Scottsdale Real Estate Market Reports:
Scottsdale, Arizona Home Sales Prices: |
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2023
The Scottsdale median sales price decreased in January to start off 2023. It has remained around $1,000,000 over the last 9 months with a couple of ups and downs along the way but has dropped the last two months.
2022
The median sales price in Scottsdale increased to an all-time high in January to start off 2022. Median home prices in Scottsdale continue to increase in 2022, reaching a new all-time high of $1,100,000 in March and April. Scottsdale median sales prices decreased in May for the first time since November of 2021. June saw Scottsdale median sales prices increase back up to tie the all-time high at $1,100,000. July, August, and September saw more declines in the Scottsdale median sales price. October saw a nice increase, but November saw another decrease, and December remained the same. The median sales price of Scottsdale homes is now 5.5% higher than in December of 2021.
2021
The median sales price in Scottsdale decreased in January to start off 2021. As inventory remains incredibly low, and buyer demand remains very strong, home prices in Scottsdale are expected to continue to increase this year and may even increase more than they did in 2020. It's difficult to know how long this frenzied demand for homes can continue, but as long as there is a lack of homes for sale, Scottsdale home prices will increase. Scottsdale median sales prices increased in February and March, before decreasing slightly in April. May saw another nice increase in Scottsdale median sales prices, breaking the $900k barrier, and rising up to an all-time high of $919,250. June and July saw back-to-back decreases in Scottsdale median sales prices. This is now the third decrease in median sales prices this year, dropping by $65,425 down to $853,825, after reaching an all-time high in May. This could be a sign that the escalating home prices may be slowing, especially with the luxury, or higher priced homes. August saw a nice increase in Scottsdale sales prices up to $865,000, but the prices have still decreased in 3 of the last 5 months. September saw another decrease, but October saw a large increase in the median sales price. November saw another decrease, while December saw a large increase, reaching a new all-time high of $935,000. Overall, the median sales price in Scottsdale has increased by 17.2% since December of 2020.
The Scottsdale median sales price decreased in January to start off 2023. It has remained around $1,000,000 over the last 9 months with a couple of ups and downs along the way but has dropped the last two months.
2022
The median sales price in Scottsdale increased to an all-time high in January to start off 2022. Median home prices in Scottsdale continue to increase in 2022, reaching a new all-time high of $1,100,000 in March and April. Scottsdale median sales prices decreased in May for the first time since November of 2021. June saw Scottsdale median sales prices increase back up to tie the all-time high at $1,100,000. July, August, and September saw more declines in the Scottsdale median sales price. October saw a nice increase, but November saw another decrease, and December remained the same. The median sales price of Scottsdale homes is now 5.5% higher than in December of 2021.
2021
The median sales price in Scottsdale decreased in January to start off 2021. As inventory remains incredibly low, and buyer demand remains very strong, home prices in Scottsdale are expected to continue to increase this year and may even increase more than they did in 2020. It's difficult to know how long this frenzied demand for homes can continue, but as long as there is a lack of homes for sale, Scottsdale home prices will increase. Scottsdale median sales prices increased in February and March, before decreasing slightly in April. May saw another nice increase in Scottsdale median sales prices, breaking the $900k barrier, and rising up to an all-time high of $919,250. June and July saw back-to-back decreases in Scottsdale median sales prices. This is now the third decrease in median sales prices this year, dropping by $65,425 down to $853,825, after reaching an all-time high in May. This could be a sign that the escalating home prices may be slowing, especially with the luxury, or higher priced homes. August saw a nice increase in Scottsdale sales prices up to $865,000, but the prices have still decreased in 3 of the last 5 months. September saw another decrease, but October saw a large increase in the median sales price. November saw another decrease, while December saw a large increase, reaching a new all-time high of $935,000. Overall, the median sales price in Scottsdale has increased by 17.2% since December of 2020.
Scottsdale, Arizona Home Sales:
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2023
Home sales in Scottsdale declined through January, decreasing for 5 straight months. Home sales remain low for 2023, other than a spike in March and another spike in May and June.
2022
Scottsdale home sales decreased in January to start the new year. This is the fourth straight January that home sales in Scottsdale have decreased, however, Scottsdale home sales in January of 2022 are higher than they were in January of 2019 and 2020. Home sales in Scottsdale continue to increase in 2022. They are higher than in 2019 and 2020, but lower than what we saw last year. April saw the first decline in Scottsdale home sales, and the first-time monthly sales were lower than in 2019 for the same month. May home sales remained the same as April, but June saw another decrease. July saw a huge decline in home sales, down to the lowest since before 2018. August saw an uptick in home sales, while September through December has seen more declines to finish the year.
