Scottsdale AZ Real Estate Housing Market Report - March 2023
After increasing last month, the average price of Scottsdale homes per square foot has decreased this month, going from $446/sf in February to $436/sf in March. The average sold price per square foot in Scottsdale has only increased in 2 out of the last 10 months.
Scottsdale days on market remained exactly the same this month as in February, at 77 DOM. Scottsdale DOM has remained steady over the last 4 months. Home sales continue to increase this spring as inventory remains low.
The number of new Scottsdale listings has remained the same this month as it was in February, at 495. March usually sees a nice increase in new listings as it sort-of represents the start of the busy housing market season. However, the new listings this month are lower than the number of new Scottsdale listings last March by -21.4%.
The number of active Scottsdale listings decreased this month, going from 1,455 in February to 1,404 in March. Active Scottsdale listings have remained fairly steady since July of 2022, and are now 96.9% higher than in March of last year.
Listings are still low overall and continue to drive demand. Many Scottsdale homeowners do not want to list their homes and give up those low mortgage interest rates for today's rates. Home sales and inventory in Scottsdale are still low compared to a balanced market.
Median home values in Scottsdale have decreased an average of -9.1% since March of 2022. With interest rates hovering around 6.25%, the number of buyers looking to purchase Scottsdale homes should be a little higher than the number of sellers this spring.
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