Terravita Market Update
March 2, 2023
February Market Update
We have confusing times in the Scottsdale North real estate market, but what is clear is that there are shortages.
Last month I mentioned that the market was very slow but clarified that February is the real beginning of our selling season. I hinted that we would know much more about the market direction when we got through February. And we do. But it is a bit confusing.
Shortages And Confusion
Terravita is the largest market in Scottsdale North. In February, just 6 contracts were accepted, 4 homes closed escrow, and there are only 10 homes for sale on the market. Those figures are very low for February, and the rest of the Sco No area is very much the same.
The current real estate market in our area and much of the Valley is experiencing extreme shortages in terms of inventory and sales.
This Chart Shows the homes sold in the Valley over the last 365 days
As you can see, sales numbers are very low.
Inventory is also very low. Fewer homes on the market can lead to increased competition and higher prices. However, low sales numbers can also mean that there is less demand for homes, which could potentially lead to a decrease in prices. And a quick check of the internet will yield you stories predicting a crash:
2023’s Housing Correction Could Be The Largest Since Post-WWII
House Prices Declining Fastest in Overvalued Markets Like Phoenix
Phoenix one of 4 cities will suffer a 2008 crash in home values: Goldman Sachs
Mortgage demand from homebuyers drops to a 28-year low
Interest Rates Rising
Rising interest rates can affect the real estate market in a number of ways. When interest rates rise, it becomes more expensive for buyers to finance a home purchase. This can lead to a decrease in demand for homes, which could cause prices to drop. However, rising interest rates can also mean that inflation is increasing, which could lead to higher home prices.
As I said, it is a bit confusing right now. For those of you who are really curious or have decisions you need to make, help is on the way. We are hosting a live event on March 9th with Tina Tamboer of the Cromford Report. I promise you will leave with a very clear understanding of the market today. Please let us know if you are interested in attending.
Click the link below To RSVP today
https://www.scottggroup.com/events
Go Deeper into Terravita Data
- TV Market Stats
- February Closed Sales Data By Floorplan
- Active Terravita Listings
- Terravita Floorplans
- Read Past Market Updates
Scott’s Newspaper Article
This Month Is Asking For Help! Read It Below
And More News You Can Use:
Not a typo: Price tag on super ritzy Paradise Valley estate set at $75 million
Phoenix-area inspector reveals some newly built homes have obvious defects
How Phoenix ranks among Top 10 most preferred markets
Rise of pickleball pitting neighbor against neighbor, leading to lawsuits
Thank you all for reading and supporting our updates. We know there are a lot of things out there pulling for your attention these days. Please let us know anything we can do better.
*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 contracted 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.
TerravitaRealEstate.com is not in any way affiliated with, or endorsed by, Terravita Community Association, Inc., nor is this in any way an advertisement for services provided by the Terravita Community Association, Inc.
