Like the rest of the county, Scottsdale real estate is selling like hot cakes. Let’s dig into my Scottsdale real estate update for March 2021.
Back in January, there were 820+ active listings in Scottsdale–that number has shrunk to about 586 which represents a 28% decline in available housing inventory. As of March 25, there are 602 active listings and a little less than half of those are priced under $1M. There are 1302 properties under contract and over 120 “coming soon” listings.
The average days on market for the active listings is 96, though this number takes into account some super high-priced homes that have been on the market a long time.
One notable stat is the average days on market for recent sales–see the graphic below.
This graph shows how the Scottsdale median sold price has changed over the last 24 months (for single family homes only):
Scottsdale Luxury Market
Over half of all actively listed homes are priced at $1M or more–the highest being offered at $19,500,000.
There are 403 pending sales and 41 “coming soon” listings. The average days on market for the pending sales is 85 while the average DOM for recently sold luxury homes was 93. Since February 1, there have been 422 sales with the highest at $21,000,000. The luxury market is really strong right now.
The average dollars per square foot obtained at sale is $423 and the average list to sale price ratio is .98–still some negotiating going on within the luxury segment. The bulk of available luxury homes can be found in the 85262 and 85255 zip codes.
Given the almost unfathomable home shortage around the county, our expectation is that the Scottsdale market will remain very strong. Mortgage rates have inched up recently, but remain very low. For sellers in this market, prep your home well and then buckle up for a speedy sale. For buyers, be prepared to make offers on multiple homes as competition for housing has never been more intense.
If you have questions about the Scottsdale real estate market, please reach out anytime.