Scottsdale AZ Real Estate Housing Market Report - August 2021
After remaining the same or decreasing for six straight months (every month this year since January), the days on market for August actually increased, but by just one day, to 35 DOM. This just means that homes in Scottsdale are still selling very quickly.
This does have something to do with COVID-19, and the fact that the housing market was shut down between March and May of last year, but began to open up again starting in June of 2020. A decrease in home sales after May is common, as the high buying season begins to wind down for the year.
The number of new Scottsdale listings decreased for the fourth straight month, down from a high of 739 in April to 588 in August, and are now lower by -10.3% than in August of last year. The number of active listings increased in August, after decreasing for two straight months, increasing from 1,253 in July, to 1,276 in August. However, they are still down -25.9% from August of last year.
The lack of listings continues to drive demand, but there seems to be a decline in Scottsdale home prices over the last couple of months. Home sales are occurring faster than ever, and inventory is down, but there has also been a decline in the number of homes being sold in Scottsdale, and that may be playing into the decline in sales prices.
With that said, median home values in Scottsdale have still increased an average of 25.2% since August of 2020, which is amazing. With interest rates hovering below or near 3.0%, there will still be more buyers looking to purchase a Scottsdale home the remainder of this year.
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.