Scottsdale AZ Real Estate Housing Market Report - September 2022
At the same time, the average sold price per square foot in Scottsdale has decreased for the fourth month in a row and has gone from $483/sf in May to $435/sf in September. The average sold price per square foot in Scottsdale has still increased or remained the same in 22 out of the last 27 months.
After dropping down to 29 DOM in May, Scottsdale days on market had increased the last three months, but finally dropped in September, going from 52 DOM down to 51 DOM this month. The Scottsdale DOM was as high as 76 in January of 2021, so being at 51 DOM now is still low, especially for homes in this price point. Scottsdale home values are slowing, and they are beginning to remain on the market longer, but it is still a sellers' market.
After decreasing for the last three months, the number of new Scottsdale listings increased, going from 484 in August to 576 in September. At 576, this is higher than the number of new Scottsdale listings in September of 2019 and 2021. New listings this September are higher than in September of 2021 by 4.9%.
The number of active Scottsdale listings has increased for the sixth consecutive month going from 710 in March to 1,426 in September. Active Scottsdale listings are now 45.4% higher than in September of last year. Home inventory of Scottsdale homes has increased in seven out of the last eight months as 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 increasing.
Median home values in Scottsdale have increased an average of 11.8% since September of 2021, which is still very good. Even with interest rates rising above 6.3%, there still should be more buyers looking to purchase Scottsdale homes throughout the fall, 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.