Mr. Jim Sexton did some analysis of the 2007 resale market in Maricopa and Pinal Counties according to the ARMLS numbers - pretty interesting. Here is a slide that shows the average sales price for the entire year. Before you look, what’s your guess – Did prices go up or down in 2007?
He also looked at Scottsdale specifically. Here are the number of closings per year. If you compare these to the entire countyyou will notice Scottsdale has consistently tracked the county’s sales – about 10%.
Notice the number of active listings – over a 12 month supply. AND the average list price of these active listings is 40% higher than the average sales price last year!
Sellers, not just in Scottsdale, need to become more realistic about properly pricing their property. Not many people who list their property today want to wait until until Jan. 2009 to sell. One of the most difficult things to do is not dwell on the “could of had” prices of yesterday and focus on the market of today. A properly priced property should sell within 30-45 days. Adam Smith said it best in 1776. It’s not the sellers who set the prices, it’s the market.
The market is always talking. Can you hear it? Or better yet, do you understand what it is saying?
[...] listing price in the City of Scottsdale is $1,013,000? And the average sales price for all of 2007 was only $656,000? Talk about a disconnect – do you see the value of having this information when talking with your [...]