Scottsdale Market Trends
Maricopa County Market Trends
The overall prices of homes in Scottsdale and Phoenix are softening as interest rates rise. The inventory of homes for sale is also rising which gives Buyers more options to choose from. It is becoming a more balanced market between Buyers and Sellers in 2023. In the second quarter of 2023, the median sales price for homes in Maricopa County is down 8.1 percent from last year, and the average sales price is down 4.5 percent.
For more information on current market trends in Phoenix and Scottsdale contact Carmen Brodeur at Carmen@TopScottsdaleHomes.com, or check out recent articles below.
Arizona Fares Slightly Better as High Mortgage Rates, Low Inventory Hit Home Sales
By Alexandria Cullen, AZ Big Media, August 30, 2023
High mortgage rates and tight inventories are hitting home sales nationwide, but agents in Arizona say the continuing influx of new residents to the state has softened the impact in the Valley.
The National Association of Realtors reported this week that existing home sales fell 2.2% from June to July, when 4.07 million homes were sold nationwide. That was down more than 16% from July 2022, the report said.
Phoenix Among Country’s Most Active Real Estate Markets
By Emily Marek, Phoenix Agent Magazine, May 23, 2023
Phoenix is the sixth-most active real estate market in the United States, according to a new report from StorageCafe. Ample residential, industrial and commercial construction makes the Southwest city a hub for real estate development, beat out by only Texas cities.
The 100 largest U.S. cities were ranked based on inventory expansion in six categories during the time period from 2013 to 2022: single-family permits, multifamily permits, office space, industrial space, retail space and self-storage space.
New-home Sales Rise for Fifth Month In a Row
By John Yellig, Phoenix Agent Magazine, May 23, 2023
New single-family home sales rose for the fifth month in a row in April, climbing 4.1% month over month and 11.8% year over year to an annual rate of 683,000 homes, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
Meanwhile, the median price of a new home sold during the month fell to $420,800. That’s down from $455,800 in March and $458,200 in April 2022, representing the largest annual decline since April 2020, according to First American Deputy Chief Economist Odeta Kushi. She also noted that builders are using incentives like price reductions to entice buyers.
Local Inventory Continues to Rebound, Says Phoenix REALTORS
By Emily Marek, Phoenix Agent Magazine, March 15, 2023
There were several key improvements in the Phoenix real estate market from January to February, according to the latest Phoenix REALTORS® report.
Closings increased by 31.7% month over month, with 5,341 home sales completed in February. Additionally, the average sales price edged up from $539,617 to $544,906.
“We are seeing some improvements in month-over-month numbers from January to February of this year, which is important given the numbers we saw as we closed out 2022,” said Phoenix REALTORS® President Butch Leiber. “Inventory is higher than at any time in the last four years, giving buyers more homes to choose from. However, since demand has also fallen, days of inventory has stayed steady since the first of the year.”
Stay informed on the latest Scottsdale real estate market trends by bookmarking this page. The real estate trends in Phoenix and Scottsdale are completely different than the national trends. This page is updated frequently to keep you informed on the changes in the market. Research the latest Scottsdale real estate trends and housing statistics right here. We want all of our clients to have access to the most current Scottsdale real estate stats.
Please call Carmen Brodeur at (602) 791-0536 with any questions.