Scottsdale AZ Real Estate Housing Market Report - June 2022
At the same time, the average sold price per square foot for Scottsdale homes decreased for the first time since November of 2021 and has gone from $483/sf in May to $476/sf in June. The average sold price per square foot in Scottsdale has increased or remained the same in 22 out of the last 24 months.
After dropping down to 29 DOM in May, Scottsdale days on market increased to 34 DOM in June. The Scottsdale DOM was as high as 76 in January of 2021, so being at 34 DOM now is still very 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 decreased for the first time after increasing for five straight months, going from 765 in May to 714 in June. At 714, this is the highest number of new Scottsdale listings in June over the last four years. New listings this June are higher than in June of 2021 by 7.9%.
The number of active Scottsdale listings has increased for the third consecutive month going from 705 in March to 1,194 in June. Active Scottsdale listings are greater than the same month in the previous year for the first time since before 2019 and are now 21.0% higher than in June of last year. Home inventory of Scottsdale homes has increased in four out of the last five months as it looks like there may be a shift happening in the housing market.
Listings are still low overall and continue to drive demand and an upward trend in Scottsdale home prices, although things may be slowing down. Home sales in Scottsdale are still occurring faster than ever, while home inventory is starting to increase.
Median home values in Scottsdale have increased an average of 25.3% since June of 2021, which is still very good. Even with interest rates edging closer to 6.0%, there still should be more buyers looking to purchase a Scottsdale home throughout the summer of 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.