Scottsdale Real Estate Market appreciation data. Market summary, by Yvonne McFadden.

Scottsdale Real Estate Market Appreciation Data Market summary

By Yvonne McFadden

Scottsdale is a city in Arizona known for its spa resorts and golf courses. In June, the city had 2541 homes available for sale. In May 2022, 2142 homes were sold compared to 1325 in May 2021. The city has quite a significant number of homes sold out than other cities in the United States of America. The median price of homes was $964K in May 2022, while in May 2021, the median price of homes was $864k. There is a change in the market day as in May 2022, and homes stayed in the market for approximately 33 days, while last year, homes stayed for 29 days. The schools in Scottsdales are 125 in total, with 57 being elementary,40 being middle, and 28 high schools, which shows that the town does not have any schooling deficit. Scottsdale has a rating of 7 out of 10 schools by excellent schools. Out of the 2541 homes that are currently available for sale, 323 are new homes,124 are open to being seen, and 622 homes have reduced prices.

Scottsdale is a seller market since many people want to buy homes, while fewer houses are available for sale. It shows an imbalance between demand and supply, thus leading to increased home prices in the town.

MARKET TRENDS AND STATISTICS

In June 2022, there was an increase in a market trend whereby homes sold at an average of $975 from $964 last month. Also, homes were sold at an average of $875 last year. There are possibilities of Scottsdale experiencing increased prices in Q3 of 2022. There also has been noted

an increase in the median price per square foot because the current price is at $441 while last month the price was at $440, and last year in May, the median price per square foot of homes was $363.However, the median home size in June has reduced to 2314sqft from 2323sqft in May 2022. Last year in May, the median home size was large, being 2525sqft. After careful research, the home prices of Scottsdale have increased by 29.3% year over year between 2021 and 2022. The real estate market was steady from 2013 but started snowballing in 2022 when the market growth increased sharply. Covid 19 virus brought awareness and encouraged most people to own their homes to protect themselves from the pandemic that might be there in the future and allow parents who work from home to have enough office space and also enough rooms for the family.

MARKET TRENDS FOR SINGLE-FAMILY HOMES

The median listing price was $1.297M in May 2022, increasing from $1.250M in 2021. In 2022, the market prices of homes have been fluctuating over the last six months. February had the highest median list price, which was $1.4M.The price went down in March, rose again in April, and recorded lower median listing prices in May and June. June’s 2022 listing price is approximately $1.25M.

The price per square foot in May 2022 was $472, while last year, in May, the price was $378. However, there has been a decrease in cost per square foot as in June, the price per square foot is $461, whereby the trend might persist in Q3 2022.

There are 1550 single-family homes for sale; in May last month, 1395 homes were available for purchase. At the same time the previous year, only 912 homes were sold. Between January and February 2022, homes available for sale were the lowest, but from May, the number continued to increase steadily. In May 2021, the median home size was 3364sqft. The home size has reduced significantly to 2945 one year later, and data proves the home size square foot will continue to dwindle. June currently has the lowest home size being slightly above 2900.

Last year in May, the median market days were 31, and the number has reduced in May 2022. Those market days will continue to go down in June and the rest of Q3.

MARKET TREND FOR CONDOS/ TOWNHOMES

The median listing price of condos in May 2022 is $624,520, an increase from $499,900 last May. As of June, the price was reduced to $610,000. In 2022, the median listing price was highest in April 2022 at $640,000 and lowest in March at $601,000.

The median price per square foot in May 2022 was $396, while last year, May, it was $334. June 2022 recorded a slight increase in median prices per square foot, $398. Up to June 2022, the price was lowest in March 2022 and highest in February.

May 2021, the number of houses available for sale was 413, whereas 12 months later, the number increased to 747, and the number of homes available for sale continue to increase. There has been an increase in the median home size per square foot from 1473 in May last year to 1729sqft in May 2022. The median home size was lowest in February 2022 and highest in April 2022.

CONCLUSION

The median list price of homes in Scottsdale is 1% between May and June 2021, and inventories increased by 8% in June 2022. Competition in the real estate sector in Scottdale is stiff as people look forward to buying homes every day.