Scottsdale’s real estate market has witnessed significant shifts over the past year. In this LUXE BLOG update, we’ll get into the key statistics and trends shaping Scottsdale’s housing market. Most of this data was from August yet not much has changed. With that said and out of the way, let’s take a look at Scottsdale’s latest stats.
The Scottsdale real estate market has undergone notable changes over the past year. Let’s examine the key trends:
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The past few years have seen substantial home value increases in Scottsdale, leading to double-digit year-over-year gains. However, the market experienced a setback last year, with home values decreasing by around 6-7% over six months. The current 2% increase indicates a return to normalcy, as typical appreciation falls within the 2-4% range.
Several factors are influencing the current state of the Scottsdale real estate market:
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Now, let’s discuss how different price ranges are performing in the Scottsdale market:
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A score of 90 and under = buyer’s market. 90-110 = balanced market. 110+ = seller’s market.
As of September 14th, 2023 – Scottsdale’s CMI was 168.8. This was down -6% month over month. However, it is necessary to realize that is still 58.8 points higher than the beginning of a seller’s market. Bottom line is, Scottsdale’s market, just like the rest of the country has slowed. Yet, as you can see, it remains in favor of sellers.
We rely on CromfordReport.com, a trusted market data provider in the Phoenix area. CromfordReport.com employs the Cromford Market Index (CMI), which assesses various aspects of the market by analyzing data from 17 key cities and municipalities in the Greater Phoenix region. This index measures seller and buyer demand, overall market health, and the health of specific areas within the region, providing a comprehensive overview of the real estate landscape.
The Scottsdale real estate market certainly has much going for it. And while the rate of appreciation has slowed, there’s a lack of inventory. As we move into the fall and winter months, the market typically gains strength. January, February, and March are big months for the city. We shall see what happens with rates and buyer demand. Remember, the real estate market can vary by neighborhood, so it’s essential to work closely with experienced professionals who understand the nuances. If you’re a buyer, seller, investor, or developer, our multilingual team at Williams Luxury Homes is here to help.
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