Scottsdale real estate, like the rest of the Phoenix Metro area, has been on absolute fire over the past sixty days. Let’s get into to my Scottsdale market update for December 2021.
First things first–let’s look at the inventory numbers. Back in October we reported that there were 362 luxury properties for sale–compare that to 275 today–this represents a 24% decrease in luxury inventory. Overall, there are 504 active listings in Scottsdale (for all price points) and this is a very low number considering that there are a quarter of a million people in Scottsdale–there is simply not enough resale homes or new construction opportunities to satisfy demand. A few months ago inventory was on the rise, but over the past few months housing inventory has fallen again and this is creating real problems for folks who want to buy a home.
As of December 30, there are 842 homes under contract and there are 53 “coming soon” properties. Since November 1, 2021 there have been 1544 closed sales in Scottsdale–the average days on market for those sales was just 39. Here are a few other quick stats:
- Average list to sale price ratio: 1.00–this means that on average homes are selling for full price–nice homes are often selling for more than the asking price
- Average dollars per square foot obtained at sale: $387
- Average sale price over the past sixty days: $939,971
This graph shows how the average list price for under contract homes has changed since 2019:
So, what does 2022 look like? I wish I knew is the short answer–short of something major happening globally, I think current market conditions will remain for a while. We in the biz are hoping for more inventory and I think in 2022 we’ll see more sellers looking to capitalize on the incredible amount of equity build-up that’s taken place over the past few years. Home loan rates remain very attractive and this will help ease the pain of a fast appreciating housing market. Thanks for reviewing my Scottsdale Market Update for December 2021. If you have any questions about Scottsdale real estate, reach out to me any time.