This time last month we reported that there were 504 active Scottsdale listings–as of January 31, there are 466 active listings. Here’s my Scottsdale market report for January 2022.
Inventory across the Phoenix metro area has dipped below 5000 units (all housing types) and demand is extremely high. Not all homes are selling immediately, but homes that are well located and in nice shape are selling first day on market and for more than the asking price.
There are 964 pending sales and 83 “coming soon” homes. Since January 1, there have been 588 closed sales. Here are some MLS stats for the recent sales:
- Average days on market: 40
- Average sale price: $1007,652
- Average list to sale price ratio: 1.01
- Average price per square foot obtained at sale: $407
This chart shows how the average price per square foot of pending sales has changed from January 2020 to the January 2022:
Scottsdale Luxe Market
Luxury sales are strong just like the lower end of the market. Active listings have increased from last month to 280. Currently there are 273 pending sales and 35 “coming soon” listings. Here are some key luxury stats for recently closed sales:
- 174 closed sales since January 1, 2022
- 53 days on market for recently closed sales
- Average sale price: $1,932,549
- Average dollars per square foot obtained at sale: $512
- Average list to sale price ratio: .99
This chart shows how the average sold price has changed since January 1, 2020 for Scottsdale luxury homes:
Scottsdale Land and Lots
There are currently 197 lots for sale in Scottsdale ranging in price from $79K to $4,999,000. The average days on market for actively listed lots is 256–this represents an opportunity for anyone wanting to build a custom home.
If you’re interested in buying land and building a home, check out this article.
In the long term, it’s difficult to predict how our market is going to change. A change is coming, but it’s anyone’s guess as to when. In the short-term, I feel that demand and upward pressure on pricing will remain. If you have a warrior mindset, buying a home is still possible–even in this crazy market. I am finding homes for my clients though sometimes it takes months and many offers before something sticks. The Scottsdale market should stay strong through the first quarter at least.
Thank you for checking out my Scottsdale market report for January 2022.