Scottsdale AZ Real Estate Housing Market Report - July 2023
After increasing the last 3 months, the average sales price of Scottsdale homes has decreased this month, going from $1,498,271 in June, to $1,347,959 in July. This is the third time this year that the average sales price of Scottsdale homes has decreased and is now just a little over a thousand dollars from where it was in December of 2022.
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 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.
Scottsdale home sales have seen a decrease for the second straight month. Scottsdale home sales have gone from 457 in May to 310 in July. Even with this decline Scottsdale home sales are 14.8% greater than they were in July of 2022. This is the second straight month home sales in Scottsdale were greater than the same month last year. This hasn't happened since June of 2021.
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.
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.
For more detailed stats on the Scottsdale Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you’re considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
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Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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