and is heading toward “closing”.
*All information is provided by the Arizona Regional MLS and is deemed reliable, but not guaranteed.
March 1, 2020
For months I have been suggesting in my updates that you should expect to see big movements in Terravita home pricing soon. Meaning once we hit the Super Selling Season. This month we have exactly what I was describing. Terravita had 4 closings all over $300 per square foot.
Those who pay attention to my monthly scribes know that for many years $300 per foot for has been the high watermark and a rare occurrence for Terravita pricing. This benchmark measurement has been the holy grail of Terravita pricing, reserved exclusively for the perfectly upgraded and located homes. That all four closings exceeded that average – and only one of them fits that “Holy Grail” description – is very impressive and telling. Obviously, these were all above average homes, and $300 per foot is not going to be Terravita’s overall annual average any time soon.
But…
This month’s results do speak strongly to the direction and strength of the market, and both buyers and sellers should take heed. The world has shifted. Buyer and seller mistakes right now can be several levels of magnitude more expensive than they have been in the past. In our 2020 Market Forecast event we held on last Thursday I outlined a number of ways both buyers and sellers can mitigate those mistakes.
Speaking of The Scottsdale North 2020 Market Forecast . . .
Everyone I spoke with who attended the event was moved by the thorough presentation and exceptional detail that Tina Tamboer from The Cromford Report used to evidence where our real estate market has been, where it is now, and where it is likely headed. All agreed that there was little supposition or opinions in her report – just facts laid out with data.
If you find these updates and the events that we put on like the 2020 Forecast valuable we would sincerely appreciate your help.
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Here are the February 2020 Terravita Real Estate Market Statistics*:
*Please note this report is created as of the first of the month and is prone to changes.
**The term “Contracts Accepted” means that there was a new contract accepted on this home this month. This is to say that this listing has moved from an “Active” status in the MLS to a “Sold” status and begun the escrow process and is heading toward “closing”.
*All information is provided by the Arizona Regional MLS and is deemed reliable, but not guaranteed.
February 1, 2020
For the last several months I have been hinting in my month-end updates that I felt something big was happening in our real estate market. I can now say that I believe the Terravita Real Estate Market along with the Scottsdale North real estate market is poised for the most dramatic shift I have seen in my 35-year real estate career. It is time to stop hinting and show you the facts and figures so that you can make up your own minds.
On February 27th at 5 pm, we are sponsoring an event at the Foothills Foundation on 60th street and Carefree Highway to do just that. I am bringing in the foremost authority on valley real estate statistics to join me in a discussion on what we see coming in the 2020 real estate market.
If you have any interest in buying or selling real estate you will not want to miss this.
If you need to purchase or sell before that time you should call me. I have information that will save you thousands of dollars.
See below for details.
Here are the January 2020 Terravita Real Estate Market Statistics*:
*Please note this report is created as of the first of the month and is prone to changes.
**The term “Contracts Accepted” means that there was a new contract accepted on this home this month. This is to say that this listing has moved from an “Active” status in the MLS to a “Sold” status and begun the escrow process and is heading toward “closing”.
*All information is provided by the Arizona Regional MLS and is deemed reliable, but not guaranteed.
January 1, 2020
Hello 2020!
Wishing You A Year Filled With Peace, Prosperity, Happiness, and
Perfect 20/20 Vision!
Look, I know that it has been unseasonably cool lately but if anyone in Scottsdale complains to you please show them this picture of one of my For Sale signs at this time last year:
This was like 6 inches that stuck around for a while!
December’s Update Is Really More Of The Same Same But Different
- Inventory still very low
- Prices continue to rise
- Number of contracts accepted still unusually low
But . . . This year though the average price per foot of all 6 closings AND all 6 homes actively on the market average of $300 per square foot*. We have never seen anything close to that before. And as I have been saying you should expect more of the same for the foreseeable future. I know that you keep hearing my opinion but here is a couple of other reasons:
- In December, the National Association of Home Builders confidence index hit its highest level since 1999. Builders are clearly more optimistic, as mortgage rates dropped while wages are now growing near the fastest pace in a decade.
- More evidence of builder confidence was seen in Housing Starts, 13.6% ahead of a year ago. The three-month average of single-family starts reached a post-recession high, along with total and single-family permits.
- Tom Ruff from The Information Market said: This is the 5th time in 18 years of data reporting that December has claimed the highest median sales price for the year. STAT is projecting a median sales price of $287,900 which will surpass the June high of $285,000. Why is this important? In the past, strong pricing gains in December create strong price momentum as we move into our “home buying season” which takes off in March.”
Really, this first quarter looks to see some serious price gains. If you know anyone who is thinking of buying or selling they should really at least talk to me first. I have been through this before, and I promise you that not speaking to me could be VERY expensive.
Lastly, watch out for the Scottsdale North Newspaper this week. We will be asking for your help in Scottsdale North!
Together Let’s Make 2020 a Great One!
*Scott Note 1: A late closing came in at 2:06 am this morning – after I wrote this – that brought the closing average down below $300 per foot.
Scott Note 2: This home sold without being marketed in the MLS and if it had, in my humble opinion, the average may have remained above $300 per foot.
Here are the December 2019 Terravita Real Estate Market Statistics*:
*Please note this report is created as of the first of the month and is prone to changes.
**The term “Contracts Accepted” means that there was a new contract accepted on this home this month. This is to say that this listing has moved from an “Active” status in the MLS to a “Sold” status and begun the escrow process and is heading toward “closing”.
*All information is provided by the Arizona Regional MLS and is deemed reliable, but not guaranteed.
