Scottsdale AZ Real Estate Housing Market Report - July 2021
After increasing over $56,000 between April and May, and reaching an all-time high of $1,247,173, the average sales price of homes in Scottsdale has decreased by $103,770 over the last two months, down to $1,143,403 in July. At the same time, the average sold price per square foot decreased for the second straight month, from $376/sf last month to $373/sf for July.
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 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.
After climbing to a high of 647 in April this year, Scottsdale home sales have decreased for the third straight month, from 600 in June down to 518 in July. This is the first month in 2021 that Scottsdale has had fewer home sales than in the same month last year, and that difference is -10.5% for July. This does have something to do with COVID-19, and the fact that the housing market was shut down between March and May of last year, but began to open up again starting in June of 2020. A decrease in home sales for May is a little early in the high buying season since more homes are typically sold in May than any other time of the year. A decrease in home sales after May is common, as the high buying season begins to wind down for the year.
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.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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