Over the last couple of months, we've seen some shifting in our market in relation to demand and supply. While supply has been low, about half of what it should be, our demand was pretty much normal for this time of year (pre - Covid 19).
As you can see in the picture just how low our supply is (brown bottom line) even compared to last year (shown in green).
With the hit from Covid 19 we did see a short term marked decline in our demand (see Chart)
You can see starting in mid March where things took a downward turn, out of the frenzy zone but still never out of the seller's market situation. We did see Paradise Valley fall into a balanced market, where there index if falling between 90-110 points.
As of this writing, Scottsdale is at 128.5 points and I would say rising with each day.
People will assume that prices would have fallen but due to the lack of inventory, that is just not the case.
While we missed our winter market it could mean we will have an exceptionally busy fall season. I have definitely seen an uptick in activity in the last several weeks so our summer could also be really busy. I'll keep you posted.