Scottsdale AZ Real Estate Housing Market Report - April 2022
At the same time, the average sold price per square foot for Scottsdale homes increased from $464/sf in March to $477/sf in April. The average sold price per square foot in Scottsdale has increased or remained the same in 21 out of the last 22 months.
After decreasing for three straight months, Scottsdale days on market slightly increased, going from 31 DOM in March to 32 DOM in April. The Scottsdale DOM was as high as 76 in January of 2021, so being at 32 DOM now is extremely low, especially for homes in this price point. The low DOM shows that homes in Scottsdale are still very much in demand, and they are selling very quickly.
The number of new Scottsdale listings increased for the fourth straight month after decreasing for the eight months prior, going from 328 in December of 2021 to 695 in April. At 695, this is still lower than Scottsdale home sales in April of 2019, and 2021, but the numbers are inching closer. New listings this April are lower than in April of 2021 by just -6.0%.
After marginally decreasing last month, the number of active Scottsdale listings increased from 696 in March to 791 in April. Active Scottsdale listings are still down -22.1% from April of last year. This is by far the lowest inventory of homes for sale in Scottsdale since this data started being reported. For reference, active listings in February of 2000 (22 years ago) were 1,160.
The lack of listings continues to drive demand and continues to drive an upward trend in Scottsdale home prices. Home sales in Scottsdale are still occurring faster than ever, while home inventory is starting to increase.
Median home values in Scottsdale have increased an average of 27.2% since April of 2021, which is amazing. With interest rates increasing to above 5.25%, there will still be more buyers looking to purchase a Scottsdale home early in 2022.
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 thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.