Summer is here and temps are rising. Let’s dive into my Scottsdale market update for May 2021.
As of May 31, there are 723 active listings in Scottsdale–compare this to my April report where there were 710 active listings. The increase in inventory parallels the slight increase we’ve seen across the Phoenix metro area. There are 1133 pending sales and 84 “coming soon” properties.
Total closed sales over the past 30 days was 990–up 5% from last month. The average days on market for closed sales was 36–compare this to 41 in April. The list to sale price ratio dropped from 1.02 to 1.01.
The graph below shows the sold price per square foot change in Scottsdale over the past year.
Scottsdale Luxury Market
Luxury home listings have also increased–currently there are 376 active listings–up 7% from last month. Total sales increased from 232 in April to 272 in May. There are 40 “coming soon” luxury properties and there are 387 pending sales.
The average days on market for recently closed sales was 55–down 5 days from April. The average list to sale price ratio was .99 and the average price per square foot obtained at sale was $453.
The Scottsdale market, across all price points remains very strong. We typically see a slow down during the summer months, but this summer, like 2020, should be fairly strong. We expect to see a slight rise in inventory over the next few months. Mortgage rates remain low, but some experts in the lending industry believe that rates could creep up a little over the next few months.
Thank you for taking time to review my Scottsdale market update for May 2021. If you have a real estate need or question, please reach out anytime.
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