2021
Scottsdale homes sales by month started off 2021 significantly higher than it started in the previous three years. Scottsdale home sales really picked up the last seven months of 2020 (after the COVID-19 pandemic shut things down early in 2020), and the lack of inventory doesn't seem to have slowed the number of Scottsdale homes sold. February and March both saw a nice increase in the number of homes sold, while April increased just a little. May saw a small decrease in the number of Scottsdale homes sold. The total monthly sales ever since June of 2020 are blowing out the number of sales seen back in 2018 and 2019, and the first five months of 2020. Obviously, the shortage of homes for sale has not hurt the number of home sales in Scottsdale as bad as some other East Valley cities. Although June saw a decrease in Scottsdale home sales, they are still significantly higher than in June of the previous three years. July saw the third decrease in a row for Scottsdale home sales, down to 518, marking the first time all year monthly home sales have not surpassed the totals from 2020. August saw a decline in home sales for the fourth straight month. September saw a small increase, but October decreased again, for the fourth time in the last five months. November saw a large increase in Scottsdale home sales, and December saw a slight increase to end the year.
Home sales in Scottsdale declined through January, decreasing for 5 straight months. Home sales remain low for 2023, other than a spike in March and another spike in May and June.
2022
Scottsdale home sales decreased in January to start the new year. This is the fourth straight January that home sales in Scottsdale have decreased, however, Scottsdale home sales in January of 2022 are higher than they were in January of 2019 and 2020. Home sales in Scottsdale continue to increase in 2022. They are higher than in 2019 and 2020, but lower than what we saw last year. April saw the first decline in Scottsdale home sales, and the first-time monthly sales were lower than in 2019 for the same month. May home sales remained the same as April, but June saw another decrease. July saw a huge decline in home sales, down to the lowest since before 2018. August saw an uptick in home sales, while September through December has seen more declines to finish the year.
2021
Scottsdale homes sales by month started off 2021 significantly higher than it started in the previous three years. Scottsdale home sales really picked up the last seven months of 2020 (after the COVID-19 pandemic shut things down early in 2020), and the lack of inventory doesn't seem to have slowed the number of Scottsdale homes sold. February and March both saw a nice increase in the number of homes sold, while April increased just a little. May saw a small decrease in the number of Scottsdale homes sold. The total monthly sales ever since June of 2020 are blowing out the number of sales seen back in 2018 and 2019, and the first five months of 2020. Obviously, the shortage of homes for sale has not hurt the number of home sales in Scottsdale as bad as some other East Valley cities. Although June saw a decrease in Scottsdale home sales, they are still significantly higher than in June of the previous three years. July saw the third decrease in a row for Scottsdale home sales, down to 518, marking the first time all year monthly home sales have not surpassed the totals from 2020. August saw a decline in home sales for the fourth straight month. September saw a small increase, but October decreased again, for the fourth time in the last five months. November saw a large increase in Scottsdale home sales, and December saw a slight increase to end the year.
Scottsdale, AZ Home Inventory:
2023
The inventory of Scottsdale homes declined in January, the 3rd decrease in a row. However, inventory in Scottsdale has remained almost the same over the last 11 months (1,401 in July 2022 and 1,377 in May 2023). Home inventory has dropped the last three months.
2022
Scottsdale home inventory dropped in January for the third consecutive decline in a row. This is the lowest number of homes for sale in Scottsdale since I started tracking this data in 2018. Scottsdale home inventory slightly increased in February but dropped back down in March. There has been an increase in Scottsdale home inventory over the last seven months, and this is a sign that the housing market is shifting. November finally saw a decline in home inventory as we head into the slow selling season, followed by another decline in December.
2021
The home inventory in Scottsdale remains low and started 2021 much lower than in the previous three years. With demand so high, hopefully more homes will be listed for sale this year. February and March saw a decrease in the number of Scottsdale homes for sale, with April showing a small increase. May saw a slight decrease in the Scottsdale home inventory, but that is pretty typical for this time of year, as more homes sell and fewer are listed for sale. June saw another small increase in Scottsdale home inventory, as did July and August. September inventory dropped, while October saw another slight increase. November and December dropped to the lowest inventory of Scottsdale homes in the last 4 years and is not a good sign as we head into the new year.
