Greetings. Welcome to yet another LUXE BLOG. Today we’re going over statistics in regards to the Scottsdale real estate market. In this update we get into the latest stats. No fancy-schmancy talk. Just the facts here, laid out bare for your interpretation. We hope you enjoy.
The real estate market is a dynamic creature, and it has been particularly animated in Scottsdale. Here’s the current situation:
However, despite these shifting sands, Scottsdale remains a strong seller’s market. Our inventory, measured in months of supply, is just 1.88 – or about seven weeks worth. That’s a 14% decrease from last year. We discuss months of supply in the section below.
Also Read: What Area Of Scottsdale Should I Move To?
Supply and demand can fluctuate greatly depending on the price range. Here’s a snapshot of what’s happening at various levels:
Let’s break down the concept of median days on market and how it has been performing in the Scottsdale real estate market:
Despite the rise in the median days on market, homes in Scottsdale are still selling. As of 7/8/2023, per CromfordReport.com, the Greater Phoenix’s Demand Index is at 81% while the Supply Index is a much lower 49.6%. That is a 31.4% difference. While those numbers are for Greater Phoenix as a whole and not just Scottsdale, they give you an idea on the health of the overall metro. Scottsdale is one of stronger markets in the valley.
The three main factors of what the market is doing as well as it is are quite interesting. Firstly, people don’t need to sell their homes. They have low rates and good equity. Another factor is that developers learned many lessons from 2008. When the market corrected in mid 2022? They waited to build new projects. This obviously lowers inventory. The next thing to know is that cities in Greater Phoenix have changed their guidelines on what developments they will issue new permits for. This is due to groundwater issues and rapid development. The good news is locals governments are on top of it. And lastly, people are moving to Scottsdale. It’s a growing city.
Understanding the nuances of the median days on market can aid in navigating the market effectively:
The Scottsdale real estate market remains robust. The rise in median days on market is not an indication of a slow market, but rather a reflection of a healthy, balanced market. As we spoke about in the section above, Greater Phoenix’s Demand Index is 31.4% higher than its Supply Index. That is noteworthy.
While tracking changes in the median days on market, we should consider other factors as well:
Also Read: What Is The Cost Of Living In Scottsdale?
Scottsdale, Arizona, is nestled in the heart of the Sonoran Desert. It is a city known for its pleasant warmth and vibrant energy and boasts an ideal balance between urban sophistication and natural splendor. Scottsdale thrives on its rich cultural heritage, with a multitude of art galleries and native American historical sites peppering the region. Its downtown, often fondly called ‘Old Town’, is a hub for dining, shopping, and entertainment, brimming with high-end boutiques, restaurants, and nightlife spots. Scottsdale is also recognized for its outdoor recreational opportunities, with an abundance of golf courses, hiking trails, and parks.
As of the month of July 2023, the Scottsdale real estate market is rather healthy. Regardless of price points, we’re observing a seller’s market across the board. In a market as bustling as Scottsdale’s, it’s crucial to stay updated. We hope you found this update here on LUXE BLOG helpful. Stay tuned for more valuable insights into the Scottsdale real estate market from Williams Luxury Homes. We strive to create ‘A Luxury Experience For Everyone’. See you next time.