Scottsdale AZ Real Estate Housing Market Report - May 2022
At the same time, the average sold price per square foot for Scottsdale homes continues to increase and has gone from $477/sf in April to $483/sf in May. The average sold price per square foot in Scottsdale has increased or remained the same in 22 out of the last 23 months.
After slightly increasing from 31 to 32 DOM between March and April, Scottsdale days on market dropped in May down to 28. The Scottsdale DOM was as high as 76 in January of 2021, so being at 28 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.
The number of new Scottsdale listings increased for the fifth straight month after decreasing for the eight months prior, going from 328 in December of 2021 to 756 in May (more than doubling). At 756, this is the highest number of new Scottsdale listings for any month since January of 2019. New listings this May are higher than in May of 2021 by 13.9%. This is the first time new listings are greater than the same month in the previous year since July of 2021.
The number of active Scottsdale listings has increased for the second consecutive month going from 704 in March to 951 in May. Active Scottsdale listings are still down -3.5% from May of last year. Home inventory of Scottsdale homes has increased in three out of the last four months as it looks like there may be a shift happening in the housing market.
The lack of listings continues to drive demand and continues to drive 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 16.9% since May of 2021, which is still good, but below the 20-30% increase we have been seeing over the last year or two. Even with interest rates increasing to above 5.25%, there still should be more buyers looking to purchase a Scottsdale home as we head into 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.