Scottsdale AZ Real Estate Housing Market Report - December 2022
After remaining at $440/sf the last two months, the average price of Scottsdale homes per square foot decreased to $427/sf for this month. The average sold price per square foot in Scottsdale has now decreased in 5 out of the last 7 months.
Scottsdale days on market has increased for the third straight month, going from 51 DOM in September up to 75 DOM for December. This is the highest DOM for Scottsdale since January of 2021 when it was at 76 DOM. Scottsdale sales prices have been decreasing over the last 6 months, and homes are beginning to remain on the market longer. It seems like the market has become more balanced between buyers and sellers heading into 2023.
After increasing last month, the number of new Scottsdale listings has decreased three months in a row, going from 575 in September to 272 in December. This is now the lowest number of new Scottsdale listings in any December over the last five years. New listings this December are lower than in December of 2021 by -17.1%.
The number of active Scottsdale listings has decreased for the second straight month after increasing the previous seven months, going from 1,464 in October to 1,287 this month. Active Scottsdale listings are now 59.3% higher than in December of last year. Over the last six months it looks like there is a steady shift happening in the housing industry to a more balanced market.
Listings are still low overall and continue to drive demand, however, Scottsdale home prices have begun to drop as things are slowing down from the frenzied pace of 2020 through the first half of 2022. Home sales in Scottsdale are now occurring at a more regular pace while home inventory is still a little low.
Median home values in Scottsdale have increased an average of 0.7% since December of 2021. With interest rates hovering around 6.5%, the number of buyers looking to purchase Scottsdale homes should be around the same as the number of sellers as we head into the new year.
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