Scottsdale, like the rest of the valley, has been on fire for the past 45 to 60 days. Let’s dive in to our Scottsdale market update for June 2020.
First let’s talk about total housing inventory. As we discussed in our Phoenix metro report for June, inventory across the valley is at a 20 year low. There are less than 9000 homes on the market. Scottsdale is no exception and at most price points, there is little available.
Under $1M, there are 902 properties for sale with 29 “coming soon”. The active listings have been on market for 92 days. There are currently 948 properties under contract and since May 30, 2020, there have been 619 sales. The average days on market for the recently closed sales was 63. Here are some other key points:
- Average sale price is $503,196
- Sold to list price ratio is .98–this means there is still some negotiating going on
- Average dollars per square foot obtained at sale: $251
To see how things have changed over the past few months, here is a Scottsdale market summary for May 2020. Also, check out our April report.
The luxury market is doing better than a few months ago, but there is still a lot of active inventory. Currently, there are 665 properties priced at $1M or more–this includes single family home, condo’s, town homes and patio homes.
There are 257 properties under contract and there are eight “coming soon” properties. Since May 30, 2020, there have been 95 closed sales. The average days on market for active luxury homes is 203, while the average days on market for recently closed sales is 160.
We are seeing lots of California buyers who are fleeing that market and with rates of appreciation approaching ten percent last year, there are lots of eyes on Scottsdale and the rest of the county.
With so many layers of uncertainty, I don’t want to make any rash predictions about the Scottsdale market–I will say that with inventory at an unprecedented low point, low home loan rates and excess demand, it looks like this sellers market could last for a spell.
If you have any questions about Scottsdale real estate, do not hesitate to reach out anytime. Thanks for checking out my Scottsdale market update for June 2020.