April 2024 Real Estate Update in Scottsdale

AT A GLANCE

Scottsdale Housing Market Conditions

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

  Text 602-300-0374

(Swipe or drag L/R)

Strong Buyer's Market

Buyer's Market

Balanced

Seller's Market

Strong Seller's Market

On a price per-square foot average (see charts below):

• Prices are up $18 from last March but down $23 from their peak in May '22
  

• March 2024 began with listings at 155% of the 3 year average of 549  (from 2021-2023). 
  

• February’s sales were at 71% of the 3 year average of 423 (from 2021-2023).

• Scottsdale is currently turning over housing inventory once every 2.7 months

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 $391.

Scottsdale Housing Market Conditions Updated for March 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

Table Explanation

5 YEARS of sales data below will increase your understanding the local housing market (we have city data archived back to January 2008). (Swipe or drag L/R)

Month	Total Active	Total Sold	% Sold	MO. INV.	Sq ft	Price	DOM	$$ sq ft	+/- List Price
Apr-24	856
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
Dec-20	592	692	116.9%	0.9	2,530	$719,892	55	$285
Nov-20	674	602	89.3%	1.1	2,440	$689,637	59	$283
Oct-20	741	670	90.4%	1.1	2,468	$691,003	52	$280
Sep-20	669	647	96.7%	1.0	2,526	$684,040	63	$271
Aug-20	726	624	86.0%	1.2	2,466	$662,681	75	$269
Jul-20	776	654	84.3%	1.2	2,498	$667,944	71	$267
Jun-20	1,040	623	59.9%	1.7	2,442	$629,337	72	$258
May-20	1,059	399	37.7%	2.7	2,334	$597,969	70	$256
Apr-20	1,123	403	35.9%	2.8	2,457	$642,337	68	$261
Mar-20	936	599	64.0%	1.6	2,472	$643,186	77	$260
Feb-20	1,004	524	52.2%	1.9	2,503	$640,009	79	$256
Jan-20	1,025	406	39.6%	2.5	2,433	$597,435	80	$246
Dec-19	1,109	547	49.3%	2.0	2,518	$623,940	84	$248
Nov-19	1,182	453	38.3%	2.6	2,440	$612,027	82	$251
Oct-19	1,142	500	43.8%	2.3	2,242	$527,196	92	$235
Sep-19	1,078	523	48.5%	2.1	2,423	$587,496	91	$242
Aug-19	1,157	548	47.4%	2.1	2,410	$568,410	90	$236
Jul-19	1,359	591	43.5%	2.3	2,422	$574,085	91	$237
Jun-19	1,519	624	41.1%	2.4	2,434	$586,077	96	$241
May-19	1,727	730	42.3%	2.4	2,502	$597,669	92	$239
Apr-19	1,783	638	35.8%	2.8	2,491	$601,678	95	$242
Mar-19	1,816	570	31.4%	3.2	2,305	$557,361	92	$242
Feb-19	1,744	442	25.3%	3.9	2,421	$568,695	101	$235
Jan-19	1,558	376	24.1%	4.1	2,456	$584,601	93	$238

Table Explanation

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