Scottsdale AZ Real Estate Housing Market Report - February 2023
The average sales price of Scottsdale homes saw a significant increase this month, going from $1,257,035 in January, to $1,451,930 in February. This is the highest average sales price month since Scottsdale reached the all-time high of $1,499,763 in June of 2022.
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 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 decreasing the last 5 months, Scottsdale home sales have increased in February. Scottsdale home sales have gone from a six-year low of 205 in January to 275 this month. This is an extremely low number for February, as the average number of Scottsdale homes sold in February over the last two years has been 491. Scottsdale home sales are now -36.0% lower than they were in February of 2022.
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.
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.
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.
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Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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