Scottsdale AZ Real Estate Housing Market Report - October 2021
After increasing for the last two month months, the days on market decreased from 40 DOM in September down to 36 DOM in October. The lowest the DOM has ever been for Scottsdale was 34 in July of this year, so this is still extremely low, especially for homes in this price point. The low DOM shows that even though home prices are increasing, homes in Scottsdale are still selling very quickly.
The number of new Scottsdale listings decreased for the sixth straight month, down from a high of 739 in April to 493 in October, and are now lower by -30.1% than in October of last year. After decreasing last month, the number of active listings slightly increased from 978 in September to 982 in October, and are now down -38.3% from October of last year. This was the fourth increase in active Scottsdale listings over the last five months.
The lack of listings continues to drive demand, and this month saw a significant increase in Scottsdale home prices. Home sales are still occurring faster than ever, while home inventory has remained fairly steady over the last eight months (ranging between 958 and 1,010 homes). At the same time, there has been a steady decline in the number of homes being sold in Scottsdale over the last six months.
Median home values in Scottsdale have increased an average of 21.4% since October of 2020, which is amazing. With interest rates hovering near 3.0%, there will still be more buyers looking to purchase a Scottsdale home the remainder of this 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.
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.