Scottsdale AZ Real Estate Housing Market Report - November 2022
After Scottsdale's average sales price reached a new all-time high of $1,499,763 in June, the average sales price has declined overall, but has increased over the last two months, going from $1,200,012 in September to $1,378,292 for November.
After increasing last month, the average price of Scottsdale homes per square foot remained at $440/sf for November, the same as it was last month. The average sold price per square foot in Scottsdale has now increased or remained the same in 24 out of the last 29 months.
After increasing to 59 DOM in October, Scottsdale days on market remained exactly the same in November. The Scottsdale DOM was as high as 76 in January of 2021, so being at 59 DOM is still low, especially for homes at this price point. Increases in Scottsdale home values are slowing, and homes are beginning to remain on the market longer, but it is still slightly a sellers' market.
After increasing last month, the average price of Scottsdale homes per square foot remained at $440/sf for November, the same as it was last month. The average sold price per square foot in Scottsdale has now increased or remained the same in 24 out of the last 29 months.
After increasing to 59 DOM in October, Scottsdale days on market remained exactly the same in November. The Scottsdale DOM was as high as 76 in January of 2021, so being at 59 DOM is still low, especially for homes at this price point. Increases in Scottsdale home values are slowing, and homes are beginning to remain on the market longer, but it is still slightly a sellers' market.
After increasing in August, Scottsdale home sales have decreased the last three months in a row. Scottsdale home sales has gone from 322 in August to 270 in November. This is an extremely low number for November, as the average number of Scottsdale homes sold in November over the last two years has been over 500. Scottsdale home sales are -45.5% lower than they were in November of 2021.
After increasing last month, the number of new Scottsdale listings has decreased two months in a row, going from 576 in September to 349 in November. This is now the lowest number of new Scottsdale listings in any November over the last four years. New listings this November are lower than in November of 2021 by -23.8%.
The number of active Scottsdale listings decreased in November after increasing the last seven consecutive months, going from 1,452 in October to 1,428 this month. However, new listings have increased by a total of 38 in the last four months, so active listings have remained fairly steady. Active Scottsdale listings are now 53.1% higher than in November of last year. It looks like there is a steady shift happening in the housing industry to a more balanced market.
Listings are still low overall and continue to drive demand, however, Scottsdale home prices have begun to drop as things are slowing down from the frenzy over the last 2 years. Home sales in Scottsdale are still occurring fast while home inventory is remaining steady.
Median home values in Scottsdale have increased an average of 12.1% since November of 2021, which is still very good. With interest rates hovering around 6.5%, the number of buyers looking to purchase Scottsdale homes should be around the same as the number of sellers as we head into the winter, although things are slowing which is normal this time of year.
After increasing last month, the number of new Scottsdale listings has decreased two months in a row, going from 576 in September to 349 in November. This is now the lowest number of new Scottsdale listings in any November over the last four years. New listings this November are lower than in November of 2021 by -23.8%.
The number of active Scottsdale listings decreased in November after increasing the last seven consecutive months, going from 1,452 in October to 1,428 this month. However, new listings have increased by a total of 38 in the last four months, so active listings have remained fairly steady. Active Scottsdale listings are now 53.1% higher than in November of last year. It looks like there is a steady shift happening in the housing industry to a more balanced market.
Listings are still low overall and continue to drive demand, however, Scottsdale home prices have begun to drop as things are slowing down from the frenzy over the last 2 years. Home sales in Scottsdale are still occurring fast while home inventory is remaining steady.
Median home values in Scottsdale have increased an average of 12.1% since November of 2021, which is still very good. With interest rates hovering around 6.5%, the number of buyers looking to purchase Scottsdale homes should be around the same as the number of sellers as we head into the winter, although things are slowing which is normal this time of year.
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
