It’s been a busy few months for the Scottsdale market. Let’s jump into our Scottsdale real estate update for August 2021.
There are 428 active listings priced under $1M and 638 that are under contract. Since July 1, there have been 900 closed sales under $1M with an an average dollars per square foot obtained at sale of $332.
The average days on market for recent sales was 31–slightly lower than we saw in May. The list to sale price ratio has remained steady at 1.01–indicating that on average, homes are still selling slightly above the list price.
The chart below shows how the active average list price has changed (under $1M) since 2019.
Scottsdale Luxury Homes
The Scottsdale luxury market has been strong the past few months. As of August 17, there are 333 active luxury listings ranging in price from $1M to $21,999,999. There are 337 pending sales and 26 properties “coming soon”. Since July 1, there have been 304 luxury sales. The average days on market for recent sales was 50 and the average dollars per square foot obtained at sale was $440.
The chart below shows how the active average luxury list price has changed since 2019.
Although there has been a small uptick in housing inventory–both in Scottsdale and across Maricopa County, buyer demand remains strong. We are seeing days on market climb above pre-summer levels–especially for homes that need some work or that are not well located. Our expectation is that inventory levels will continue to rise over the next few months.
With the average 30 year mortgage rate below 3%, buyer demand, despite rising prices, will continue across most price segments. Thank you for checking out my Scottsdale real estate update for August 2021. If you have any real estate questions, please reach out anytime.