Scottsdale AZ Real Estate Housing Market Report - August 2022
At the same time, the average sold price per square foot for Scottsdale homes decreased for the third month in a row and has gone from $483/sf in May to $441/sf in August. The average sold price per square foot in Scottsdale has increased or remained the same in 22 out of the last 26 months.
After dropping down to 29 DOM in May, Scottsdale days on market increased the last three months and is up to 52 DOM in August. The Scottsdale DOM was as high as 76 in January of 2021, so being at 52 DOM now is still low, especially for homes in this price point. Scottsdale home values are slowing, and they are beginning to remain on the market longer.
The number of new Scottsdale listings decreased for the third time in a row after increasing for five straight months, going from 765 in May to 479 in August. At 583, this is the lowest number of new Scottsdale listings in August over the last four years. New listings this August are lower than in August of 2021 by -19.5%.
The number of active Scottsdale listings has increased for the fourth consecutive month going from 709 in March to 1,388 in August. Active Scottsdale listings are now 37.0% higher than in August of last year. Home inventory of Scottsdale homes has increased in six out of the last seven months as it looks like there is a shift happening in the housing industry to a more balanced market.
Listings are still low overall and continue to drive demand and an upward trend in Scottsdale home prices, although things may be slowing down. Home sales in Scottsdale are still occurring fast, while home inventory is starting to increase.
Median home values in Scottsdale have increased an average of 10.4% since August of 2021, which is still very good. Even with interest rates remaining around 5.5%, there still should be more buyers looking to purchase a Scottsdale home throughout the fall, although things are slowing.
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.