Scottsdale AZ Real Estate Housing Market Report - July 2021
The days on market has decreased, or remained the same for six straight months (every month this year since January), and it decreased again in July to a new all-time low of 34 DOM. Homes are still selling very quickly in Scottsdale.
The number of new Scottsdale listings decreased for the third straight month, down from a high of 739 in April to 595 in July, but are still slightly higher (2.8%) than in July of last year. The number of active listings decreased slightly for the second straight month from 1,278 in June, to 1,253 in July, and are still down -27.9% from July of last year.
The lack of listings continues to drive demand, but there seems to be a decline in Scottsdale home prices over the last couple of months. Home sales are occurring faster than ever, and inventory is down, but there has also been a decline in the number of homes being sold in Scottsdale, and that may be playing into the decline in sales prices.
With that said, median home values in Scottsdale have still increased an average of 22.8% since July of 2020, which is amazing. With interest rates hovering below or near 3.0%, there will still be more buyers looking to purchase a Scottsdale home the remainder of this 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 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.