As 2016 enters its second half now would be a good time to take a look and see how the Scottsdale Luxury Real Estate market is performing.
uncertainty is never good for market in general and real estate is no exception. Global conditions are effecting the high-end through out Arizona. Geo-Political uncertainty, Decreasing Energy Markets, and a weak Canadian Dollar are just a few of the factors affecting the Scottsdale Luxury Real Estate Market.
Pricing and design seem to be the biggest factors in how soon properties are sold. With an abundance of Tuscan Influenced properties at the high-end these types of homes seem to be struggling generally speaking. Consumers tastes have begun to shift and more contemporary homes seem to have a greater appeal. Pricing also seems to be of extreme importance. Homes that are “priced right” seem to be moving faster and at a higher percentage of ask.
For resale homes listed over $4,000,000 the average market time was over 800 days. After a home has been on the market 180 days, sellers can expect to see their home for less than 70% of the original list price. There are several examples of homes languishing on the market and selling for less than 50% of the original ask, proving that time continues to be the enemy of sellers. To see more information on the Scottsdale Market please click here.