Scottsdale AZ Real Estate Housing Market Report - July 2023
The average sold price of Scottsdale homes per square foot has also decreased after increasing for three straight months, going from $457/sf in June to $442/sf in July. This the third decrease this year.
After decreasing in April and May, Scottsdale days on market has now increased for the second straight month, going from 66 DOM in May to 76 DOM this month.
The number of new Scottsdale listings has slightly decreased for the 4th straight month after slightly increasing in March. New Scottsdale listings went from 498 in March to 408 this month. This is usually the time of year we see a decrease in new listings as we near the fall and kids are getting back to school soon. With this decrease, new listings this month are lower than the number of new Scottsdale listings last July by -30.5%.
The number of active Scottsdale listings has decreased for the third straight month after slightly increasing in April, going from 1,423 in April to 1,106 in July. Active Scottsdale listings have slightly declined since the beginning of 2023 and are now -21.6% lower than in July of last year. This is the first month that year-over-year active listings have been lower than the same month in the previous year since April of 2022.
Listings are still low overall and continue to drive demand. Many Scottsdale homeowners do not want to list their homes and give up those low mortgage interest rates for today's rates. Home sales and inventory in Scottsdale are still a little low compared to a balanced market.
Median home values in Scottsdale have decreased an average of -10.0% since July of 2022. With interest rates hovering around 7.0%, the number of buyers looking to purchase Scottsdale homes should be a little higher than the number of sellers this summer.
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