Scottsdale AZ Real Estate Housing Market Report - January 2023
After Scottsdale's average sales price reached a new all-time high of $1,499,763 in June, the average sales price has been on a downward trend, and has decreased two months in a row. The average sales price of Scottsdale homes has gone from $1,345,064 in December to $1,257,035 in January to start the new year.
The average price of Scottsdale homes per square foot has decreased for the second straight month, going from $439/sf last month to $431/sf for January. The average sold price per square foot in Scottsdale has now decreased in 6 out of the last 8 months.
Scottsdale days on market has decreased to begin the new year after increasing for three straight months, going from 76 DOM in December to 75 DOM in January. This is the second lowest DOM in January for Scottsdale over the last 6 years, with January of last year the only time the DOM was lower. It seems like the market has become more balanced between buyers and sellers as we begin 2023.
The average price of Scottsdale homes per square foot has decreased for the second straight month, going from $439/sf last month to $431/sf for January. The average sold price per square foot in Scottsdale has now decreased in 6 out of the last 8 months.
Scottsdale days on market has decreased to begin the new year after increasing for three straight months, going from 76 DOM in December to 75 DOM in January. This is the second lowest DOM in January for Scottsdale over the last 6 years, with January of last year the only time the DOM was lower. It seems like the market has become more balanced between buyers and sellers as we begin 2023.
After increasing last August, Scottsdale home sales have decreased the last 5 months in a row. Scottsdale home sales have gone from 322 in August to 205 in January. This is an extremely low number for January, as the average number of Scottsdale homes sold in January over the last two years has been 444. Scottsdale home sales are now -47.6% lower than they were in January of 2022.
After decreasing for 3 straight months, the number of new Scottsdale listings has increased this month, going from 272 in December to 566 in January. This is higher than the number of new Scottsdale listings last January by -11.2%.
The number of active Scottsdale listings has decreased for the third straight month after increasing the previous seven months, going from 1,469 in October to 1,251 this month. Active Scottsdale listings are now 78.7% higher than in January 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 between 2020 through the first half of 2022. Home sales and inventory in Scottsdale are still low compared to a balanced market.
Median home values in Scottsdale have decreased an average of 1.6% since January of 2022. This is the first decrease year-over-year since June of 2019. 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 begin the new year.
After decreasing for 3 straight months, the number of new Scottsdale listings has increased this month, going from 272 in December to 566 in January. This is higher than the number of new Scottsdale listings last January by -11.2%.
The number of active Scottsdale listings has decreased for the third straight month after increasing the previous seven months, going from 1,469 in October to 1,251 this month. Active Scottsdale listings are now 78.7% higher than in January 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 between 2020 through the first half of 2022. Home sales and inventory in Scottsdale are still low compared to a balanced market.
Median home values in Scottsdale have decreased an average of 1.6% since January of 2022. This is the first decrease year-over-year since June of 2019. 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 begin the new year.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
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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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