Scottsdale Housing Market in a Minute (Video)
Here is a one-minute video overview of the Scottsdale, Arizona real estate market for the month of August.
Scottsdale Active Listings
This first snapshot shows the inventory levels of homes in August 2017 compared to August 2018.
Inventory was down 14% between the two years.
This is another look at inventory levels, but this time we are looking at a comparison of July and August 2018.
Inventory was actually up 4% at the end of this month. Typically, this number declines or stays level at this time of year. This could be due to sellers getting a jump on the market and/or an influx of new inventory.
Median List Price for Scottsdale Homes
If you are not familiar with median prices, they are simply the exact midpoint of all prices. One half of the homes on the market are priced higher and one half are priced lower.
For August, the median list price of homes for sale came in at $840,000.
Days on Market
Days on market, also shown as DOM, is a common indicator of how quickly or slowly homes are selling. Low DOM means that things are moving along and demand is strong. On the other end, a high DOM means sales activity is a little more sluggish.
There was no change in the DOM between August 2017 and August 2018.
Median Sales Price for Scottsdale Homes
Here is the median price again, but instead of list prices, this time we are looking at sales prices.
The median sales price in August stayed the same as it was in July at $560K. However, it was up from August 2017's $526,800.
Number of Homes Sold
This last section has two snapshots regarding home sales.
First, we will compare August 2018 to August 2017.
Sales were up 5%.
Sales fell 3% between July and August 2018.
August is always a seasonally slower month, so this decrease is to be anticipated.
We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.
For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or via this link.
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Disclaimer: Data deemed to be accurate, but is not guaranteed.