2020 was a banner year for Scottsdale real estate sales and the rest of Maricopa County.
Let’s dive into our Scottsdale real estate update for January 2021.
Like the rest of the state, and indeed much of the country, Scottsdale is suffering from an inventory crunch. As of 1/31, there are 820 properties available for sale priced from $24,900 to $19,500,000.
The median sale price sits at around $628,000 which is an increase of about 20% year-over-year while the total number of sales is up over 38% from last year.
The big question from sellers is “how long will it take for my home to sell”? The answer depends upon many variables, but overall, the average days on market is 45–almost identical to the rest of the Phoenix metro area.
Luxe Home Market
The Scottsdale luxury home market along with other luxe communities like Paradise Valley, has been red hot.
According to the Arizona Regional Multiple Listing Service, the dollar volume of luxury homes sales has nearly doubled year-over-year across the county to over four billion plus–Scottsdale home sales account for much of the increased sale volume.
The most active segment of the market is in the $1M to $3M range though sales up to $6M have also been strong. 2021 is off to a fantastic start as there are over 700 luxury homes under contract across the valley–19 of which are priced over $5M.
In the short-term, we expect sales across all price ranges to remain strong. Folks are flocking to Arizona from all over the country–with many affluent buyers leaving states like Minnesota, New York, California and Washington.
Interest rates are at an historic low point and compared to other parts of the country, Arizona has low property taxes, an inviting business climate and growing industry base. We need more new construction and housing starts are on the rise, but for the foreseeable future, a housing shortage will likely persist. For now, the Scottsdale housing market looks pretty bright.
If you have questions about the Scottsdale market or other nearby communities, please reach out anytime.