Scottsdale AZ Real Estate Housing Market Report - March 2023
After a significant increase last month, the average sales price of Scottsdale homes saw a decrease this month, going from $1,451,930 in February, to $1,348,871 in March. The average sales price of Scottsdale homes has remained fairly steady over the last six months.
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.
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.
After decreasing the last 5 months, Scottsdale home sales have increased for 2 straight months. Scottsdale home sales have gone from a six-year low of 205 in January to 422 in March. Scottsdale home sales are now -19.2% lower than they were in March of 2022.
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.
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.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. 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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