Scottsdale AZ Real Estate Housing Market Report - October 2022
After decreasing for four straight months, the average sold price per square foot in Scottsdale has increased and has gone from $435/sf in September to $440/sf in October. The average sold price per square foot in Scottsdale has now increased or remained the same in 23 out of the last 28 months.
After decreasing from 52 to 51 DOM in September, Scottsdale days on market increased in October to 59 DOM. The Scottsdale DOM was as high as 76 in January of 2021, so being at 59 DOM is still low, especially for homes in 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 number of new Scottsdale listings decreased in October, going from 575 in September to 436 in October. This is now lower than the number of new Scottsdale listings in October over the last four years. New listings this October are lower than in October of 2021 by -11.6%.
The number of active Scottsdale listings has increased for the seventh consecutive month going from 710 in March to 1,440 in October. However, new listings have only increased by a total of 52 in the last three months, so they have barely been increasing lately. Active Scottsdale listings are now 45.2% higher than in October of last year. It looks like there is a 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 slightly increasing.
Median home values in Scottsdale have increased an average of 11.1% since October of 2021, which is still very good. With interest rates rising to around 7.0%, the number of buyers looking to purchase Scottsdale homes should be around the same number of sellers as we head into the winter, although things are slowing.
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.