Scottsdale AZ Real Estate Housing Market Report - April 2023
After decreasing last month, the average price of Scottsdale homes per square foot has increased this month, going from $436/sf in March to $445/sf in April. The average sold price per square foot in Scottsdale has only increased in 3 out of the last 10 months.
After remaining exactly the same in February and March, Scottsdale days on market decreased in April, going from 77 DOM last month to 71 DOM this month. Inventory remains low, reducing the number of homes sold.
The number of new Scottsdale listings has decreased this month after slightly increasing last month. New Scottsdale listings went from 497 in March to 479 this month. This is usually the time of year we see an increase in new listings as we are in the busy housing market season. With this decrease new listings this month are lower than the number of new Scottsdale listings last April by -31.7%.
The number of active Scottsdale listings has decreased for the second month in a row, going from 1,461 in February to 1,407 in April. Active Scottsdale listings have remained fairly steady since July of 2022, and are now 71.8% higher than in April of last year.
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 low compared to a balanced market.
Median home values in Scottsdale have decreased an average of -7.7% since April of 2022. With interest rates hovering around 6.25%, the number of buyers looking to purchase Scottsdale homes should be a little higher than the number of sellers this spring.
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