My listing in Scottsdale that you can see in the right column went under contract.
When I first took the listing, I made a special MLS report that I use to track comps within a few blocks of the listing.
For months there have been more or less 5 comps for sale but since early August only one comp sold!
Now in November, 3 of the comps, including mine, have gone pending. Only 2 are for sale.
I think I can explain why.
The average price of the 8 comps closed since May was $185 per square foot while the 3 comps that are pending were listed at $173 per square foot. The final average sales price will surely be less than $173 per square foot.
That means the comps that went under contract (pending) were listed for roughly $20,000 less than the previously sold comps.
That’s one vignette about what has happened to the mid-Scottsdale real estate market since summer. However, it’s mildly bullish that these 3 homes went under contract in what is often the second slowest month of the year.
It is, of course, only one tiny area.
Have any other Realtors seen anything unusual for November?
{ 4 comments… read them below or add one }
Peter Fork 11.29.07 at 7:59 pm
John, the post above is spam (likewhoa). The blog it links to is most likely written by a bot.
John Wake - Real Estate 11.29.07 at 8:09 pm
Thanks. Deleted it.
James 11.29.07 at 10:17 pm
It is called a dead cat bounce. Nothing behind it. Nothing has changed. A few buyers come out and then….nothing. Too much inventory, too high prices, too little credit, too many ARM resets coming in q1 07. Don’t fall for it…
Dru Bloomfield 11.30.07 at 4:04 am
John, I’ve been seeing the same phenomena, also in McCormick Ranch, more specifically in Sandpiper. We are coming out of a six month doldrums, and prices on homes new to the market are coming in lower than the previous average sales prices. Result, two contracts in November on homes that have been on the market less than two weeks, in a community where the average days on market is over 100 days.