Video Transcript:
Hello, everyone. This is Ian with the Kay Grant Group. Today we're going to be going over the Park Scottsdale subdivision. We're going to give you a market update, give you an idea of what the price per square foot is. What are the trends that we're seeing? We're actually surprised once we go into this. We're seeing quite a bit of an upset, and I'm here to tell you why. So let's go ahead and get into it.
So we're looking at the price per square foot in the Park Scottsdale area, and this is including all types of properties. This is condos, town homes, single family residences. And if we look at it year over year from Q4 last year, we actually peaked out at 250, and we're not all the way through Q4 yet, but it looks like we're averaging about $245 per square foot. However, we do think that it is going to probably get over 250 a square foot when we close out the year. I will show you why.
So this is the total inventory or homes or residences in the entire Valley that are available. We're actually looking at a significant drop year over year. It's almost 12 percent. We did gain back a little bit of of the market inventory when we're looking at it month over month. But overall when you have that dramatic of a drop, it leads to a new inventory deficit.
When we're looking at a year over year, we've barely seen it move a bit, not even point one percent, and also for month over month we're looking at... it's down six and a half percent.
Now, the Park Scottsdale subdivisions are actually a pretty large portion of Scottsdale. I mean, you have thousands of homes within them. And why don't we go ahead and take a look and see how many are actually currently available.
So this is actually a property search just for all of the portions of Park Scottsdale. I perform those search on our website cause we actually do pull directly from the MLS. And right now in the Park Scottsdale area, there's only 20 properties that are available. So if you add everything that we're showing here altogether, we're going to be seeing a northward trend as far as price per square foot because we have an extremely low inventory, and also active inventory is very little, as well.
So you know, it's very much a sellers market. So if you were looking to sell your home, now is definitely the time to do so, and if you are interested in doing that, feel free to give us a call, or you can also just contact us on our website. Thank you very much. You all have a nice day.