Scottsdale AZ Real Estate Housing Market Report - December 2021
The days on market also increased for the second straight month, up from 42 DOM in November to 44 DOM in December. This is the fourth increase in the last five months since reaching an all-time low of 34 DOM in July. The Scottsdale DOM was as high as 76 in January of this year, so even though the DOM increased to 44 it is still 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 decreased for the eighth straight month, down from a high of 739 in April to 327 in December, and they are now lower by -18.0% than in December of last year. After increasing in October, the number of active listings has decreased for two straight months, down from 988 in October to 783 in December and are now down -35.4% from December of last year. This is by far the lowest inventory of homes for sale in Scottsdale since this data started being reported (Active listings in January of 2000, 21 years ago, were 1,022).
The lack of listings continues to drive demand and continues to drive an upward trend in Scottsdale home prices. Home sales have increased the last two months, and are still occurring faster than ever, while home inventory is on the decline.
Median home values in Scottsdale have increased an average of 17.2% since December of 2020, which is amazing. With interest rates hovering near 3.3%, there will still be more buyers looking to purchase a Scottsdale home heading into 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.