The big headline is increasing inventory in Scottsdale and all over the Phoenix metro area. Let’s dig in to my Scottsdale market update for June 2022.
Last month there were a little over 1000 properties for sale in Scottsdale–30 days later that figure is 40% higher. As of June 29, there are 1411 actively listed properties for sale. The average days on market for the active listings remains steady at 47 while the average asking price per square foot is $524.
There are 846 properties under contract with another 107 “coming soon” to market. Since May 31, 2022 there have been 577 sales with an average days on market of 33. Here are some other key MLS sales stats:
- Average dollars per square foot obtained at sale: $462
- Average list to sale price ratio: 1.0
- Average sale price over the past 30 days: $1,199,282
This graph shows how the active average list price has changed in Scottsdale over the past year–since March, prices have definitely come down.
According to Cromford Public, listings under contract from $1M and up have fallen sharply in the past 60 days–not coincidentally, price reductions in the $400K to $1.5M range have increased 172% in a ten week span. In the $1.5M to $3M range, active listings are up 112% in the past 10 weeks–38% above last years’ figure at this same point in time.
Mortgage rates have risen over the past month to a high of 6.75% though we have seen rates in the 5.5% range and everything in between. Buying power has been hit hard with home loan rate increases and this combined with inflation, high gas prices, etc, is putting the brakes on a once white hot market. We expect inventory levels to rise this summer and for mortgage rates to tick up as well. Thanks for reviewing my Scottsdale market update for June 2022.