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If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends.
According to Flex-MLS, the Marketplace for Scottsdale Residential Properties, in August 2022 versus July 2022, the Number of SOLD listings increased by 19% to 322 units, with a top sale of $9,300,000 at 11125 E Feathersong Ln, in Scottsdale.
The Average Sales Price increased by 1% to $1,407,368, moving the Average Price Per Sq Foot down to $442 per sq foot.
The inventory of properties available for sale, measured in months supply, decreased by 17% to 5.14 months worth of properties for sale.
Mortgage rates increased, with the 30 year fixed rate average up 6% to 5.92%, according to Bank Rate.com.
August home sales showed 3 Key Indicators of the Shift from a Sellers Market to a Buyers Market. #1. Longer Average Days on Market #2. Price Reductions across the board, and #3. Seller Paid Concessions are back. So… properties are still selling; however, taking longer to sell, with multiple price reductions and with seller paid concessions. Conversely the luxury market has been selling strongly at a 98% of list price with days on market half the historical averages.
If you’re thinking about buying or selling residential real estate, now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.
Scottsdale
Average Sales Price: July 2022 > $1,390,996 vs August 2022 > $1,407,368 = 1% increase
Average Days On Market: July 2022 > 37 vs August 2022 > 52 = 41% increase
Average Sale Price Per Square Foot: July 2022 > $467.53 vs August 2022 > $442.07 = 5% decrease
Sale to List Price Ratio: July 2022 > 97.57% vs August 2022 > 94.84% = 3% decrease
Number of Sold Listings: July 2022 > 271 vs August 2022 > 322 = 19% increase
Months Supply of Inventory: July 2022 > 6.22 vs August 2022 > 5.14 = 17% decrease
Mortgage Rate: July 2022 > 5.57% vs August 2022 > 5.92% = 6% increase
Top 10 Sales
$9,300,000 11125 E Feathersong Lane
$8,500,000 10995 E Wingspan Way
$5,777,000 8143 E Stagecoach Pass
$5,500,000 41764 N 99th Way
$5,311,914 5107 N Ascent Drive
$5,260,000 41247 N 95th Street
$4,800,000 10265 E Rob’s Camp Road
$4,300,000 6633 E Exeter Blvd
$4,250,000 8011 E Alameda Road
$4,150,000 10191 E Diamond Rim Drive, #2122