With the average number of Scottsdale homes sold in the last 6 months increasing to 373, and the inventory of homes decreasing from 1,240 to 1,106, this gives us a decreasing absorption rate of 2.96. This absorption rate now resembles a slight seller's market, as a balanced market would be closer to 6.0.
The inventory of Scottsdale homes declined in January, the 3rd decrease in a row. However, inventory in Scottsdale has remained almost the same over the last 11 months (1,401 in July 2022 and 1,377 in May 2023). Home inventory has dropped the last three months.
2022
Scottsdale home inventory dropped in January for the third consecutive decline in a row. This is the lowest number of homes for sale in Scottsdale since I started tracking this data in 2018. Scottsdale home inventory slightly increased in February but dropped back down in March. There has been an increase in Scottsdale home inventory over the last seven months, and this is a sign that the housing market is shifting. November finally saw a decline in home inventory as we head into the slow selling season, followed by another decline in December.
2021
The home inventory in Scottsdale remains low and started 2021 much lower than in the previous three years. With demand so high, hopefully more homes will be listed for sale this year. February and March saw a decrease in the number of Scottsdale homes for sale, with April showing a small increase. May saw a slight decrease in the Scottsdale home inventory, but that is pretty typical for this time of year, as more homes sell and fewer are listed for sale. June saw another small increase in Scottsdale home inventory, as did July and August. September inventory dropped, while October saw another slight increase. November and December dropped to the lowest inventory of Scottsdale homes in the last 4 years and is not a good sign as we head into the new year.
With the average number of Scottsdale homes sold in the last 6 months increasing to 373, and the inventory of homes decreasing from 1,240 to 1,106, this gives us a decreasing absorption rate of 2.96. This absorption rate now resembles a slight seller's market, as a balanced market would be closer to 6.0.
How inventory affects home prices:
When the inventory of homes in Scottsdale increases, the economics of supply and demand will take effect. When there is a large inventory of homes available for sale in Scottsdale, home prices will decrease in value for a couple of reasons. One reason is because there are more homes for Scottsdale home buyers to choose from. Buyers will take their time in selecting a home, causing homes to stay on the market longer and increasing inventory. Because there are more Scottsdale homes for sale, home sellers will begin to lower their sales price in order to get their home sold.
When the inventory of homes in Scottsdale decreases, you will start to see an increase in home prices. With a low inventory of homes, Scottsdale home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Scottsdale home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
When the inventory of homes in Scottsdale decreases, you will start to see an increase in home prices. With a low inventory of homes, Scottsdale home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Scottsdale home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
Scottsdale Days On Market:
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2023
Scottsdale days on market has remained almost exactly the same over the last 8 months, with small decreases in April and May and increases in June and July.
2022
Scottsdale days on market started 2022 with a slight decline from 44 to 43 DOM. This is only the second decrease in DOM over the last six months. The DOM in Scottsdale continued its decline in 2022, dropping to 31 DOM in March. Scottsdale saw the first increase in DOM in April, up to 32 DOM, but dropped back down to 29 DOM in May for a new all-time low. The DOM for Scottsdale increased back up to 35 in June and increased again in July and August. The Scottsdale DOM slightly dropped in September down to 51 DOM but increased back up to 59 DOM in October. Scottsdale DOM slightly increased in November and increased even more in December to end 2022.
2021
Days on market to sell a home in Scottsdale increased significantly in January, to 76, to start off 2021. This is still the lowest DOM for January in the last 4 years and is due to continued high demand and the low inventory of Scottsdale homes for sale. The days on market dropped in February, March, and April, dropping to an all-time low of 36, as competition for homes in Scottsdale remains high. May remained the same as April DOM, while June and July both dropped by a day, reaching a new all-time low of 34 DOM. August increased a day, back up to 35 DOM, and September increased up to 40 DOM. October dropped back down to 36 DOM, while November increased to 42 DOM, and December increased to 44, the highest DOM since March of this year.
Scottsdale days on market has remained almost exactly the same over the last 8 months, with small decreases in April and May and increases in June and July.
2022
Scottsdale days on market started 2022 with a slight decline from 44 to 43 DOM. This is only the second decrease in DOM over the last six months. The DOM in Scottsdale continued its decline in 2022, dropping to 31 DOM in March. Scottsdale saw the first increase in DOM in April, up to 32 DOM, but dropped back down to 29 DOM in May for a new all-time low. The DOM for Scottsdale increased back up to 35 in June and increased again in July and August. The Scottsdale DOM slightly dropped in September down to 51 DOM but increased back up to 59 DOM in October. Scottsdale DOM slightly increased in November and increased even more in December to end 2022.
