Lots of homes coming on the market is the big news this month. Let’s jump into my Scottsdale real estate update for July 2022. Inventory across the county has risen dramatically over the past 30 plus days. As of July 30, 2022, there are 1669 active listings in Scottsdale–749 of which are luxury properties.
There are 728 pending sales and 87 “coming soon” properties. Since July 1, 2022 there have been 441 sales.
This graph shows the active listing history in Scottsdale over the past two years–we are now above 2020 levels:
Here are some MLS stats for recently closed sales:
- Average days on market: 36
- Average list to sale price ratio: .98 (we are now starting to see seller concessions)
- Average price per square foot: $435
- Average sale price: $1,071,599
Housing inventory around the county is climbing and we are fast approaching 18,000 units–compare this to around 4500 at the end of March. Scottsdale inventory may increase before the summer is over and we will see more price reductions along with seller concessions. Interest rates are just above 5% which is keeping some buyers sidelined. While I don’t think we are in a totally balanced market, the winds are starting to shift in the favor of buyers.
Thank you for reviewing my Scottsdale real estate update for July 2022. If you have a real estate question or need, reach out anytime–I would be honored to help.
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