Scottsdale AZ Real Estate Housing Market Report - January 2022
At the same time, the average sold price per square foot for Scottsdale homes in January remained the same as it was in December, at $422/sf. The average sold price per square foot in Scottsdale has increased or remained the same in 18 out of the last 19 months.
The days on market also decreased from 44 DOM in December to 43 DOM in January, after increasing the previous two months. The Scottsdale DOM was as high as 76 in January of 2021, so being at 43 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 first time after decreasing for eighth straight months, going from 327 in December up to 501 in January of 2022. New Scottsdale listings have increased every January since at least 2018, so it is no surprise, but this is the lowest number of new listings to start a new year that Scottsdale has seen since at least 2018. New listings in January this year are lower than in January of 2021 by -15.8%.
The number of active Scottsdale listings has decreased for three straight months, down from 988 in October of 2021 to 676 in January of 2022. Active Scottsdale listings are now down -39.5% from January 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 January of 2000 (22 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 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 23.7% since January of 2021, which is amazing. With interest rates remaining relatively low around 3.5%, there will still be more buyers looking to purchase a Scottsdale home 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.