2021
Days on market to sell a home in Scottsdale increased significantly in January, to 76, to start off 2021. This is still the lowest DOM for January in the last 4 years and is due to continued high demand and the low inventory of Scottsdale homes for sale. The days on market dropped in February, March, and April, dropping to an all-time low of 36, as competition for homes in Scottsdale remains high. May remained the same as April DOM, while June and July both dropped by a day, reaching a new all-time low of 34 DOM. August increased a day, back up to 35 DOM, and September increased up to 40 DOM. October dropped back down to 36 DOM, while November increased to 42 DOM, and December increased to 44, the highest DOM since March of this year.
Days on market (DOM) is a measure of the age of a real estate listing. It is the total number of days a listing is on the active market before an offer is accepted on the property, or an agreement between the real estate broker and home seller ends. The higher the days on market, the longer it is taking for homeowners to sell their Scottsdale home. The lower the days on market, the faster a Scottsdale home is receiving a purchase contract, and getting off the market.
Generally, properties with a longer DOM will command lower prices than properties with a shorter DOM because a perception exists that the property may be overpriced or less desirable the longer it remains on the market. DOM often factors into developing a pricing strategy. DOM can also be used to gauge the condition, or trend of the housing market. Previous history has shown that a fairly stable real estate market in Scottsdale should have average days on the market somewhere between 90 and 120 days, due to the higher-ended home values.
Generally, properties with a longer DOM will command lower prices than properties with a shorter DOM because a perception exists that the property may be overpriced or less desirable the longer it remains on the market. DOM often factors into developing a pricing strategy. DOM can also be used to gauge the condition, or trend of the housing market. Previous history has shown that a fairly stable real estate market in Scottsdale should have average days on the market somewhere between 90 and 120 days, due to the higher-ended home values.
Scottsdale New Listings by Month:
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2023
New listings in Scottsdale shot up in January to start off the new year higher than January of last year, but still lower than in 2019 through 2021. New listings have declined the last four months and remain low for this time of year.
2022
The number of new listings in Scottsdale rose to just over 500 to start off 2022. This is the fourth straight year January saw an increase in new Scottsdale listings, but the number of new listings in January of 2022 is the lowest since before January of 2018. The number of new Scottsdale listings increased the first five months of 2022, reaching 765 in May. This is the largest number of new Scottsdale listings for a month since January of 2019. June saw the first decrease in new Scottsdale listings in 2022, followed by another decrease in July and August. September saw a large increase in new listings, which is not typical for this time of year. October saw another decline in new Scottsdale listings, while November and December followed to end the year.
2021
The number of new listings in Scottsdale jumped in January to start off the new year, but this is the typical pattern in the real estate cycle. The number of new listings in January of this year was still significantly lower than it was in 2018 and 2019. There has been a lack of listings in Scottsdale over the last two plus years, and it looks like it is going to continue in 2021. The number of new Scottsdale listings decreased in February, but increased in March and April, rising to a high of 739 and surpassing the 2018 and 2019 April numbers. After April, the number of new Scottsdale listings has decreased for eight straight months. New listings typically increase August through October, but this has not been the case in 2021.
New listings in Scottsdale shot up in January to start off the new year higher than January of last year, but still lower than in 2019 through 2021. New listings have declined the last four months and remain low for this time of year.
2022
The number of new listings in Scottsdale rose to just over 500 to start off 2022. This is the fourth straight year January saw an increase in new Scottsdale listings, but the number of new listings in January of 2022 is the lowest since before January of 2018. The number of new Scottsdale listings increased the first five months of 2022, reaching 765 in May. This is the largest number of new Scottsdale listings for a month since January of 2019. June saw the first decrease in new Scottsdale listings in 2022, followed by another decrease in July and August. September saw a large increase in new listings, which is not typical for this time of year. October saw another decline in new Scottsdale listings, while November and December followed to end the year.
2021
The number of new listings in Scottsdale jumped in January to start off the new year, but this is the typical pattern in the real estate cycle. The number of new listings in January of this year was still significantly lower than it was in 2018 and 2019. There has been a lack of listings in Scottsdale over the last two plus years, and it looks like it is going to continue in 2021. The number of new Scottsdale listings decreased in February, but increased in March and April, rising to a high of 739 and surpassing the 2018 and 2019 April numbers. After April, the number of new Scottsdale listings has decreased for eight straight months. New listings typically increase August through October, but this has not been the case in 2021.
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