Scottsdale AZ Real Estate Housing Market Report - March 2022
Scottsdale's average sales price continued to increase, going from $1,386,205 in February to a new all-time high of $1,441,096 in March. This is the second significant increase after January started off the new year with a drop in the average sales price. It is also a good sign for 2022 considering that the average sales price of Scottsdale homes had decreased in 6 out of the last 8 months prior to the increase in February.
At the same time, the average sold price per square foot for Scottsdale homes increased from $447/sf in February to $464/sf in March. The average sold price per square foot in Scottsdale has increased or remained the same in 20 out of the last 21 months.
The days on market has now decreased for the third straight month, going from 44 DOM in December of 2021 to 31 DOM in March, after increasing the previous two months. The Scottsdale DOM was as high as 76 in January of 2021, so being at 31 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.
At the same time, the average sold price per square foot for Scottsdale homes increased from $447/sf in February to $464/sf in March. The average sold price per square foot in Scottsdale has increased or remained the same in 20 out of the last 21 months.
The days on market has now decreased for the third straight month, going from 44 DOM in December of 2021 to 31 DOM in March, after increasing the previous two months. The Scottsdale DOM was as high as 76 in January of 2021, so being at 31 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.
Scottsdale home sales saw a significant increase for the second straight month, going from 391 in January to 522 in March. Scottsdale home sales this March were much higher than in March of 2019 and 2020. However, the 522 homes sold this March are -19.2% lower than they were in March of 2021.
The number of new Scottsdale listings increased for the third straight month after decreasing for the eight months prior, going from 328 in December to 622 in March. This is the lowest number of new listings in Scottsdale for March since before 2018. New listings this March are lower than in March of 2021 by -15.5%.
After increasing last month, the number of active Scottsdale listings decreased from 717 in February to 678 in March. Active Scottsdale listings are now down -29.4% from March 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 February of 2000 (22 years ago) were 1,160.
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 25.7% since March of 2021, which is amazing. With interest rates remaining relatively low around 4.25%, there will still be more buyers looking to purchase a Scottsdale home early in 2022.
The number of new Scottsdale listings increased for the third straight month after decreasing for the eight months prior, going from 328 in December to 622 in March. This is the lowest number of new listings in Scottsdale for March since before 2018. New listings this March are lower than in March of 2021 by -15.5%.
After increasing last month, the number of active Scottsdale listings decreased from 717 in February to 678 in March. Active Scottsdale listings are now down -29.4% from March 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 February of 2000 (22 years ago) were 1,160.
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 25.7% since March of 2021, which is amazing. With interest rates remaining relatively low around 4.25%, there will still be more buyers looking to purchase a Scottsdale home early 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.
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]
 |  |  |
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.
RSS Feed
