Scottsdale AZ Real Estate Housing Market Report - February 2022
At the same time, the average sold price per square foot for Scottsdale homes increased from $422/sf in January to $447/sf in February. The average sold price per square foot in Scottsdale has increased or remained the same in 19 out of the last 20 months.
The days on market also decreased for the second straight month, going from 43 DOM in January to 39 DOM in February, after increasing the previous two months. The Scottsdale DOM was as high as 76 in January of 2021, so being at 39 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 second straight month after decreasing for the eight straight months prior, going from 510 in January to 511 in February. This is the first February new listings in Scottsdale have increased since before 2018, but the number of new listings for February is the lowest number of new listings since at least 2018. New listings in February this year are lower than in February of 2021 by -6.8%.
After decreasing for three straight months, the number of active Scottsdale listings increased from 693 in January to 713 in February. Active Scottsdale listings are now down -27.5% from February 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 on the decline.
Median home values in Scottsdale have increased an average of 24.2% since February of 2021, which is amazing. With interest rates remaining relatively low around 4.0%, 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.