We were hoping for more housing inventory in Scottsdale and the Phoenix metro area and now we’ve got it! Let’s get into my Scottsdale market report for May 2022. At the end of last month, there were less than 800 active listings in Scottsdale–today that number sits at 1022 with another 116 “coming soon” listings. Inventory across the valley has increased 25% or more in the past 45 days.
Active listings in Scottsdale have been on market for an average of 46 days. The average asking price per square foot is $543. The graph below shows how the average asking price per square foot has changed over the past two years. As inventory has increased, prices have begun to fall.
There are 1089 pending sales and since May 1 there have been 724 closed sales. Market activity is still strong, especially by summer standards, but the pace of sales is beginning to slow down. Here are some other key MLS stats:
- Average price per square foot obtained at sale: $460
- Average list to sale price ratio: 1.02
- Average recent sale price: $1.114,100
- Average days on market for recent sales: 27
As we head into summer, we expect inventory to rise a bit more and sales activity to decline. With interest rates as high as 5.5% for a 30 year fixed mortgage, many buyers have been knocked out of the market. No one knows what is going to happen in our market, but a recession seems likely–that doesn’t mean home prices will crash, but some kind of adjustment is needed. Thank you for reviewing my Scottsdale Market Report for May of 2022. If you have a real estate need or question, please reach out anytime.
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