Scottsdale Market Trends
Maricopa County Market Trends
The overall prices of homes in Scottsdale and Phoenix are softening as interest rates rise. The inventory of homes for sale is also rising which gives Buyers more options to choose from. It is becoming a more balanced market between Buyers and Sellers in 2023. In the third quarter of 2023, the median sales price for homes in Maricopa County was down 2.2 percent from last year, and the average sales price was up 1.9 percent.
For more information on current market trends in Phoenix and Scottsdale contact Carmen Brodeur at Carmen@TopScottsdaleHomes.com, or check out recent articles below.
Home Prices Rise as Inventory Crunch Continues, Report Shows
AZ Business Magazine, October 13, 2023
For the second month in a row, home prices rose on an annual basis in September (+0.4%) as the inventory shortfall lingers, with the number of homes on the market falling year over year for the third consecutive month (-4.0%), according to the Realtor.com® September Monthly Housing Trends Report released today. Active inventory remained 45.1% below pre–pandemic (2017-2019) levels, although the number of homes for sale increased month-over-month (4.9%) in September, contrary to typical seasonal trends but attributable to the unusual bump in new listings in August.
Closed, Pending Sales Fall in Phoenix Area
By Emily Marek, Phoenix Agent Magazine, October 12, 2023
Both pending and closed sales fell in Maricopa County during September, according to the latest market update from Phoenix REALTORS®.
Closings decreased by 17.4% year over year, with 3,402 homes sold compared to 4,119 in September 2022. Pending sales fell by a larger margin of 34.3%, with 2,262 homes going under contract compared to 3,445 a year ago.
New listings, meanwhile, fell 28% as Realtors entered 4,455 new properties into the Multiple Listing Service (MLS) during the month. That wasn’t enough to replenish area inventory, which decreased by 39.1% year over year.
Arizona Fares Slightly Better as High Mortgage Rates, Low Inventory Hit Home Sales
By Alexandria Cullen, AZ Big Media, August 30, 2023
High mortgage rates and tight inventories are hitting home sales nationwide, but agents in Arizona say the continuing influx of new residents to the state has softened the impact in the Valley.
The National Association of Realtors reported this week that existing home sales fell 2.2% from June to July, when 4.07 million homes were sold nationwide. That was down more than 16% from July 2022, the report said.
Phoenix Among Country’s Most Active Real Estate Markets
By Emily Marek, Phoenix Agent Magazine, May 23, 2023
Phoenix is the sixth-most active real estate market in the United States, according to a new report from StorageCafe. Ample residential, industrial and commercial construction makes the Southwest city a hub for real estate development, beat out by only Texas cities.
The 100 largest U.S. cities were ranked based on inventory expansion in six categories during the time period from 2013 to 2022: single-family permits, multifamily permits, office space, industrial space, retail space and self-storage space.
Stay informed on the latest Scottsdale AZ real estate market trends by bookmarking this page. The real estate trends in Phoenix and Scottsdale are completely different than the national trends. This page is updated frequently to keep you informed on the changes in the market. Research the latest Scottsdale real estate market trends and housing statistics right here. We want all of our clients to have access to the most current Scottsdale real estate stats and trends.
Please call Carmen Brodeur at (602) 791-0536 with any questions.