Last month we reported that Scottsdale, like the rest of the Phoenix metro area, was experiencing an inventory shortage–that is still the case though housing inventory has climbed a little. Let’s jump into my Scottsdale Real Estate Update for April 2021.
As of April 30, there are 710 active listings in Scottsdale–compare this to 602 one month ago. There are 1267 properties under contract and since April 1, there have been 938 sales. Currently, there are 99 “coming soon” properties–this number is down about 18% from last month. The average days on market for recently closed sales was 41 and the average list to sale price ratio was 1.02–not much negotiating power for buyers.
The chart below shows how the sold price to list price ratio has changed over the past few years.
Scottsdale Luxury Real Estate
The Scottsdale luxury market has been on fire for many months. Currently, there are 348 $1M plus active listings and another 448 that are under contract. There are 40 “coming soon” luxury properties and since April 1, there have been 232 sales that were on market an average of 60 days.
Here are some stats for the luxury market:
- Average dollars per square foot obtained at sale: $440
- Average luxury sale price over the past 30 days: $1,929,520
- Average square footage for recently closed sales: 4352
Scottsdale and the Phoenix metro area are on the rise as popular second home markets. As more professionals work from home, there is strong demand for luxe homes with more square footage, a guest house, privacy and outdoor space for entertaining. With mortgage rates still near historical lows, upward trending job growth and a limited supply of homes, we expect that the luxury market and Scottsdale in general, will continue to do well in the foreseeable future.
Thanks for taking time to review my Scottsdale real estate update for April 2021. If you have any questions about Scottsdale real estate, please reach out anytime.