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May 2024 Scottsdale Housing Market Report

Updated: 23 minutes ago

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Source for monthly Scottsdale Housing Market Report by Realtors serving Scottsdale, AZ. Information is power. Facts not fiction from the Arizona Regional Multiple Listing Service (ARMLS).


  Text 602-300-0374


  AT A GLANCE


(Swipe left)

Strong Buyer's Market

Buyer's Market

Balanced

Seller's Market

Strong Seller's Market

On a price per-square foot average (see tables below):
  • Prices are down -$22 from last month, -$6 from May 2023, but down -$45 from their peak in May '22

  • Last month, sellers received an average of -$14,279 than their asking prices

  • May 2024 began with 863 listings, which is 157% of the 3 year average of 549  (from 2021-2023). 

  • April had 290 sales, or 69% of the 3 year average of 423 (from 2021-2023).

  • Scottsdale is currently turning over housing inventory once every 3.0 months

  • Bank-owned properties and short sales make up only 0.3% of all Scottsdale sales

Note:

Scottsdale hit the $400 per square foot plateau in March 2022 for the 1st time in history and peaked at $419 in May ’22!! Prices are now $374.

Scottsdale Housing Market Report Updated for May 2024


To reduce data errors results are based on:

  1. Scottsdale SOLD single family residences, patio homes, and townhomes (ask us about condos)

  2. List/sales price under $1,500,000

  3. Size over 1,000 sq ft.

  4. Calendar month


The sales data below will increase your understanding of the local housing market (we have city data archived back to January 2008).

 

(Swipe left for full data)

Month

Total Active

Total Sold

% Sold

MO. INV.

Sq ft

Price

DOM

$$ sq ft

+/- List Price

May-24

863

 

 

 

 

 

 

 

 

Apr-24

856

290

33.9%

3.0

1,912

$715,903

66

$374

-$14,279

Mar-24

852

345

40.5%

2.5

2,101

$831,718

64

$396

-$23,738

Feb-24

820

301

36.7%

2.7

2,217

$866,613

68

$391

-$23,489

Jan-24

665

240

36.1%

2.8

2,113

$833,216

68

$394

-$27,044

 

 

 

 

 

 

 

 

 

 

Dec-23

750

254

33.9%

3.0

2,079

$786,422

65

$378

-$24,085

Nov-23

801

280

35.0%

2.9

2,152

$847,964

49

$394

-$26,513

Oct-23

693

255

36.8%

2.7

2,164

$850,425

52

$393

-$25,810

Sep-23

603

284

47.1%

2.1

2,134

$830,919

54

$389

-$18,880

Aug-23

601

336

55.9%

1.8

2,145

$844,715

63

$394

-$22,699

Jul-23

579

302

52.2%

1.9

2,168

$829,389

70

$383

-$20,000

Jun-23

656

447

68.1%

1.5

2,203

$839,289

63

$381

-$25,782

May-23

689

471

68.4%

1.5

2,238

$851,490

61

$380

-$25,548

Apr-23

809

330

40.8%

2.5

2,171

$829,153

71

$382

 

Mar-23

811

445

54.9%

1.8

2,210

$835,450

73

$378

 

Feb-23

854

294

34.4%

2.9

2,213

$828,843

71

$375

 

Jan-23

816

227

27.8%

3.6

2,111

$778,523

70

$369

 

 

 

 

 

 

 

 

 

 

 

Dec-22

958

237

24.7%

4.0

2,243

$791,545

71

$353

 

Nov-22

1,007

275

27.3%

3.7

2,216

$829,656

58

$374

 

Oct-22

960

289

30.1%

3.3

2,177

$841,916

51

$387

 

Sep-22

883

290

32.8%

3.0

2,180

$844,854

49

$388

 

Aug-22

889

311

35.0%

2.9

2,136

$807,662

43

$378

 

Jul-22

742

270

36.4%

2.7

2,074

$840,720

32

$405

 

Jun-22

572

412

72.0%

1.4

2,140

$881,715

28

$412

 

May-22

304

473

155.6%

0.6

2,122

$889,517

23

$419

 

Apr-22

195

497

254.9%

0.4

2,101

$872,548

24

$415

 

Mar-22

186

542

291.4%

0.3

2,139

$854,724

26

$400

 

Feb-22

166

420

253.0%

0.4

2,157

$830,857

36

$385

 

Jan-22

224

402

179.5%

0.6

2,194

$813,136

37

$371

 

 

 

 

 

 

 

 

 

 

 

Dec-21

272

506

186.0%

0.5

2,214

$804,963

38

$364

 

Nov-21

352

545

154.8%

0.6

2,259

$801,206

36

$355

 

Oct-21

387

453

117.1%

0.9

2,230

$773,922

34

$347

 

Sep-21

423

504

119.1%

0.8

2,213

$783,308

33

$354

 

Aug-21

445

499

112.1%

0.9

2,302

$790,689

32

$343

 

Jul-21

348

545

156.6%

0.6

2,277

$765,380

31

$336

 

Jun-21

305

619

203.0%

0.5

2,281

$754,590

26

$331

 

May-21

272

650

239.0%

0.4

2,354

$781,691

29

$332

 

Apr-21

259

694

268.0%

0.4

2,369

$754,925

33

$319

 

Mar-21

263

718

273.0%

0.4

2,468

$755,983

43

$306

 

Feb-21

289

592

204.8%

0.5

2,373

$718,754

48

$303

 

Jan-21

399

558

139.8%

0.7

2,453

$695,146

58

$283

 

 


Table Explanation for Scottsdale Housing Market Report

NOTE: we use the term “foreclosure” to describe bank owned homes and short sales because most people are familiar with it. “Distressed Properties” may be more accurate.

  1. Total Active – # of homes for sale at the beginning of the current month

  2. Total Sold – # of homes sold in the current month

  3. % Sold – a ratio of total sold to total active

  4. MO. INV. – based on total sold, how many months it would take to sell the total “active” inventory

  5. Sq ft – average square footage of sold homes

  6. Price – average sales price of sold homes

  7. DOM – Days On Market, or average days to sale

  8. $ sq ft – average price per square foot

  9. +/- List Price – the average dollars received by sellers above or below their average list prices

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