Scottsdale AZ Real Estate Housing Market Report - February 2023
After decreasing or remaining the same for 3 straight months, the average price of Scottsdale homes per square foot has increased, going from $431/sf last month to $446/sf for February. The average sold price per square foot in Scottsdale has only increased in 2 out of the last 9 months.
Scottsdale days on market has decreased last month, but increased again in February, going from 75 DOM in January to 77 DOM this month. This is the highest DOM in February for Scottsdale since 2019, as the Scottsdale DOM has increased in 7 of the last 9 months. It seems like the market is becoming more balanced between buyers and sellers as we head into the spring.
After increasing last month, the number of new Scottsdale listings has decreased this month, going from 571 in January to 494 in February. This is lower than the number of new Scottsdale listings last February by -4.6%.
The number of active Scottsdale listings has increased this month after decreasing the previous three months, going from 1,265 in January to 1,445 in February. Active Scottsdale listings are now 97.7% higher than in February of last year. This is the highest inventory in February since February of 2020.
Listings are still low overall and continue to drive demand. Scottsdale home prices saw a good increase this month, and we will have to see if that continues through the spring housing season. Home sales and inventory in Scottsdale are still low compared to a balanced market.
Median home values in Scottsdale have increased an average of 10.0% since February of 2022. With interest rates hovering around 7.0%, the number of buyers looking to purchase Scottsdale homes should be around the same as the number of sellers as we begin entering the spring.
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